MHD vs NMT: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and NMT?
Across a 3-year window, the weekly returns of MHD and NMT correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.37) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.68, with an annualized covariance of 73.5 %².
Among the 26 assets we track against MHD, NMT ranks #18 by 3-year correlation. Over the last 12 months NMT came out ahead by 9.6 percentage points (+10.2% against +19.8%).
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 NMT: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.2% | +19.8% |
| 5-year return | -12.7% | +6.8% |
| Volatility (ann.) | 11.7% | 9.8% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -13.2% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | 12.2 |
| Dividend yield | 6.23% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | NMT |
|---|---|---|
| 2022 | -23.7% | -30.4% |
| 2023 | +2.1% | +2.6% |
| 2024 | +3.4% | +16.3% |
| 2025 | +7.1% | +5.8% |
| 2026 | +1.8% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and NMT good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MHD and NMT?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.37 over the last year and 0.68 over 5 years.
Is NMT a good diversifier for MHD?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHD correlations · NMT correlations
