RMM vs SBI: Correlation
RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) and Western Asset Intermediate Muni Fund Inc (SBI) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMM and SBI?
Across a 3-year window, the weekly returns of RMM and SBI correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 85.7 %².
Within RMM's tracked universe of 11 assets, SBI comes in at #4 by 3-year correlation. Over the last 12 months RMM came out ahead by 7.9 percentage points (+14.2% against +6.3%). Risk is not evenly split, since RMM carries 1.8 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.
RMM vs SBI: side by side
| RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | SBI (Western Asset Intermediate Muni Fund Inc) | |
|---|---|---|
| 1-year return | +14.2% | +6.3% |
| 5-year return | -4.9% | +0.9% |
| Volatility (ann.) | 14.3% | 7.9% |
| Beta vs S&P 500 | 0.41 | 0.19 |
| Max drawdown (3Y) | -18.8% | -7.9% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 74.7 | 12.5 |
| Dividend yield | 0.00% | 3.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMM | SBI |
|---|---|---|
| 2022 | -23.4% | -18.4% |
| 2023 | +5.9% | +5.4% |
| 2024 | +9.3% | +6.8% |
| 2025 | +2.1% | +5.9% |
| 2026 | +9.3% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMM and SBI good diversifiers for each other?
To a limited degree. At 0.75 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 RMM and SBI?
The RMM/SBI correlation stands at 0.75 on a 3-year window (1 year: 0.76, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SBI a good diversifier for RMM?
To a limited degree. At 0.75 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 0.75 mean?
A reading of 0.75 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: RMM correlations · SBI correlations
