MQY vs RMI: Correlation
Blackrock MuniYield Quality Fund, Inc. (MQY) and RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and RMI?
Over the past 3 years, MQY and RMI moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 129.7 %².
Within MQY's tracked universe of 27 assets, RMI comes in at #19 by 3-year correlation. Over the last 12 months RMI came out ahead by 9.8 percentage points (+8.0% against +17.8%).
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 RMI: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +8.0% | +17.8% |
| 5-year return | -13.1% | -3.9% |
| Volatility (ann.) | 12.8% | 13.7% |
| Beta vs S&P 500 | 0.33 | 0.36 |
| Max drawdown (3Y) | -17.0% | -17.2% |
| Market cap | $0.8B | $0.1B |
| P/E (trailing) | 35.8 | 126.1 |
| Dividend yield | 6.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MQY | RMI |
|---|---|---|
| 2022 | -24.2% | -21.3% |
| 2023 | +10.2% | +0.2% |
| 2024 | -0.1% | +6.3% |
| 2025 | +4.3% | +2.7% |
| 2026 | +2.4% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and RMI good diversifiers for each other?
Only partially. A correlation of 0.74 means MQY and RMI 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 RMI?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.69 over the last year and 0.68 over 5 years.
Is RMI a good diversifier for MQY?
Only partially. A correlation of 0.74 means MQY and RMI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mqy-vs-rmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mqy-vs-rmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MQY correlations · RMI correlations
