AFB vs FMN: Correlation
Measured on weekly returns over the past three years, AllianceBernstein National Municipal Income Fund Inc (AFB) and Federated Hermes Premier Municipal Income Fund (FMN) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and FMN?
On 3 years of weekly data the AFB/FMN correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 117.3 %².
By 3-year correlation, FMN places #5 of the 24 assets tracked against AFB. Neither side won the trailing year by much: +10.5% against +9.5%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AFB vs FMN: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | FMN (Federated Hermes Premier Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.5% | +9.5% |
| 5-year return | -9.9% | -12.8% |
| Volatility (ann.) | 12.6% | 11.1% |
| Beta vs S&P 500 | 0.26 | 0.24 |
| Max drawdown (3Y) | -15.1% | -16.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 13.6 | 9.7 |
| Dividend yield | 4.97% | 4.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | FMN |
|---|---|---|
| 2022 | -25.9% | -26.7% |
| 2023 | +7.5% | +9.2% |
| 2024 | +4.1% | +3.2% |
| 2025 | +4.4% | +6.8% |
| 2026 | +4.6% | +2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and FMN good diversifiers for each other?
No: a correlation of 0.84 means AFB and FMN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AFB and FMN?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.86 over the last year and 0.76 over 5 years.
Is FMN a good diversifier for AFB?
No: a correlation of 0.84 means AFB and FMN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-fmn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-fmn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AFB correlations · FMN correlations
