AFB vs MFM: Correlation
Measured on weekly returns over the past three years, AllianceBernstein National Municipal Income Fund Inc (AFB) and Aberdeen Municipal Income Fund (MFM) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and MFM?
On 3 years of weekly data the AFB/MFM correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.83 over 3. The 5-year figure is 0.74, and annualized covariance runs at 132.6 %².
Among the 24 assets we track against AFB, MFM ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.5% for AFB and +11.2% for MFM.
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 MFM: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | MFM (Aberdeen Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.5% | +11.2% |
| 5-year return | -9.9% | -4.9% |
| Volatility (ann.) | 12.6% | 12.8% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -15.1% | -11.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 13.6 | 13.1 |
| Dividend yield | 4.97% | 5.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | MFM |
|---|---|---|
| 2022 | -25.9% | -22.6% |
| 2023 | +7.5% | +4.2% |
| 2024 | +4.1% | +8.5% |
| 2025 | +4.4% | +7.0% |
| 2026 | +4.6% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and MFM good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AFB and MFM?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.82 over the last year and 0.74 over 5 years.
Is MFM a good diversifier for AFB?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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-mfm.json
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Related comparisons
Hubs: AFB correlations · MFM correlations
