MHD vs NAC: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) and Nuveen California Quality Municipal Income Fund (NAC) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and NAC?
Over the past 3 years, MHD and NAC moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.63 versus 0.83 over 3 years. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 102.2 %².
Within MHD's tracked universe of 26 assets, NAC comes in at #13 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.2% for MHD and +12.8% for NAC.
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 NAC: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | NAC (Nuveen California Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.2% | +12.8% |
| 5-year return | -12.7% | -0.8% |
| Volatility (ann.) | 11.7% | 10.5% |
| Beta vs S&P 500 | 0.26 | 0.21 |
| Max drawdown (3Y) | -13.2% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | – |
| Dividend yield | 6.23% | 7.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | NAC |
|---|---|---|
| 2022 | -23.7% | -25.6% |
| 2023 | +2.1% | +4.5% |
| 2024 | +3.4% | +8.7% |
| 2025 | +7.1% | +13.1% |
| 2026 | +1.8% | +4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and NAC good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MHD and NAC?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.63 over the last year and 0.79 over 5 years.
Is NAC a good diversifier for MHD?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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-nac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mhd-vs-nac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MHD correlations · NAC correlations
