DHC vs NBH: Correlation
Measured on weekly returns over the past three years, Diversified Healthcare Trust (DHC) and Neuberger Municipal Fund Inc. (NBH) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHC and NBH?
On 3 years of weekly data the DHC/NBH correlation comes out at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. The 5-year figure is 0.17, and annualized covariance runs at 291.0 %².
Among the 11 assets we track against DHC, NBH ranks #4 by 3-year correlation. The last year tells two different stories: DHC led by 97.7 percentage points, +107.9% for DHC against +10.2% for NBH. One caveat on sizing: DHC is 5.0 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.
DHC vs NBH: side by side
| DHC (Diversified Healthcare Trust) | NBH (Neuberger Municipal Fund Inc.) | |
|---|---|---|
| 1-year return | +107.9% | +10.2% |
| 5-year return | +129.1% | -21.0% |
| Volatility (ann.) | 57.3% | 11.4% |
| Beta vs S&P 500 | 0.54 | 0.30 |
| Max drawdown (3Y) | -51.2% | -11.1% |
| Market cap | $1.9B | – |
| P/E (trailing) | – | 14.6 |
| Dividend yield | 0.50% | 6.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHC | NBH |
|---|---|---|
| 2022 | -78.5% | -28.2% |
| 2023 | +494.7% | +4.0% |
| 2024 | -37.6% | +5.3% |
| 2025 | +113.9% | +4.2% |
| 2026 | +62.5% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHC and NBH good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DHC and NBH?
The DHC/NBH correlation stands at 0.44 on a 3-year window (1 year: 0.41, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is NBH a good diversifier for DHC?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/dhc-vs-nbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhc-vs-nbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHC correlations · NBH correlations
