MIY vs WAY: Correlation
Measured on weekly returns over the past three years, Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) and Waystar Holding Corp. (WAY) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIY and WAY?
Over the past 3 years, MIY and WAY moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -101.1 %².
Out of 11 assets tracked against MIY, WAY lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months MIY outperformed by 52.3 percentage points (+20.2% for MIY against -32.1% for WAY). Risk is not evenly split, since WAY carries 3.9 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.
MIY vs WAY: side by side
| MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +20.2% | -32.1% |
| 5-year return | +4.3% | n/a |
| Volatility (ann.) | 11.3% | 43.8% |
| Beta vs S&P 500 | 0.14 | 1.07 |
| Max drawdown (3Y) | -11.1% | -61.8% |
| Market cap | $0.4B | $4.8B |
| P/E (trailing) | 37.3 | 34.6 |
| Dividend yield | 5.21% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MIY | WAY |
|---|---|---|
| 2022 | -24.1% | – |
| 2023 | +6.7% | – |
| 2024 | +3.5% | – |
| 2025 | +11.3% | -10.8% |
| 2026 | +11.9% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIY and WAY good diversifiers for each other?
Yes. With a correlation of -0.22, MIY and WAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MIY and WAY?
As of 2026-08-27, the correlation of weekly returns between MIY and WAY is -0.22 over 3 years, -0.26 over 1 year and n/a over 5 years.
Is WAY a good diversifier for MIY?
Yes. With a correlation of -0.22, MIY and WAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/miy-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/miy-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MIY correlations · WAY correlations
