MHD vs NAZ: Correlation
How closely do Blackrock MuniHoldings Fund, Inc. (MHD) and Nuveen Arizona Quality Municipal Income Fund (NAZ) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and NAZ?
Over the past 3 years, MHD and NAZ moved with a correlation of 0.61, which is strong. The past 12 months show a weaker link (0.26) than the 3-year average (0.61). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 83.3 %².
Among the 26 assets we track against MHD, NAZ ranks #19 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.2% for MHD and +10.9% for NAZ.
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 NAZ: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | NAZ (Nuveen Arizona Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.2% | +10.9% |
| 5-year return | -12.7% | +0.2% |
| Volatility (ann.) | 11.7% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.25 |
| Max drawdown (3Y) | -13.2% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | 22.0 |
| Dividend yield | 6.23% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | NAZ |
|---|---|---|
| 2022 | -23.7% | -27.2% |
| 2023 | +2.1% | -0.5% |
| 2024 | +3.4% | +13.0% |
| 2025 | +7.1% | +12.1% |
| 2026 | +1.8% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and NAZ good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MHD and NAZ?
The MHD/NAZ correlation stands at 0.61 on a 3-year window (1 year: 0.26, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is NAZ a good diversifier for MHD?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
A reading of 0.61 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-naz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mhd-vs-naz/)
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Related comparisons
Hubs: MHD correlations · NAZ correlations
