CEV vs MUJ: Correlation
Measured on weekly returns over the past three years, Eaton Vance California Municipal Income Trust Shares of (CEV) and Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and MUJ?
Over the past 3 years, CEV and MUJ moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 88.3 %².
Within CEV's tracked universe of 12 assets, MUJ comes in at #5 by 3-year correlation. Their 12-month results are close: +19.0% for CEV against +15.1% for MUJ.
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 MUJ: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +19.0% | +15.1% |
| 5-year return | -1.8% | -1.3% |
| Volatility (ann.) | 10.9% | 10.5% |
| Beta vs S&P 500 | 0.23 | 0.31 |
| Max drawdown (3Y) | -12.4% | -9.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | 26.9 |
| Dividend yield | 5.54% | 5.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | MUJ |
|---|---|---|
| 2022 | -22.7% | -26.3% |
| 2023 | +8.2% | +7.6% |
| 2024 | +2.3% | +2.3% |
| 2025 | +6.2% | +13.9% |
| 2026 | +10.2% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and MUJ good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEV and MUJ?
As of 2026-08-27, the correlation of weekly returns between CEV and MUJ is 0.77 over 3 years, 0.72 over 1 year and 0.74 over 5 years.
Is MUJ a good diversifier for CEV?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cev-vs-muj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cev-vs-muj/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEV correlations · MUJ correlations
