CEV vs MQY: Correlation
How closely do Eaton Vance California Municipal Income Trust Shares of (CEV) and Blackrock MuniYield Quality Fund, Inc. (MQY) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and MQY?
On 3 years of weekly data the CEV/MQY correlation comes out at 0.77, strong. The past 12 months show a weaker link (0.62) than the 3-year average (0.77). The 5-year figure is 0.76, and annualized covariance runs at 108.4 %².
Among the 12 assets we track against CEV, MQY ranks #4 by 3-year correlation. On 12-month performance CEV holds a 11.0-point edge, +19.0% against +8.0%.
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.
CEV vs MQY: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | MQY (Blackrock MuniYield Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +19.0% | +8.0% |
| 5-year return | -1.8% | -13.1% |
| Volatility (ann.) | 10.9% | 12.8% |
| Beta vs S&P 500 | 0.23 | 0.33 |
| Max drawdown (3Y) | -12.4% | -17.0% |
| Market cap | $0.1B | $0.8B |
| P/E (trailing) | 10.2 | 35.8 |
| Dividend yield | 5.54% | 6.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | MQY |
|---|---|---|
| 2022 | -22.7% | -24.2% |
| 2023 | +8.2% | +10.2% |
| 2024 | +2.3% | -0.1% |
| 2025 | +6.2% | +4.3% |
| 2026 | +10.2% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and MQY good diversifiers for each other?
To a limited degree. At 0.77 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 CEV and MQY?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.62 over the last year and 0.76 over 5 years.
Is MQY a good diversifier for CEV?
To a limited degree. At 0.77 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 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cev-vs-mqy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cev-vs-mqy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEV correlations · MQY correlations
