DMB vs TIP: Correlation
How closely do BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and iShares TIPS Bond ETF (TIP) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and TIP?
Over the past 3 years, DMB and TIP moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.54) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 35.5 %².
By 3-year correlation, TIP places #15 of the 21 assets tracked against DMB. The trailing year gives DMB the advantage: +11.0% versus +1.4%, a 9.6-point spread. One caveat on sizing: DMB is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TIP: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | TIP (iShares TIPS Bond ETF) | |
|---|---|---|
| 1-year return | +11.0% | +1.4% |
| 5-year return | -15.7% | +1.2% |
| Volatility (ann.) | 12.4% | 4.4% |
| Beta vs S&P 500 | 0.26 | 0.05 |
| Max drawdown (3Y) | -14.7% | -3.7% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 4.32% | 4.47% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | ETF · Bonds |
TIP is an Inflation-Protected Bond fund from iShares: $14.6B under management, a 0.18% expense ratio, a 4.47% trailing dividend yield.
Year-by-year returns
| Year | DMB | TIP |
|---|---|---|
| 2022 | -23.5% | -12.3% |
| 2023 | +2.4% | +3.8% |
| 2024 | +3.9% | +1.7% |
| 2025 | +10.7% | +6.8% |
| 2026 | -0.5% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and TIP good diversifiers for each other?
To a limited degree. At 0.65 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 TIP?
The DMB/TIP correlation stands at 0.65 on a 3-year window (1 year: 0.54, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is TIP a good diversifier for DMB?
To a limited degree. At 0.65 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 0.65 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dmb-vs-tip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dmb-vs-tip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DMB correlations · TIP correlations
