KTF vs LEO: Correlation
DWS Municipal Income Trust (KTF) and BNY Mellon Strategic Municipals, Inc. (LEO) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KTF and LEO?
Across a 3-year window, the weekly returns of KTF and LEO correlate at 0.78, strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 110.7 %².
Within KTF's tracked universe of 13 assets, LEO comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +9.8% 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.
KTF vs LEO: side by side
| KTF (DWS Municipal Income Trust) | LEO (BNY Mellon Strategic Municipals, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | +10.2% |
| 5-year return | -3.3% | -18.0% |
| Volatility (ann.) | 11.7% | 12.2% |
| Beta vs S&P 500 | 0.19 | 0.26 |
| Max drawdown (3Y) | -11.3% | -13.1% |
| Market cap | $0.3B | $0.4B |
| P/E (trailing) | 10.1 | 30.9 |
| Dividend yield | 8.35% | 4.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KTF | LEO |
|---|---|---|
| 2022 | -23.7% | -24.1% |
| 2023 | +7.1% | +0.1% |
| 2024 | +13.8% | +6.9% |
| 2025 | +4.6% | +9.9% |
| 2026 | +2.0% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KTF and LEO good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KTF and LEO?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.78 over the last year and 0.74 over 5 years.
Is LEO a good diversifier for KTF?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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/ktf-vs-leo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ktf-vs-leo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KTF correlations · LEO correlations
