DMB vs MHD: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and Blackrock MuniHoldings Fund, Inc. (MHD) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and MHD?
Across a 3-year window, the weekly returns of DMB and MHD correlate at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 122.8 %².
Within DMB's tracked universe of 21 assets, MHD comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +11.0% for DMB and +10.2% for MHD.
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 MHD: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +11.0% | +10.2% |
| 5-year return | -15.7% | -12.7% |
| Volatility (ann.) | 12.4% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -14.7% | -13.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | 37.0 |
| Dividend yield | 4.32% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | MHD |
|---|---|---|
| 2022 | -23.5% | -23.7% |
| 2023 | +2.4% | +2.1% |
| 2024 | +3.9% | +3.4% |
| 2025 | +10.7% | +7.1% |
| 2026 | -0.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and MHD good diversifiers for each other?
No. With a correlation of 0.85, DMB and MHD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between DMB and MHD?
As of 2026-08-27, the correlation of weekly returns between DMB and MHD is 0.85 over 3 years, 0.80 over 1 year and 0.64 over 5 years.
Is MHD a good diversifier for DMB?
No. With a correlation of 0.85, DMB and MHD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
A reading of 0.85 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-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dmb-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DMB correlations · MHD correlations
