MQY vs RFM: Correlation
How closely do Blackrock MuniYield Quality Fund, Inc. (MQY) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and RFM?
On 3 years of weekly data the MQY/RFM correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 121.3 %².
By 3-year correlation, RFM places #13 of the 27 assets tracked against MQY. Their 12-month results are close: +8.0% for MQY against +12.8% for RFM.
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 RFM: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +8.0% | +12.8% |
| 5-year return | -13.1% | -7.4% |
| Volatility (ann.) | 12.8% | 12.0% |
| Beta vs S&P 500 | 0.33 | 0.38 |
| Max drawdown (3Y) | -17.0% | -16.0% |
| Market cap | $0.8B | $0.1B |
| P/E (trailing) | 35.8 | 159.2 |
| Dividend yield | 6.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MQY | RFM |
|---|---|---|
| 2022 | -24.2% | -22.9% |
| 2023 | +10.2% | +9.3% |
| 2024 | -0.1% | +3.2% |
| 2025 | +4.3% | +1.6% |
| 2026 | +2.4% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and RFM good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MQY and RFM?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.70 over the last year and 0.77 over 5 years.
Is RFM a good diversifier for MQY?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
A reading of 0.79 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: MQY correlations · RFM correlations
