DMB vs FMN: Correlation
How closely do BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and Federated Hermes Premier Municipal Income Fund (FMN) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and FMN?
Over the past 3 years, DMB and FMN moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 115.5 %².
By 3-year correlation, FMN places #6 of the 21 assets tracked against DMB. Their 12-month results are close: +11.0% for DMB against +9.5% for FMN.
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.
DMB vs FMN: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | FMN (Federated Hermes Premier Municipal Income Fund) | |
|---|---|---|
| 1-year return | +11.0% | +9.5% |
| 5-year return | -15.7% | -12.8% |
| Volatility (ann.) | 12.4% | 11.1% |
| Beta vs S&P 500 | 0.26 | 0.24 |
| Max drawdown (3Y) | -14.7% | -16.3% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 34.1 | 9.7 |
| Dividend yield | 4.32% | 4.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | FMN |
|---|---|---|
| 2022 | -23.5% | -26.7% |
| 2023 | +2.4% | +9.2% |
| 2024 | +3.9% | +3.2% |
| 2025 | +10.7% | +6.8% |
| 2026 | -0.5% | +2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and FMN good diversifiers for each other?
No: a correlation of 0.84 means DMB and FMN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DMB and FMN?
The DMB/FMN correlation stands at 0.84 on a 3-year window (1 year: 0.88, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is FMN a good diversifier for DMB?
No: a correlation of 0.84 means DMB and FMN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 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/dmb-vs-fmn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dmb-vs-fmn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DMB correlations · FMN correlations
