AFB vs VPV: Correlation
How closely do AllianceBernstein National Municipal Income Fund Inc (AFB) and Invesco Pennsylvania Value Municipal Income Trust (VPV) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and VPV?
On 3 years of weekly data the AFB/VPV correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 112.9 %².
Within AFB's tracked universe of 24 assets, VPV comes in at #10 by 3-year correlation. The trailing year gives VPV the advantage: +10.5% versus +23.2%, a 12.7-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 VPV: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | VPV (Invesco Pennsylvania Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +10.5% | +23.2% |
| 5-year return | -9.9% | +11.8% |
| Volatility (ann.) | 12.6% | 11.9% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -15.1% | -12.4% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | 40.5 |
| Dividend yield | 4.97% | 7.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | VPV |
|---|---|---|
| 2022 | -25.9% | -26.3% |
| 2023 | +7.5% | +6.2% |
| 2024 | +4.1% | +9.1% |
| 2025 | +4.4% | +10.0% |
| 2026 | +4.6% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and VPV good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AFB and VPV?
As of 2026-08-27, the correlation of weekly returns between AFB and VPV is 0.75 over 3 years, 0.65 over 1 year and 0.72 over 5 years.
Is VPV a good diversifier for AFB?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-vpv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afb-vs-vpv/)
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Related comparisons
Hubs: AFB correlations · VPV correlations
