MHD vs MUC: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings Fund, Inc. (MHD) and Blackrock MuniHoldings California Quality Fund, Inc. (MUC) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and MUC?
On 3 years of weekly data the MHD/MUC correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 109.6 %².
By 3-year correlation, MUC places #4 of the 26 assets tracked against MHD. Their 12-month results are close: +10.2% for MHD against +10.9% for MUC.
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 MUC: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +10.9% |
| 5-year return | -12.7% | -13.2% |
| Volatility (ann.) | 11.7% | 10.9% |
| Beta vs S&P 500 | 0.26 | 0.25 |
| Max drawdown (3Y) | -13.2% | -10.7% |
| Market cap | – | $1.0B |
| P/E (trailing) | 37.0 | 46.3 |
| Dividend yield | 6.23% | 6.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | MUC |
|---|---|---|
| 2022 | -23.7% | -26.8% |
| 2023 | +2.1% | +7.9% |
| 2024 | +3.4% | +0.8% |
| 2025 | +7.1% | +6.0% |
| 2026 | +1.8% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and MUC good diversifiers for each other?
No: a correlation of 0.86 means MHD and MUC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MHD and MUC?
As of 2026-08-27, the correlation of weekly returns between MHD and MUC is 0.86 over 3 years, 0.78 over 1 year and 0.80 over 5 years.
Is MUC a good diversifier for MHD?
No: a correlation of 0.86 means MHD and MUC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/mhd-vs-muc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mhd-vs-muc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHD correlations · MUC correlations
