MHD vs MQY: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings Fund, Inc. (MHD) and Blackrock MuniYield Quality Fund, Inc. (MQY) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and MQY?
Across a 3-year window, the weekly returns of MHD and MQY correlate at 0.89, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.89 over 3. Stretching to 5 years gives 0.87, with an annualized covariance of 133.8 %².
In MHD's tracked universe of 26 assets, MQY sits right near the top at #1. Twelve-month performance is nearly a tie, at +10.2% for MHD 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.
MHD vs MQY: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | MQY (Blackrock MuniYield Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +8.0% |
| 5-year return | -12.7% | -13.1% |
| Volatility (ann.) | 11.7% | 12.8% |
| Beta vs S&P 500 | 0.26 | 0.33 |
| Max drawdown (3Y) | -13.2% | -17.0% |
| Market cap | – | $0.8B |
| P/E (trailing) | 37.0 | 35.8 |
| Dividend yield | 6.23% | 6.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | MQY |
|---|---|---|
| 2022 | -23.7% | -24.2% |
| 2023 | +2.1% | +10.2% |
| 2024 | +3.4% | -0.1% |
| 2025 | +7.1% | +4.3% |
| 2026 | +1.8% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and MQY good diversifiers for each other?
No. With a correlation of 0.89, MHD and MQY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MHD and MQY?
The MHD/MQY correlation stands at 0.89 on a 3-year window (1 year: 0.87, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is MQY a good diversifier for MHD?
No. With a correlation of 0.89, MHD and MQY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 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-mqy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-mqy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MHD correlations · MQY correlations
