MPA vs SPY: Correlation
How closely do Blackrock MuniYield Pennsylvania Quality Fund (MPA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPA and SPY?
On 3 years of weekly data the MPA/SPY correlation comes out at 0.34, moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.34). The 5-year figure is 0.39, and annualized covariance runs at 56.0 %².
Out of 14 assets tracked against MPA, SPY lands near the bottom at #10. The trailing year gives SPY the advantage: +8.6% versus +20.6%, a 12.0-point spread.
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 SPY: side by side
| MPA (Blackrock MuniYield Pennsylvania Quality Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.6% | +20.6% |
| 5-year return | -10.2% | +82.4% |
| Volatility (ann.) | 11.5% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -14.7% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 33.5 | – |
| Dividend yield | 6.84% | 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 | MPA | SPY |
|---|---|---|
| 2022 | -31.0% | -18.2% |
| 2023 | +9.7% | +26.2% |
| 2024 | +6.3% | +24.9% |
| 2025 | +1.8% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPA and SPY good diversifiers for each other?
Reasonably. At 0.34, MPA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MPA and SPY?
The MPA/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.59, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MPA?
Reasonably. At 0.34, MPA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MPA correlations · SPY correlations
