MIY vs SPY: Correlation
Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIY and SPY?
Over the past 3 years, MIY and SPY moved with a correlation of 0.18, which is weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.18). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 29.2 %².
Among the 11 assets we track against MIY, SPY ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.2% for MIY and +20.6% for SPY.
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.
MIY vs SPY: side by side
| MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.2% | +20.6% |
| 5-year return | +4.3% | +82.4% |
| Volatility (ann.) | 11.3% | 14.5% |
| Beta vs S&P 500 | 0.14 | 1.00 |
| Max drawdown (3Y) | -11.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 37.3 | – |
| Dividend yield | 5.21% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MIY | SPY |
|---|---|---|
| 2022 | -24.1% | -18.2% |
| 2023 | +6.7% | +26.2% |
| 2024 | +3.5% | +24.9% |
| 2025 | +11.3% | +17.7% |
| 2026 | +11.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIY and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MIY and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.07 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for MIY?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MIY correlations · SPY correlations
