LEO vs. USB

Last updated Jun 3, 2026

LEO (BNY Mellon Strategic Municipals, Inc.) and USB (U.S. Bancorp) are both stocks. Both are in the Financial Services sector — LEO in Asset Management, USB in Banks - Regional. Over the past 10 years, LEO returned 1.12%/yr vs 6.39%/yr for USB. At a 0.07 correlation, their price movements are largely independent.

Performance

LEO vs. USB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Strategic Municipals, Inc. (LEO) and U.S. Bancorp (USB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LEO achieves a 2.64% return, which is significantly lower than USB's 3.38% return. Over the past 10 years, LEO has underperformed USB with an annualized return of 1.12%, while USB has yielded a comparatively higher 6.39% annualized return.

LEO

• 1D: 0.16%
• 1M: 1.68%
• YTD: 2.64%
• 6M: 5.50%
• 1Y: 15.97%
• 3Y*: 6.29%
• 5Y*: -2.31%
• 10Y*: 1.12%

USB

• 1D: 1.96%
• 1M: -3.02%
• YTD: 3.38%
• 6M: 12.11%
• 1Y: 30.48%
• 3Y*: 25.53%
• 5Y*: 2.27%
• 10Y*: 6.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LEO vs. USB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEO BNY Mellon Strategic Municipals, Inc.	2.64%	9.85%	6.94%	0.07%	-24.13%	4.53%	5.03%	24.76%	-12.13%	9.07%
USB U.S. Bancorp	3.38%	16.48%	15.62%	4.79%	-19.13%	24.32%	-17.85%	33.62%	-12.36%	6.61%

Correlation

The correlation between LEO and USB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.07

The correlation between LEO and USB shifts across timeframes, from 0.07 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap LEO : $398.66M USB : $84.90B
EPS LEO : $0.24 USB : $5.02
PE Ratio LEO : 26.67 USB : 10.88
PS Ratio LEO : 7.21 USB : 1.96
PB Ratio LEO : 0.95 USB : 1.44
Total Revenue (TTM) LEO : $55.30M USB : $43.34B
Gross Profit (TTM) LEO : $37.67M USB : $27.22B
EBITDA (TTM) LEO : $3.53M USB : $10.34B

Return for Risk

LEO vs. USB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LEO

LEO Risk / Return Rank: 80
LEO Sharpe Ratio Rank: 81
LEO Sortino Ratio Rank: 81
LEO Omega Ratio Rank: 79
LEO Calmar Ratio Rank: 76
LEO Martin Ratio Rank: 84

USB

USB Risk / Return Rank: 75
USB Sharpe Ratio Rank: 79
USB Sortino Ratio Rank: 74
USB Omega Ratio Rank: 73
USB Calmar Ratio Rank: 73
USB Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LEO vs. USB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Strategic Municipals, Inc. (LEO) and U.S. Bancorp (USB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	LEO	USB	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.40	+0.14
Sortino ratio Return per unit of downside risk	2.41	1.97	+0.44
Omega ratio Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio Return relative to maximum drawdown	2.20	1.89	+0.31
Martin ratio Return relative to average drawdown	8.33	4.75	+3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEO vs. USB - Sharpe Ratio Comparison

The current LEO Sharpe Ratio is 1.54, which is comparable to the USB Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of LEO and USB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LEO	USB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.40	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.08	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.21	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.33	-0.02

Drawdowns

LEO vs. USB - Drawdown Comparison

The maximum LEO drawdown since its inception was -47.35%, smaller than the maximum USB drawdown of -76.08%. Use the drawdown chart below to compare losses from any high point for LEO and USB.

Drawdown Indicators

	LEO	USB	Difference
Max Drawdown Largest peak-to-trough decline	-47.35%	-76.08%	+28.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-16.21%	+9.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-30.63%	+11.91%
Max Drawdown (5Y) Largest decline over 5 years	-41.53%	-52.13%	+10.60%
Max Drawdown (10Y) Largest decline over 10 years	-41.53%	-52.13%	+10.60%
Current Drawdown Current decline from peak	-16.97%	-9.11%	-7.86%
Average Drawdown Average peak-to-trough decline	-9.79%	-14.19%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	6.44%	-4.64%

Volatility

LEO vs. USB - Volatility Comparison

The current volatility for BNY Mellon Strategic Municipals, Inc. (LEO) is 3.83%, while U.S. Bancorp (USB) has a volatility of 6.52%. This indicates that LEO experiences smaller price fluctuations and is considered to be less risky than USB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEO	USB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	6.52%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	16.16%	-8.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	21.84%	-11.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	29.73%	-17.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	30.27%	-16.36%

Dividends

LEO vs. USB - Dividend Comparison

LEO's dividend yield for the trailing twelve months is around 4.50%, more than USB's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEO BNY Mellon Strategic Municipals, Inc.	4.50%	4.03%	3.77%	4.37%	5.66%	4.84%	4.95%	4.94%	5.96%	5.97%	6.14%	6.04%
USB U.S. Bancorp	3.77%	3.82%	4.14%	4.46%	4.31%	3.13%	3.61%	2.66%	2.93%	2.16%	2.08%	2.37%

Financials

LEO vs. USB - Profitability Comparison

The chart below illustrates the profitability comparison between BNY Mellon Strategic Municipals, Inc. and U.S. Bancorp over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

LEO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, BNY Mellon Strategic Municipals, Inc. reported a gross profit of 13.26M and revenue of 15.09M. Therefore, the gross margin over that period was 87.9%.

USB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, U.S. Bancorp reported a gross profit of 6.68B and revenue of 10.84B. Therefore, the gross margin over that period was 61.7%.

LEO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, BNY Mellon Strategic Municipals, Inc. reported an operating income of 8.63M and revenue of 15.09M, resulting in an operating margin of 57.2%.

USB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, U.S. Bancorp reported an operating income of 2.69B and revenue of 10.84B, resulting in an operating margin of 24.8%.

LEO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, BNY Mellon Strategic Municipals, Inc. reported a net income of 5.22M and revenue of 15.09M, resulting in a net margin of 34.6%.

USB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, U.S. Bancorp reported a net income of 1.95B and revenue of 10.84B, resulting in a net margin of 18.0%.

Frequently Asked Questions

Can I hold both LEO and USB in my portfolio?

LEO and USB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEO or USB?

USB has higher volatility (6.52%) compared to LEO (3.83%). In terms of maximum drawdown, LEO dropped -47.35% vs USB's -76.08%.

Which has better risk-adjusted returns?

LEO currently has the higher Sharpe Ratio (1.54 vs 1.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.