LEO vs MQY: Correlation
BNY Mellon Strategic Municipals, Inc. (LEO) and Blackrock MuniYield Quality Fund, Inc. (MQY) 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 MQY?
On 3 years of weekly data the LEO/MQY correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 134.3 %².
By 3-year correlation, MQY places #6 of the 21 assets tracked against LEO. Twelve-month performance is nearly a tie, at +10.2% for LEO and +8.0% for MQY.
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 MQY: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | MQY (Blackrock MuniYield Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +8.0% |
| 5-year return | -18.0% | -13.1% |
| Volatility (ann.) | 12.2% | 12.8% |
| Beta vs S&P 500 | 0.26 | 0.33 |
| Max drawdown (3Y) | -13.1% | -17.0% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | 30.9 | 35.8 |
| Dividend yield | 4.41% | 6.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | MQY |
|---|---|---|
| 2022 | -24.1% | -24.2% |
| 2023 | +0.1% | +10.2% |
| 2024 | +6.9% | -0.1% |
| 2025 | +9.9% | +4.3% |
| 2026 | +0.4% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and MQY good diversifiers for each other?
No: a correlation of 0.86 means LEO and MQY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between LEO and MQY?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.82 over the last year and 0.79 over 5 years.
Is MQY a good diversifier for LEO?
No: a correlation of 0.86 means LEO and MQY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/leo-vs-mqy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leo-vs-mqy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEO correlations · MQY correlations
