DMB vs SPY: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and SPY?
Across a 3-year window, the weekly returns of DMB and SPY correlate at 0.30, moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.30). Stretching to 5 years gives 0.29, with an annualized covariance of 54.1 %².
Among the 21 assets we track against DMB, SPY sits near the bottom by co-movement, at rank #17. Over the last 12 months SPY came out ahead by 9.6 percentage points (+11.0% against +20.6%).
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 SPY: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.0% | +20.6% |
| 5-year return | -15.7% | +82.4% |
| Volatility (ann.) | 12.4% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -14.7% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 4.32% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | DMB | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | +2.4% | +26.2% |
| 2024 | +3.9% | +24.9% |
| 2025 | +10.7% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DMB and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.54 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for DMB?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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 · SPY correlations
