MHD vs QQQ: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and QQQ?
Over the past 3 years, MHD and QQQ moved with a correlation of 0.25, which is weak. The link has tightened recently: the 1-year correlation (0.49) runs above the 3-year figure (0.25). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 58.0 %².
QQQ is close to the least connected end of MHD's tracked universe, ranking #23 of 26. The last year tells two different stories: QQQ led by 16.1 percentage points, +10.2% for MHD against +26.3% for QQQ. Risk is not evenly split, since QQQ carries 1.7 times the volatility of the other side.
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 QQQ: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.2% | +26.3% |
| 5-year return | -12.7% | +95.4% |
| Volatility (ann.) | 11.7% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -13.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | – |
| Dividend yield | 6.23% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | MHD | QQQ |
|---|---|---|
| 2022 | -23.7% | -32.6% |
| 2023 | +2.1% | +54.9% |
| 2024 | +3.4% | +25.6% |
| 2025 | +7.1% | +20.8% |
| 2026 | +1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and QQQ good diversifiers for each other?
Reasonably. At 0.25, MHD and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MHD and QQQ?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.49 over the last year and 0.37 over 5 years.
Is QQQ a good diversifier for MHD?
Reasonably. At 0.25, MHD and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mhd-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHD correlations · QQQ correlations
