MMU vs MUA: Correlation
Western Asset Managed Municipals Fund, Inc. (MMU) and Blackrock MuniAssets Fund, Inc (MUA) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMU and MUA?
On 3 years of weekly data the MMU/MUA correlation comes out at 0.73, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.73 over 3. The 5-year figure is 0.68, and annualized covariance runs at 122.5 %².
Within MMU's tracked universe of 11 assets, MUA comes in at #6 by 3-year correlation. Over the last 12 months MMU came out ahead by 8.9 percentage points (+9.2% 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.
MMU vs MUA: side by side
| MMU (Western Asset Managed Municipals Fund, Inc.) | MUA (Blackrock MuniAssets Fund, Inc) | |
|---|---|---|
| 1-year return | +9.2% | +0.3% |
| 5-year return | -2.0% | -17.1% |
| Volatility (ann.) | 11.3% | 14.9% |
| Beta vs S&P 500 | 0.27 | 0.36 |
| Max drawdown (3Y) | -9.5% | -20.0% |
| Market cap | $0.6B | $0.7B |
| P/E (trailing) | 10.7 | 32.2 |
| Dividend yield | 6.45% | 6.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMU | MUA |
|---|---|---|
| 2022 | -19.6% | -22.4% |
| 2023 | +5.7% | +3.0% |
| 2024 | +6.6% | +10.5% |
| 2025 | +9.3% | +3.3% |
| 2026 | +1.3% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMU and MUA good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MMU and MUA?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.70 over the last year and 0.68 over 5 years.
Is MUA a good diversifier for MMU?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.73 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mmu-vs-mua.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mmu-vs-mua/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMU correlations · MUA correlations
