AFB vs LEO: Correlation
How closely do AllianceBernstein National Municipal Income Fund Inc (AFB) and BNY Mellon Strategic Municipals, Inc. (LEO) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and LEO?
On 3 years of weekly data the AFB/LEO correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 134.2 %².
LEO is one of the assets that tracks AFB most closely: it ranks #2 out of the 24 assets we track against AFB. Neither side won the trailing year by much: +10.5% against +10.2%.
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 LEO: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +10.5% | +10.2% |
| 5-year return | -9.9% | -18.0% |
| Volatility (ann.) | 12.6% | 12.2% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -15.1% | -13.1% |
| Market cap | – | $0.4B |
| P/E (trailing) | 13.6 | 30.9 |
| Dividend yield | 4.97% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | LEO |
|---|---|---|
| 2022 | -25.9% | -24.1% |
| 2023 | +7.5% | +0.1% |
| 2024 | +4.1% | +6.9% |
| 2025 | +4.4% | +9.9% |
| 2026 | +4.6% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and LEO good diversifiers for each other?
No. With a correlation of 0.88, AFB and LEO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AFB and LEO?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.84 over the last year and 0.79 over 5 years.
Is LEO a good diversifier for AFB?
No. With a correlation of 0.88, AFB and LEO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afb-vs-leo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFB correlations · LEO correlations
