MQY vs RFMZ: Correlation
Blackrock MuniYield Quality Fund, Inc. (MQY) and RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and RFMZ?
On 3 years of weekly data the MQY/RFMZ correlation comes out at 0.76, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 129.3 %².
Among the 27 assets we track against MQY, RFMZ ranks #16 by 3-year correlation. Their 12-month results are close: +8.0% for MQY against +12.7% for RFMZ.
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 RFMZ: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +8.0% | +12.7% |
| 5-year return | -13.1% | -11.3% |
| Volatility (ann.) | 12.8% | 13.3% |
| Beta vs S&P 500 | 0.33 | 0.36 |
| Max drawdown (3Y) | -17.0% | -16.8% |
| Market cap | $0.8B | $0.3B |
| P/E (trailing) | 35.8 | 217.8 |
| Dividend yield | 6.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MQY | RFMZ |
|---|---|---|
| 2022 | -24.2% | -26.4% |
| 2023 | +10.2% | +4.6% |
| 2024 | -0.1% | +10.1% |
| 2025 | +4.3% | +2.2% |
| 2026 | +2.4% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and RFMZ good diversifiers for each other?
Only partially. A correlation of 0.76 means MQY and RFMZ 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 RFMZ?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.67 over the last year and 0.70 over 5 years.
Is RFMZ a good diversifier for MQY?
Only partially. A correlation of 0.76 means MQY and RFMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 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-rfmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mqy-vs-rfmz/)
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Related comparisons
Hubs: MQY correlations · RFMZ correlations
