DSM vs MMU: Correlation
BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) and Western Asset Managed Municipals Fund, Inc. (MMU) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSM and MMU?
Across a 3-year window, the weekly returns of DSM and MMU correlate at 0.83, 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 0.83, with an annualized covariance of 115.9 %².
By 3-year correlation, MMU places #8 of the 18 assets tracked against DSM. Neither side won the trailing year by much: +8.6% against +9.2%.
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.
DSM vs MMU: side by side
| DSM (BNY Mellon Strategic Municipal Bond Fund, Inc.) | MMU (Western Asset Managed Municipals Fund, Inc.) | |
|---|---|---|
| 1-year return | +8.6% | +9.2% |
| 5-year return | -13.5% | -2.0% |
| Volatility (ann.) | 12.4% | 11.3% |
| Beta vs S&P 500 | 0.29 | 0.27 |
| Max drawdown (3Y) | -13.4% | -9.5% |
| Market cap | $0.3B | $0.6B |
| P/E (trailing) | 9.2 | 10.7 |
| Dividend yield | 4.94% | 6.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DSM | MMU |
|---|---|---|
| 2022 | -27.0% | -19.6% |
| 2023 | +3.2% | +5.7% |
| 2024 | +5.5% | +6.6% |
| 2025 | +10.9% | +9.3% |
| 2026 | -2.4% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSM and MMU good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DSM and MMU?
As of 2026-08-27, the correlation of weekly returns between DSM and MMU is 0.83 over 3 years, 0.80 over 1 year and 0.83 over 5 years.
Is MMU a good diversifier for DSM?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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/dsm-vs-mmu.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dsm-vs-mmu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DSM correlations · MMU correlations
