MQY vs PMM: Correlation
How closely do Blackrock MuniYield Quality Fund, Inc. (MQY) and Franklin Managed Municipal Income Trust Shares of (PMM) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and PMM?
On 3 years of weekly data the MQY/PMM correlation comes out at 0.75, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 121.6 %².
By 3-year correlation, PMM places #17 of the 27 assets tracked against MQY. On 12-month performance PMM holds a 5.8-point edge, +8.0% against +13.8%.
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.
MQY vs PMM: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | PMM (Franklin Managed Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | +8.0% | +13.8% |
| 5-year return | -13.1% | -5.6% |
| Volatility (ann.) | 12.8% | 12.6% |
| Beta vs S&P 500 | 0.33 | 0.35 |
| Max drawdown (3Y) | -17.0% | -12.7% |
| Market cap | $0.8B | $0.3B |
| P/E (trailing) | 35.8 | 11.4 |
| Dividend yield | 6.25% | 4.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MQY | PMM |
|---|---|---|
| 2022 | -24.2% | -24.1% |
| 2023 | +10.2% | +1.9% |
| 2024 | -0.1% | +2.9% |
| 2025 | +4.3% | +10.6% |
| 2026 | +2.4% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and PMM good diversifiers for each other?
Only partially. A correlation of 0.75 means MQY and PMM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MQY and PMM?
As of 2026-08-27, the correlation of weekly returns between MQY and PMM is 0.75 over 3 years, 0.75 over 1 year and 0.66 over 5 years.
Is PMM a good diversifier for MQY?
Only partially. A correlation of 0.75 means MQY and PMM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 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/mqy-vs-pmm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mqy-vs-pmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MQY correlations · PMM correlations
