MHD vs MIY: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings Fund, Inc. (MHD) and Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and MIY?
Over the past 3 years, MHD and MIY moved with a correlation of 0.70, which is strong. The past 12 months show a weaker link (0.33) than the 3-year average (0.70). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 91.5 %².
Within MHD's tracked universe of 26 assets, MIY comes in at #17 by 3-year correlation. Over the last 12 months MIY came out ahead by 10.0 percentage points (+10.2% against +20.2%).
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.
MHD vs MIY: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +20.2% |
| 5-year return | -12.7% | +4.3% |
| Volatility (ann.) | 11.7% | 11.3% |
| Beta vs S&P 500 | 0.26 | 0.14 |
| Max drawdown (3Y) | -13.2% | -11.1% |
| Market cap | – | $0.4B |
| P/E (trailing) | 37.0 | 37.3 |
| Dividend yield | 6.23% | 5.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | MIY |
|---|---|---|
| 2022 | -23.7% | -24.1% |
| 2023 | +2.1% | +6.7% |
| 2024 | +3.4% | +3.5% |
| 2025 | +7.1% | +11.3% |
| 2026 | +1.8% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and MIY good diversifiers for each other?
Only partially. A correlation of 0.70 means MHD and MIY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MHD and MIY?
As of 2026-08-27, the correlation of weekly returns between MHD and MIY is 0.70 over 3 years, 0.33 over 1 year and 0.63 over 5 years.
Is MIY a good diversifier for MHD?
Only partially. A correlation of 0.70 means MHD and MIY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
A reading of 0.70 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/mhd-vs-miy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-miy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MHD correlations · MIY correlations
