MMU vs NBH: Correlation
Western Asset Managed Municipals Fund, Inc. (MMU) and Neuberger Municipal Fund Inc. (NBH) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMU and NBH?
Over the past 3 years, MMU and NBH moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 108.3 %².
NBH is one of the assets that tracks MMU most closely: it ranks #1 out of the 11 assets we track against MMU. Their 12-month results are close: +9.2% for MMU against +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.
MMU vs NBH: side by side
| MMU (Western Asset Managed Municipals Fund, Inc.) | NBH (Neuberger Municipal Fund Inc.) | |
|---|---|---|
| 1-year return | +9.2% | +10.2% |
| 5-year return | -2.0% | -21.0% |
| Volatility (ann.) | 11.3% | 11.4% |
| Beta vs S&P 500 | 0.27 | 0.30 |
| Max drawdown (3Y) | -9.5% | -11.1% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.7 | 14.6 |
| Dividend yield | 6.45% | 6.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMU | NBH |
|---|---|---|
| 2022 | -19.6% | -28.2% |
| 2023 | +5.7% | +4.0% |
| 2024 | +6.6% | +5.3% |
| 2025 | +9.3% | +4.2% |
| 2026 | +1.3% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMU 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 MMU and NBH?
As of 2026-08-27, the correlation of weekly returns between MMU and NBH is 0.84 over 3 years, 0.81 over 1 year and 0.73 over 5 years.
Is NBH a good diversifier for MMU?
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?
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/mmu-vs-nbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmu-vs-nbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMU correlations · NBH correlations
