BMN vs FEMY: Correlation
How closely do BlackRock 2037 Municipal Target Term Trust (BMN) and Femasys Inc. (FEMY) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and FEMY?
On 3 years of weekly data the BMN/FEMY correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.24). The 5-year figure is -0.22, and annualized covariance runs at -1172.0 %².
Out of 10 assets tracked against BMN, FEMY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months BMN outperformed by 72.1 percentage points (+10.9% for BMN against -61.2% for FEMY). Risk is not evenly split, since FEMY carries 54.2 times the volatility of the other side.
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.
BMN vs FEMY: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | FEMY (Femasys Inc.) | |
|---|---|---|
| 1-year return | +10.9% | -61.2% |
| 5-year return | n/a | -98.0% |
| Volatility (ann.) | 9.4% | 509.3% |
| Beta vs S&P 500 | 0.18 | -0.49 |
| Max drawdown (3Y) | -9.3% | -97.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | FEMY |
|---|---|---|
| 2022 | – | -76.9% |
| 2023 | +1.9% | +8.3% |
| 2024 | +12.7% | +12.8% |
| 2025 | +5.5% | -47.6% |
| 2026 | +4.2% | -75.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and FEMY good diversifiers for each other?
Yes. With a correlation of -0.24, BMN and FEMY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMN and FEMY?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.09 over the last year and -0.22 over 5 years.
Is FEMY a good diversifier for BMN?
Yes. With a correlation of -0.24, BMN and FEMY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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
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Related comparisons
Hubs: BMN correlations · FEMY correlations
