EIM vs MHD: Correlation
Eaton Vance Municipal Bond Fund (EIM) and Blackrock MuniHoldings Fund, Inc. (MHD) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and MHD?
On 3 years of weekly data the EIM/MHD correlation comes out at 0.79, strong. The link has loosened recently: the 1-year correlation (0.63) runs below the 3-year figure (0.79). The 5-year figure is 0.82, and annualized covariance runs at 99.1 %².
Few assets follow EIM as closely as MHD, which ranks #1 of 11 tracked partners. On 12-month performance MHD holds a 5.3-point edge, +4.9% against +10.2%.
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.
EIM vs MHD: side by side
| EIM (Eaton Vance Municipal Bond Fund) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +4.9% | +10.2% |
| 5-year return | -9.2% | -12.7% |
| Volatility (ann.) | 10.8% | 11.7% |
| Beta vs S&P 500 | 0.25 | 0.26 |
| Max drawdown (3Y) | -11.6% | -13.2% |
| Market cap | $0.5B | – |
| P/E (trailing) | 42.0 | 37.0 |
| Dividend yield | 6.30% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | MHD |
|---|---|---|
| 2022 | -19.8% | -23.7% |
| 2023 | +1.6% | +2.1% |
| 2024 | +8.2% | +3.4% |
| 2025 | -0.1% | +7.1% |
| 2026 | +3.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and MHD good diversifiers for each other?
Only partially. A correlation of 0.79 means EIM and MHD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EIM and MHD?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.63 over the last year and 0.82 over 5 years.
Is MHD a good diversifier for EIM?
Only partially. A correlation of 0.79 means EIM and MHD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 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/eim-vs-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eim-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EIM correlations · MHD correlations
