MHF vs MUA: Correlation
Measured on weekly returns over the past three years, Western Asset Municipal High Income Fund, Inc. (MHF) and Blackrock MuniAssets Fund, Inc (MUA) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHF and MUA?
On 3 years of weekly data the MHF/MUA correlation comes out at 0.60, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.60 over 3. The 5-year figure is 0.57, and annualized covariance runs at 108.4 %².
In MHF's tracked universe of 10 assets, MUA sits right near the top at #1. Over the last 12 months MHF came out ahead by 5.3 percentage points (+5.6% against +0.3%).
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.
MHF vs MUA: side by side
| MHF (Western Asset Municipal High Income Fund, Inc.) | MUA (Blackrock MuniAssets Fund, Inc) | |
|---|---|---|
| 1-year return | +5.6% | +0.3% |
| 5-year return | +6.2% | -17.1% |
| Volatility (ann.) | 12.2% | 14.9% |
| Beta vs S&P 500 | 0.32 | 0.36 |
| Max drawdown (3Y) | -13.3% | -20.0% |
| Market cap | $0.2B | $0.7B |
| P/E (trailing) | 18.0 | 32.2 |
| Dividend yield | 5.93% | 6.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHF | MUA |
|---|---|---|
| 2022 | -17.6% | -22.4% |
| 2023 | +4.6% | +3.0% |
| 2024 | +12.0% | +10.5% |
| 2025 | +7.2% | +3.3% |
| 2026 | +3.3% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHF and MUA good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MHF and MUA?
The MHF/MUA correlation stands at 0.60 on a 3-year window (1 year: 0.64, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is MUA a good diversifier for MHF?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 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/mhf-vs-mua.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mhf-vs-mua/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MHF correlations · MUA correlations
