AFB vs SPY: Correlation
Measured on weekly returns over the past three years, AllianceBernstein National Municipal Income Fund Inc (AFB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and SPY?
Over the past 3 years, AFB and SPY moved with a correlation of 0.30, which is moderate. The link has tightened recently: the 1-year correlation (0.48) runs above the 3-year figure (0.30). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 54.2 %².
Among the 24 assets we track against AFB, SPY ranks #19 by 3-year correlation. On 12-month performance SPY holds a 10.1-point edge, +10.5% against +20.6%.
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 SPY: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.5% | +20.6% |
| 5-year return | -9.9% | +82.4% |
| Volatility (ann.) | 12.6% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -15.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | AFB | SPY |
|---|---|---|
| 2022 | -25.9% | -18.2% |
| 2023 | +7.5% | +26.2% |
| 2024 | +4.1% | +24.9% |
| 2025 | +4.4% | +17.7% |
| 2026 | +4.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AFB and SPY?
The AFB/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.48, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for AFB?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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.
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Hubs: AFB correlations · SPY correlations
