NBH vs RSF: Correlation
Neuberger Municipal Fund Inc. (NBH) and RiverNorth Capital and Income Fund (RSF) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBH and RSF?
On 3 years of weekly data the NBH/RSF correlation comes out at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.46). The 5-year figure is 0.34, and annualized covariance runs at 28.6 %².
Within NBH's tracked universe of 17 assets, RSF comes in at #9 by 3-year correlation. Their 12-month results are close: +10.2% for NBH against +10.1% for RSF. One caveat on sizing: NBH is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NBH vs RSF: side by side
| NBH (Neuberger Municipal Fund Inc.) | RSF (RiverNorth Capital and Income Fund) | |
|---|---|---|
| 1-year return | +10.2% | +10.1% |
| 5-year return | -21.0% | +30.6% |
| Volatility (ann.) | 11.4% | 5.4% |
| Beta vs S&P 500 | 0.30 | 0.06 |
| Max drawdown (3Y) | -11.1% | -5.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 14.6 | 13.3 |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBH | RSF |
|---|---|---|
| 2022 | -28.2% | -1.6% |
| 2023 | +4.0% | +3.8% |
| 2024 | +5.3% | +10.6% |
| 2025 | +4.2% | +4.6% |
| 2026 | +4.7% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBH and RSF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBH and RSF?
As of 2026-08-27, the correlation of weekly returns between NBH and RSF is 0.46 over 3 years, 0.19 over 1 year and 0.34 over 5 years.
Is RSF a good diversifier for NBH?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: NBH correlations · RSF correlations
