IQI vs MUC: Correlation
Invesco Quality Municipal Income Trust (IQI) and Blackrock MuniHoldings California Quality Fund, Inc. (MUC) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and MUC?
Over the past 3 years, IQI and MUC moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 106.6 %².
Within IQI's tracked universe of 27 assets, MUC comes in at #8 by 3-year correlation. Over the last 12 months IQI came out ahead by 5.8 percentage points (+16.7% against +10.9%).
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 MUC: side by side
| IQI (Invesco Quality Municipal Income Trust) | MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.7% | +10.9% |
| 5-year return | +1.1% | -13.2% |
| Volatility (ann.) | 11.8% | 10.9% |
| Beta vs S&P 500 | 0.31 | 0.25 |
| Max drawdown (3Y) | -11.2% | -10.7% |
| Market cap | – | $1.0B |
| P/E (trailing) | 29.9 | 46.3 |
| Dividend yield | 7.50% | 6.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | MUC |
|---|---|---|
| 2022 | -26.9% | -26.8% |
| 2023 | +5.9% | +7.9% |
| 2024 | +10.5% | +0.8% |
| 2025 | +9.2% | +6.0% |
| 2026 | +7.1% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and MUC good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IQI and MUC?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.75 over the last year and 0.81 over 5 years.
Is MUC a good diversifier for IQI?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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-muc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iqi-vs-muc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IQI correlations · MUC correlations
