AFB vs KTF: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and DWS Municipal Income Trust (KTF) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and KTF?
Across a 3-year window, the weekly returns of AFB and KTF correlate at 0.79, strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 116.1 %².
Within AFB's tracked universe of 24 assets, KTF comes in at #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.5% for AFB and +9.8% for KTF.
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 KTF: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | KTF (DWS Municipal Income Trust) | |
|---|---|---|
| 1-year return | +10.5% | +9.8% |
| 5-year return | -9.9% | -3.3% |
| Volatility (ann.) | 12.6% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.19 |
| Max drawdown (3Y) | -15.1% | -11.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | 13.6 | 10.1 |
| Dividend yield | 4.97% | 8.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | KTF |
|---|---|---|
| 2022 | -25.9% | -23.7% |
| 2023 | +7.5% | +7.1% |
| 2024 | +4.1% | +13.8% |
| 2025 | +4.4% | +4.6% |
| 2026 | +4.6% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and KTF good diversifiers for each other?
Only partially. A correlation of 0.79 means AFB and KTF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AFB and KTF?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.82 over the last year and 0.75 over 5 years.
Is KTF a good diversifier for AFB?
Only partially. A correlation of 0.79 means AFB and KTF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-ktf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-ktf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFB correlations · KTF correlations
