MQY vs SPY: Correlation
Blackrock MuniYield Quality Fund, Inc. (MQY) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and SPY?
On 3 years of weekly data the MQY/SPY correlation comes out at 0.37, moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.37). The 5-year figure is 0.46, and annualized covariance runs at 68.3 %².
Among the 27 assets we track against MQY, SPY ranks #22 by 3-year correlation. On 12-month performance SPY holds a 12.6-point edge, +8.0% against +20.6%.
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 SPY: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.0% | +20.6% |
| 5-year return | -13.1% | +82.4% |
| Volatility (ann.) | 12.8% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -17.0% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 35.8 | – |
| Dividend yield | 6.25% | 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 | MQY | SPY |
|---|---|---|
| 2022 | -24.2% | -18.2% |
| 2023 | +10.2% | +26.2% |
| 2024 | -0.1% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | +2.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MQY and SPY?
As of 2026-08-27, the correlation of weekly returns between MQY and SPY is 0.37 over 3 years, 0.55 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for MQY?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 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 · SPY correlations
