LEO vs PMM: Correlation
Measured on weekly returns over the past three years, BNY Mellon Strategic Municipals, Inc. (LEO) and Franklin Managed Municipal Income Trust Shares of (PMM) 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 LEO and PMM?
Across a 3-year window, the weekly returns of LEO and PMM correlate at 0.74, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 113.5 %².
Among the 21 assets we track against LEO, PMM ranks #13 by 3-year correlation. Neither side won the trailing year by much: +10.2% against +13.8%.
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 PMM: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | PMM (Franklin Managed Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | +10.2% | +13.8% |
| 5-year return | -18.0% | -5.6% |
| Volatility (ann.) | 12.2% | 12.6% |
| Beta vs S&P 500 | 0.26 | 0.35 |
| Max drawdown (3Y) | -13.1% | -12.7% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 30.9 | 11.4 |
| Dividend yield | 4.41% | 4.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | PMM |
|---|---|---|
| 2022 | -24.1% | -24.1% |
| 2023 | +0.1% | +1.9% |
| 2024 | +6.9% | +2.9% |
| 2025 | +9.9% | +10.6% |
| 2026 | +0.4% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and PMM good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between LEO and PMM?
As of 2026-08-27, the correlation of weekly returns between LEO and PMM is 0.74 over 3 years, 0.69 over 1 year and 0.63 over 5 years.
Is PMM a good diversifier for LEO?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
A reading of 0.74 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/leo-vs-pmm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/leo-vs-pmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEO correlations · PMM correlations
