AFB vs IEF: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and iShares 7-10 Year Treasury Bond ETF (IEF) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and IEF?
On 3 years of weekly data the AFB/IEF correlation comes out at 0.66, strong. The link has loosened recently: the 1-year correlation (0.49) runs below the 3-year figure (0.66). The 5-year figure is 0.53, and annualized covariance runs at 53.7 %².
By 3-year correlation, IEF places #15 of the 24 assets tracked against AFB. The trailing year gives AFB the advantage: +10.5% versus +0.9%, a 9.6-point spread. One caveat on sizing: AFB is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 IEF: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +10.5% | +0.9% |
| 5-year return | -9.9% | -7.9% |
| Volatility (ann.) | 12.6% | 6.5% |
| Beta vs S&P 500 | 0.26 | 0.04 |
| Max drawdown (3Y) | -15.1% | -6.9% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | AFB | IEF |
|---|---|---|
| 2022 | -25.9% | -15.2% |
| 2023 | +7.5% | +3.6% |
| 2024 | +4.1% | -0.6% |
| 2025 | +4.4% | +8.0% |
| 2026 | +4.6% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and IEF good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AFB and IEF?
The AFB/IEF correlation stands at 0.66 on a 3-year window (1 year: 0.49, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is IEF a good diversifier for AFB?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afb-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFB correlations · IEF correlations
