LEO vs MHD: Correlation
BNY Mellon Strategic Municipals, Inc. (LEO) and Blackrock MuniHoldings Fund, Inc. (MHD) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and MHD?
On 3 years of weekly data the LEO/MHD correlation comes out at 0.86, 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. The 5-year figure is 0.77, and annualized covariance runs at 121.7 %².
By 3-year correlation, MHD places #5 of the 21 assets tracked against LEO. Neither side won the trailing year by much: +10.2% 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.
LEO vs MHD: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +10.2% |
| 5-year return | -18.0% | -12.7% |
| Volatility (ann.) | 12.2% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -13.1% | -13.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | 37.0 |
| Dividend yield | 4.41% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | MHD |
|---|---|---|
| 2022 | -24.1% | -23.7% |
| 2023 | +0.1% | +2.1% |
| 2024 | +6.9% | +3.4% |
| 2025 | +9.9% | +7.1% |
| 2026 | +0.4% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and MHD good diversifiers for each other?
No. With a correlation of 0.86, LEO and MHD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between LEO and MHD?
As of 2026-08-27, the correlation of weekly returns between LEO and MHD is 0.86 over 3 years, 0.78 over 1 year and 0.77 over 5 years.
Is MHD a good diversifier for LEO?
No. With a correlation of 0.86, LEO and MHD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 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/leo-vs-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/leo-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LEO correlations · MHD correlations
