EVN vs LEO: Correlation
Measured on weekly returns over the past three years, Eaton Vance Municipal Income Trust (EVN) and BNY Mellon Strategic Municipals, Inc. (LEO) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and LEO?
Across a 3-year window, the weekly returns of EVN and LEO correlate at 0.74, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.74 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 108.6 %².
LEO is one of the assets that tracks EVN most closely: it ranks #2 out of the 11 assets we track against EVN. Neither side won the trailing year by much: +8.4% 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.
EVN vs LEO: side by side
| EVN (Eaton Vance Municipal Income Trust) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +8.4% | +10.2% |
| 5-year return | -2.5% | -18.0% |
| Volatility (ann.) | 12.0% | 12.2% |
| Beta vs S&P 500 | 0.36 | 0.26 |
| Max drawdown (3Y) | -10.4% | -13.1% |
| Market cap | $0.4B | $0.4B |
| P/E (trailing) | 11.6 | 30.9 |
| Dividend yield | 2.83% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | LEO |
|---|---|---|
| 2022 | -25.0% | -24.1% |
| 2023 | +4.4% | +0.1% |
| 2024 | +8.9% | +6.9% |
| 2025 | +12.8% | +9.9% |
| 2026 | +3.2% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and LEO good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EVN and LEO?
The EVN/LEO correlation stands at 0.74 on a 3-year window (1 year: 0.66, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is LEO a good diversifier for EVN?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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/evn-vs-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evn-vs-leo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVN correlations · LEO correlations
