IQI vs MIY: Correlation
Invesco Quality Municipal Income Trust (IQI) and Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and MIY?
Across a 3-year window, the weekly returns of IQI and MIY correlate at 0.72, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.72). Stretching to 5 years gives 0.65, with an annualized covariance of 94.8 %².
Among the 27 assets we track against IQI, MIY ranks #19 by 3-year correlation. Neither side won the trailing year by much: +16.7% against +20.2%.
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.
IQI vs MIY: side by side
| IQI (Invesco Quality Municipal Income Trust) | MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.7% | +20.2% |
| 5-year return | +1.1% | +4.3% |
| Volatility (ann.) | 11.8% | 11.3% |
| Beta vs S&P 500 | 0.31 | 0.14 |
| Max drawdown (3Y) | -11.2% | -11.1% |
| Market cap | – | $0.4B |
| P/E (trailing) | 29.9 | 37.3 |
| Dividend yield | 7.50% | 5.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | MIY |
|---|---|---|
| 2022 | -26.9% | -24.1% |
| 2023 | +5.9% | +6.7% |
| 2024 | +10.5% | +3.5% |
| 2025 | +9.2% | +11.3% |
| 2026 | +7.1% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and MIY good diversifiers for each other?
Only partially. A correlation of 0.72 means IQI and MIY 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 IQI and MIY?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.48 over the last year and 0.65 over 5 years.
Is MIY a good diversifier for IQI?
Only partially. A correlation of 0.72 means IQI and MIY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iqi-vs-miy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iqi-vs-miy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IQI correlations · MIY correlations
