DMB vs NUW: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and Nuveen AMT-Free Municipal Value Fund (NUW) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and NUW?
Across a 3-year window, the weekly returns of DMB and NUW correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 80.7 %².
Among the 21 assets we track against DMB, NUW ranks #13 by 3-year correlation. Over the last 12 months DMB came out ahead by 5.1 percentage points (+11.0% against +5.9%).
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 NUW: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | NUW (Nuveen AMT-Free Municipal Value Fund) | |
|---|---|---|
| 1-year return | +11.0% | +5.9% |
| 5-year return | -15.7% | -1.6% |
| Volatility (ann.) | 12.4% | 8.7% |
| Beta vs S&P 500 | 0.26 | 0.15 |
| Max drawdown (3Y) | -14.7% | -7.7% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | 34.1 | 16.0 |
| Dividend yield | 4.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | NUW |
|---|---|---|
| 2022 | -23.5% | -15.2% |
| 2023 | +2.4% | +3.8% |
| 2024 | +3.9% | +3.6% |
| 2025 | +10.7% | +9.9% |
| 2026 | -0.5% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and NUW good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DMB and NUW?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.71 over the last year and 0.51 over 5 years.
Is NUW a good diversifier for DMB?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 mean?
A reading of 0.75 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-nuw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dmb-vs-nuw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DMB correlations · NUW correlations
