EIM vs LEO: Correlation
Eaton Vance Municipal Bond Fund (EIM) and BNY Mellon Strategic Municipals, Inc. (LEO) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and LEO?
Over the past 3 years, EIM and LEO moved with a correlation of 0.77, which is strong. The link has loosened recently: the 1-year correlation (0.65) runs below the 3-year figure (0.77). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 101.1 %².
LEO is one of the assets that tracks EIM most closely: it ranks #2 out of the 11 assets we track against EIM. On 12-month performance LEO holds a 5.3-point edge, +4.9% against +10.2%.
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.
EIM vs LEO: side by side
| EIM (Eaton Vance Municipal Bond Fund) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +4.9% | +10.2% |
| 5-year return | -9.2% | -18.0% |
| Volatility (ann.) | 10.8% | 12.2% |
| Beta vs S&P 500 | 0.25 | 0.26 |
| Max drawdown (3Y) | -11.6% | -13.1% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | 42.0 | 30.9 |
| Dividend yield | 6.30% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | LEO |
|---|---|---|
| 2022 | -19.8% | -24.1% |
| 2023 | +1.6% | +0.1% |
| 2024 | +8.2% | +6.9% |
| 2025 | -0.1% | +9.9% |
| 2026 | +3.6% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and LEO good diversifiers for each other?
Only partially. A correlation of 0.77 means EIM and LEO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EIM and LEO?
The EIM/LEO correlation stands at 0.77 on a 3-year window (1 year: 0.65, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is LEO a good diversifier for EIM?
Only partially. A correlation of 0.77 means EIM and LEO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eim-vs-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eim-vs-leo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EIM correlations · LEO correlations
