BTT vs LEO: Correlation
How closely do BlackRock Municipal 2030 Target Term Trust (BTT) and BNY Mellon Strategic Municipals, Inc. (LEO) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTT and LEO?
On 3 years of weekly data the BTT/LEO correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 59.8 %².
By 3-year correlation, LEO places #4 of the 13 assets tracked against BTT. Over the last 12 months LEO came out ahead by 6.3 percentage points (+3.9% against +10.2%). One caveat on sizing: LEO is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BTT vs LEO: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +3.9% | +10.2% |
| 5-year return | -1.1% | -18.0% |
| Volatility (ann.) | 6.6% | 12.2% |
| Beta vs S&P 500 | 0.17 | 0.26 |
| Max drawdown (3Y) | -6.5% | -13.1% |
| Market cap | $1.4B | $0.4B |
| P/E (trailing) | 16.4 | 30.9 |
| Dividend yield | 2.46% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTT | LEO |
|---|---|---|
| 2022 | -15.2% | -24.1% |
| 2023 | +0.7% | +0.1% |
| 2024 | +1.6% | +6.9% |
| 2025 | +13.7% | +9.9% |
| 2026 | +0.6% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and LEO good diversifiers for each other?
Only partially. A correlation of 0.74 means BTT and LEO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BTT and LEO?
The BTT/LEO correlation stands at 0.74 on a 3-year window (1 year: 0.65, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is LEO a good diversifier for BTT?
Only partially. A correlation of 0.74 means BTT and LEO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
A reading of 0.74 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
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Related comparisons
Hubs: BTT correlations · LEO correlations
