DMB vs LEO: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and BNY Mellon Strategic Municipals, Inc. (LEO) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and LEO?
Over the past 3 years, DMB and LEO moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 134.6 %².
In DMB's tracked universe of 21 assets, LEO sits right near the top at #2. Neither side won the trailing year by much: +11.0% against +10.2%.
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 LEO: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +11.0% | +10.2% |
| 5-year return | -15.7% | -18.0% |
| Volatility (ann.) | 12.4% | 12.2% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -14.7% | -13.1% |
| Market cap | $0.2B | $0.4B |
| P/E (trailing) | 34.1 | 30.9 |
| Dividend yield | 4.32% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | LEO |
|---|---|---|
| 2022 | -23.5% | -24.1% |
| 2023 | +2.4% | +0.1% |
| 2024 | +3.9% | +6.9% |
| 2025 | +10.7% | +9.9% |
| 2026 | -0.5% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and LEO good diversifiers for each other?
No: a correlation of 0.89 means DMB and LEO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DMB and LEO?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.86 over the last year and 0.56 over 5 years.
Is LEO a good diversifier for DMB?
No: a correlation of 0.89 means DMB and LEO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
A reading of 0.89 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
$ curl https://www.pairbook.io/api/v1/pairs/dmb-vs-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmb-vs-leo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMB correlations · LEO correlations
