AFB vs RSF: Correlation
How closely do AllianceBernstein National Municipal Income Fund Inc (AFB) and RiverNorth Capital and Income Fund (RSF) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and RSF?
Across a 3-year window, the weekly returns of AFB and RSF correlate at 0.42, moderate. The past 12 months show a weaker link (0.05) than the 3-year average (0.42). Stretching to 5 years gives 0.38, with an annualized covariance of 28.3 %².
Within AFB's tracked universe of 24 assets, RSF comes in at #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.5% for AFB and +10.1% for RSF. Note the risk asymmetry: AFB runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RSF: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | RSF (RiverNorth Capital and Income Fund) | |
|---|---|---|
| 1-year return | +10.5% | +10.1% |
| 5-year return | -9.9% | +30.6% |
| Volatility (ann.) | 12.6% | 5.4% |
| Beta vs S&P 500 | 0.26 | 0.06 |
| Max drawdown (3Y) | -15.1% | -5.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 13.6 | 13.3 |
| Dividend yield | 4.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | RSF |
|---|---|---|
| 2022 | -25.9% | -1.6% |
| 2023 | +7.5% | +3.8% |
| 2024 | +4.1% | +10.6% |
| 2025 | +4.4% | +4.6% |
| 2026 | +4.6% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and RSF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AFB and RSF?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.05 over the last year and 0.38 over 5 years.
Is RSF a good diversifier for AFB?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: AFB correlations · RSF correlations
