IQI vs MUJ: Correlation
Invesco Quality Municipal Income Trust (IQI) and Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) 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 MUJ?
Over the past 3 years, IQI and MUJ moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 102.5 %².
Among the 27 assets we track against IQI, MUJ ranks #9 by 3-year correlation. Their 12-month results are close: +16.7% for IQI 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.
IQI vs MUJ: side by side
| IQI (Invesco Quality Municipal Income Trust) | MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.7% | +15.1% |
| 5-year return | +1.1% | -1.3% |
| Volatility (ann.) | 11.8% | 10.5% |
| Beta vs S&P 500 | 0.31 | 0.31 |
| Max drawdown (3Y) | -11.2% | -9.8% |
| Market cap | – | – |
| P/E (trailing) | 29.9 | 26.9 |
| Dividend yield | 7.50% | 5.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | MUJ |
|---|---|---|
| 2022 | -26.9% | -26.3% |
| 2023 | +5.9% | +7.6% |
| 2024 | +10.5% | +2.3% |
| 2025 | +9.2% | +13.9% |
| 2026 | +7.1% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and MUJ good diversifiers for each other?
No: a correlation of 0.83 means IQI and MUJ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between IQI and MUJ?
The IQI/MUJ correlation stands at 0.83 on a 3-year window (1 year: 0.78, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is MUJ a good diversifier for IQI?
No: a correlation of 0.83 means IQI and MUJ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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/iqi-vs-muj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iqi-vs-muj/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IQI correlations · MUJ correlations
