MHD vs MMU: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) and Western Asset Managed Municipals Fund, Inc. (MMU) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and MMU?
Over the past 3 years, MHD and MMU moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 107.5 %².
Within MHD's tracked universe of 26 assets, MMU comes in at #14 by 3-year correlation. Neither side won the trailing year by much: +10.2% against +9.2%.
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 MMU: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | MMU (Western Asset Managed Municipals Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +9.2% |
| 5-year return | -12.7% | -2.0% |
| Volatility (ann.) | 11.7% | 11.3% |
| Beta vs S&P 500 | 0.26 | 0.27 |
| Max drawdown (3Y) | -13.2% | -9.5% |
| Market cap | – | $0.6B |
| P/E (trailing) | 37.0 | 10.7 |
| Dividend yield | 6.23% | 6.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | MMU |
|---|---|---|
| 2022 | -23.7% | -19.6% |
| 2023 | +2.1% | +5.7% |
| 2024 | +3.4% | +6.6% |
| 2025 | +7.1% | +9.3% |
| 2026 | +1.8% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and MMU good diversifiers for each other?
No. With a correlation of 0.82, MHD and MMU move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MHD and MMU?
The MHD/MMU correlation stands at 0.82 on a 3-year window (1 year: 0.75, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is MMU a good diversifier for MHD?
No. With a correlation of 0.82, MHD and MMU move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 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/mhd-vs-mmu.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mhd-vs-mmu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHD correlations · MMU correlations
