MHD vs NEA: Correlation
How closely do Blackrock MuniHoldings Fund, Inc. (MHD) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and NEA?
On 3 years of weekly data the MHD/NEA correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.78 over 1 year against 0.86 over 3. The 5-year figure is 0.83, and annualized covariance runs at 108.4 %².
Among the 26 assets we track against MHD, NEA ranks #6 by 3-year correlation. Neither side won the trailing year by much: +10.2% against +10.4%.
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 NEA: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.2% | +10.4% |
| 5-year return | -12.7% | -4.4% |
| Volatility (ann.) | 11.7% | 10.9% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -13.2% | -11.3% |
| Market cap | – | $3.4B |
| P/E (trailing) | 37.0 | 14.5 |
| Dividend yield | 6.23% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | NEA |
|---|---|---|
| 2022 | -23.7% | -23.3% |
| 2023 | +2.1% | +0.8% |
| 2024 | +3.4% | +9.5% |
| 2025 | +7.1% | +11.3% |
| 2026 | +1.8% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and NEA good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MHD and NEA?
The MHD/NEA correlation stands at 0.86 on a 3-year window (1 year: 0.78, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is NEA a good diversifier for MHD?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
A reading of 0.86 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-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHD correlations · NEA correlations
