AFB vs TLT: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and iShares 20+ Year Treasury Bond ETF (TLT) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and TLT?
On 3 years of weekly data the AFB/TLT correlation comes out at 0.68, strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.68). The 5-year figure is 0.53, and annualized covariance runs at 115.3 %².
By 3-year correlation, TLT places #14 of the 24 assets tracked against AFB. Over the last 12 months AFB came out ahead by 10.2 percentage points (+10.5% against +0.3%).
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 TLT: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +10.5% | +0.3% |
| 5-year return | -9.9% | -34.0% |
| Volatility (ann.) | 12.6% | 13.5% |
| Beta vs S&P 500 | 0.26 | 0.11 |
| Max drawdown (3Y) | -15.1% | -14.8% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | AFB | TLT |
|---|---|---|
| 2022 | -25.9% | -31.2% |
| 2023 | +7.5% | +2.8% |
| 2024 | +4.1% | -8.1% |
| 2025 | +4.4% | +4.2% |
| 2026 | +4.6% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and TLT good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AFB and TLT?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.47 over the last year and 0.53 over 5 years.
Is TLT a good diversifier for AFB?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFB correlations · TLT correlations
