NIM vs SBI: Correlation
Nuveen Select Maturities Municipal Fund (NIM) and Western Asset Intermediate Muni Fund Inc (SBI) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIM and SBI?
Over the past 3 years, NIM and SBI moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 41.7 %².
SBI is one of the assets that tracks NIM most closely: it ranks #1 out of the 13 assets we track against NIM. Twelve-month performance is nearly a tie, at +5.5% for NIM and +6.3% for SBI.
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.
NIM vs SBI: side by side
| NIM (Nuveen Select Maturities Municipal Fund) | SBI (Western Asset Intermediate Muni Fund Inc) | |
|---|---|---|
| 1-year return | +5.5% | +6.3% |
| 5-year return | +1.3% | +0.9% |
| Volatility (ann.) | 8.4% | 7.9% |
| Beta vs S&P 500 | 0.16 | 0.19 |
| Max drawdown (3Y) | -6.8% | -7.9% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 24.4 | 12.5 |
| Dividend yield | 3.66% | 3.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIM | SBI |
|---|---|---|
| 2022 | -12.9% | -18.4% |
| 2023 | +0.8% | +5.4% |
| 2024 | +2.8% | +6.8% |
| 2025 | +10.9% | +5.9% |
| 2026 | +2.0% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIM and SBI good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NIM and SBI?
The NIM/SBI correlation stands at 0.62 on a 3-year window (1 year: 0.64, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SBI a good diversifier for NIM?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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.
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Related comparisons
Hubs: NIM correlations · SBI correlations
