LEO vs SBI: Correlation
How closely do BNY Mellon Strategic Municipals, Inc. (LEO) and Western Asset Intermediate Muni Fund Inc (SBI) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and SBI?
Over the past 3 years, LEO and SBI moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.84 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 81.3 %².
Among the 21 assets we track against LEO, SBI ranks #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.2% for LEO and +6.3% for SBI. Risk is not evenly split, since LEO carries 1.5 times the volatility of the other side.
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 SBI: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | SBI (Western Asset Intermediate Muni Fund Inc) | |
|---|---|---|
| 1-year return | +10.2% | +6.3% |
| 5-year return | -18.0% | +0.9% |
| Volatility (ann.) | 12.2% | 7.9% |
| Beta vs S&P 500 | 0.26 | 0.19 |
| Max drawdown (3Y) | -13.1% | -7.9% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | 30.9 | 12.5 |
| Dividend yield | 4.41% | 3.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | SBI |
|---|---|---|
| 2022 | -24.1% | -18.4% |
| 2023 | +0.1% | +5.4% |
| 2024 | +6.9% | +6.8% |
| 2025 | +9.9% | +5.9% |
| 2026 | +0.4% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and SBI good diversifiers for each other?
No: a correlation of 0.84 means LEO and SBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between LEO and SBI?
As of 2026-08-27, the correlation of weekly returns between LEO and SBI is 0.84 over 3 years, 0.81 over 1 year and 0.72 over 5 years.
Is SBI a good diversifier for LEO?
No: a correlation of 0.84 means LEO and SBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LEO correlations · SBI correlations
