IQI vs MPA: Correlation
Measured on weekly returns over the past three years, Invesco Quality Municipal Income Trust (IQI) and Blackrock MuniYield Pennsylvania Quality Fund (MPA) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and MPA?
Over the past 3 years, IQI and MPA moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 109.9 %².
Among the 27 assets we track against IQI, MPA ranks #12 by 3-year correlation. On 12-month performance IQI holds a 8.1-point edge, +16.7% against +8.6%.
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 MPA: side by side
| IQI (Invesco Quality Municipal Income Trust) | MPA (Blackrock MuniYield Pennsylvania Quality Fund) | |
|---|---|---|
| 1-year return | +16.7% | +8.6% |
| 5-year return | +1.1% | -10.2% |
| Volatility (ann.) | 11.8% | 11.5% |
| Beta vs S&P 500 | 0.31 | 0.27 |
| Max drawdown (3Y) | -11.2% | -14.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | 29.9 | 33.5 |
| Dividend yield | 7.50% | 6.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | MPA |
|---|---|---|
| 2022 | -26.9% | -31.0% |
| 2023 | +5.9% | +9.7% |
| 2024 | +10.5% | +6.3% |
| 2025 | +9.2% | +1.8% |
| 2026 | +7.1% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and MPA good diversifiers for each other?
No: a correlation of 0.81 means IQI and MPA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between IQI and MPA?
As of 2026-08-27, the correlation of weekly returns between IQI and MPA is 0.81 over 3 years, 0.84 over 1 year and 0.72 over 5 years.
Is MPA a good diversifier for IQI?
No: a correlation of 0.81 means IQI and MPA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
A reading of 0.81 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/iqi-vs-mpa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iqi-vs-mpa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IQI correlations · MPA correlations
