AFB vs NMT: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and NMT?
Over the past 3 years, AFB and NMT moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 79.5 %².
By 3-year correlation, NMT places #17 of the 24 assets tracked against AFB. The trailing year gives NMT the advantage: +10.5% versus +19.8%, a 9.3-point spread.
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 NMT: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.5% | +19.8% |
| 5-year return | -9.9% | +6.8% |
| Volatility (ann.) | 12.6% | 9.8% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -15.1% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | 12.2 |
| Dividend yield | 4.97% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | NMT |
|---|---|---|
| 2022 | -25.9% | -30.4% |
| 2023 | +7.5% | +2.6% |
| 2024 | +4.1% | +16.3% |
| 2025 | +4.4% | +5.8% |
| 2026 | +4.6% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and NMT good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AFB and NMT?
The AFB/NMT correlation stands at 0.65 on a 3-year window (1 year: 0.34, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is NMT a good diversifier for AFB?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afb-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFB correlations · NMT correlations
