AFB vs MHD: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and Blackrock MuniHoldings Fund, Inc. (MHD) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and MHD?
Across a 3-year window, the weekly returns of AFB and MHD correlate at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.88 over 3. Stretching to 5 years gives 0.79, with an annualized covariance of 129.0 %².
MHD is one of the assets that tracks AFB most closely: it ranks #3 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 MHD: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.5% | +10.2% |
| 5-year return | -9.9% | -12.7% |
| Volatility (ann.) | 12.6% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -15.1% | -13.2% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | 37.0 |
| Dividend yield | 4.97% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | MHD |
|---|---|---|
| 2022 | -25.9% | -23.7% |
| 2023 | +7.5% | +2.1% |
| 2024 | +4.1% | +3.4% |
| 2025 | +4.4% | +7.1% |
| 2026 | +4.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and MHD good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AFB and MHD?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.83 over the last year and 0.79 over 5 years.
Is MHD a good diversifier for AFB?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 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-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFB correlations · MHD correlations
