LEO vs MUA: Correlation
How closely do BNY Mellon Strategic Municipals, Inc. (LEO) and Blackrock MuniAssets Fund, Inc (MUA) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and MUA?
On 3 years of weekly data the LEO/MUA correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 131.0 %².
Within LEO's tracked universe of 21 assets, MUA comes in at #14 by 3-year correlation. Over the last 12 months LEO came out ahead by 9.9 percentage points (+10.2% against +0.3%).
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 MUA: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | MUA (Blackrock MuniAssets Fund, Inc) | |
|---|---|---|
| 1-year return | +10.2% | +0.3% |
| 5-year return | -18.0% | -17.1% |
| Volatility (ann.) | 12.2% | 14.9% |
| Beta vs S&P 500 | 0.26 | 0.36 |
| Max drawdown (3Y) | -13.1% | -20.0% |
| Market cap | $0.4B | $0.7B |
| P/E (trailing) | 30.9 | 32.2 |
| Dividend yield | 4.41% | 6.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | MUA |
|---|---|---|
| 2022 | -24.1% | -22.4% |
| 2023 | +0.1% | +3.0% |
| 2024 | +6.9% | +10.5% |
| 2025 | +9.9% | +3.3% |
| 2026 | +0.4% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and MUA good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LEO and MUA?
The LEO/MUA correlation stands at 0.73 on a 3-year window (1 year: 0.66, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is MUA a good diversifier for LEO?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/leo-vs-mua.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/leo-vs-mua/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEO correlations · MUA correlations
