LEO vs NBH: Correlation
Measured on weekly returns over the past three years, BNY Mellon Strategic Municipals, Inc. (LEO) and Neuberger Municipal Fund Inc. (NBH) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and NBH?
On 3 years of weekly data the LEO/NBH correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 117.1 %².
By 3-year correlation, NBH places #7 of the 21 assets tracked against LEO. Twelve-month performance is nearly a tie, at +10.2% for LEO and +10.2% for NBH.
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.
LEO vs NBH: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | NBH (Neuberger Municipal Fund Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +10.2% |
| 5-year return | -18.0% | -21.0% |
| Volatility (ann.) | 12.2% | 11.4% |
| Beta vs S&P 500 | 0.26 | 0.30 |
| Max drawdown (3Y) | -13.1% | -11.1% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | 14.6 |
| Dividend yield | 4.41% | 6.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | NBH |
|---|---|---|
| 2022 | -24.1% | -28.2% |
| 2023 | +0.1% | +4.0% |
| 2024 | +6.9% | +5.3% |
| 2025 | +9.9% | +4.2% |
| 2026 | +0.4% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and NBH good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between LEO and NBH?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.75 over the last year and 0.75 over 5 years.
Is NBH a good diversifier for LEO?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/leo-vs-nbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leo-vs-nbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEO correlations · NBH correlations
