DFDV vs LEO: Correlation
How closely do DeFi Development Corp. (DFDV) and BNY Mellon Strategic Municipals, Inc. (LEO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFDV and LEO?
Across a 3-year window, the weekly returns of DFDV and LEO correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.11 versus -0.31 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -2644.5 %².
By 3-year correlation, LEO places #46 of the 60 assets tracked against DFDV. Correlation aside, the last 12 months split them widely, with LEO ahead by 75.6 points (-65.4% versus +10.2%). Risk is not evenly split, since DFDV carries 56.8 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.
DFDV vs LEO: side by side
| DFDV (DeFi Development Corp.) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | -65.4% | +10.2% |
| 5-year return | n/a | -18.0% |
| Volatility (ann.) | 693.3% | 12.2% |
| Beta vs S&P 500 | 12.24 | 0.26 |
| Max drawdown (3Y) | -94.2% | -13.1% |
| Market cap | $0.2B | $0.4B |
| P/E (trailing) | – | 30.9 |
| Dividend yield | 0.00% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFDV | LEO |
|---|---|---|
| 2022 | – | -24.1% |
| 2023 | – | +0.1% |
| 2024 | -41.1% | +6.9% |
| 2025 | +628.1% | +9.9% |
| 2026 | +4.6% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFDV and LEO good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFDV and LEO?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with 0.11 over the last year and n/a over 5 years.
Is LEO a good diversifier for DFDV?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dfdv-vs-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dfdv-vs-leo/)
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Related comparisons
Hubs: DFDV correlations · LEO correlations
