MFM vs MHD: Correlation
How closely do Aberdeen Municipal Income Fund (MFM) and Blackrock MuniHoldings Fund, Inc. (MHD) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFM and MHD?
Across a 3-year window, the weekly returns of MFM and MHD correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 125.2 %².
MHD is one of the assets that tracks MFM most closely: it ranks #1 out of the 10 assets we track against MFM. Neither side won the trailing year by much: +11.2% 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.
MFM vs MHD: side by side
| MFM (Aberdeen Municipal Income Fund) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +11.2% | +10.2% |
| 5-year return | -4.9% | -12.7% |
| Volatility (ann.) | 12.8% | 11.7% |
| Beta vs S&P 500 | 0.28 | 0.26 |
| Max drawdown (3Y) | -11.7% | -13.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.1 | 37.0 |
| Dividend yield | 5.25% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFM | MHD |
|---|---|---|
| 2022 | -22.6% | -23.7% |
| 2023 | +4.2% | +2.1% |
| 2024 | +8.5% | +3.4% |
| 2025 | +7.0% | +7.1% |
| 2026 | +3.2% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFM and MHD good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MFM and MHD?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.80 over the last year and 0.81 over 5 years.
Is MHD a good diversifier for MFM?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/mfm-vs-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mfm-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MFM correlations · MHD correlations
