DMB vs NMI: Correlation
Measured on weekly returns over the past three years, BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and Nuveen Municipal Income Fund, Inc. (NMI) 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 DMB and NMI?
Over the past 3 years, DMB and NMI moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 69.7 %².
Among the 21 assets we track against DMB, NMI ranks #16 by 3-year correlation. Neither side won the trailing year by much: +11.0% against +11.4%.
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 NMI: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +11.0% | +11.4% |
| 5-year return | -15.7% | +8.0% |
| Volatility (ann.) | 12.4% | 12.7% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -14.7% | -11.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | 18.2 |
| Dividend yield | 4.32% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | NMI |
|---|---|---|
| 2022 | -23.5% | -15.0% |
| 2023 | +2.4% | +1.9% |
| 2024 | +3.9% | +7.0% |
| 2025 | +10.7% | +10.5% |
| 2026 | -0.5% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and NMI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DMB and NMI?
The DMB/NMI correlation stands at 0.44 on a 3-year window (1 year: 0.39, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is NMI a good diversifier for DMB?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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.
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Related comparisons
Hubs: DMB correlations · NMI correlations
