MPA vs NEA: Correlation
Blackrock MuniYield Pennsylvania Quality Fund (MPA) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPA and NEA?
Across a 3-year window, the weekly returns of MPA and NEA correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.67, with an annualized covariance of 101.8 %².
Within MPA's tracked universe of 14 assets, NEA comes in at #4 by 3-year correlation. Their 12-month results are close: +8.6% for MPA against +10.4% for NEA.
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.
MPA vs NEA: side by side
| MPA (Blackrock MuniYield Pennsylvania Quality Fund) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.6% | +10.4% |
| 5-year return | -10.2% | -4.4% |
| Volatility (ann.) | 11.5% | 10.9% |
| Beta vs S&P 500 | 0.27 | 0.28 |
| Max drawdown (3Y) | -14.7% | -11.3% |
| Market cap | $0.1B | $3.4B |
| P/E (trailing) | 33.5 | 14.5 |
| Dividend yield | 6.84% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MPA | NEA |
|---|---|---|
| 2022 | -31.0% | -23.3% |
| 2023 | +9.7% | +0.8% |
| 2024 | +6.3% | +9.5% |
| 2025 | +1.8% | +11.3% |
| 2026 | +3.2% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPA and NEA good diversifiers for each other?
No: a correlation of 0.81 means MPA and NEA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MPA and NEA?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.81 over the last year and 0.67 over 5 years.
Is NEA a good diversifier for MPA?
No: a correlation of 0.81 means MPA and NEA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 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/mpa-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mpa-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MPA correlations · NEA correlations
