MUA vs SPY: Correlation
Blackrock MuniAssets Fund, Inc (MUA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUA and SPY?
Over the past 3 years, MUA and SPY moved with a correlation of 0.35, which is moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.35). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 74.7 %².
Out of 12 assets tracked against MUA, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.3 percentage points (+0.3% for MUA against +20.6% for SPY).
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.
MUA vs SPY: side by side
| MUA (Blackrock MuniAssets Fund, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.3% | +20.6% |
| 5-year return | -17.1% | +82.4% |
| Volatility (ann.) | 14.9% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -20.0% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 32.2 | – |
| Dividend yield | 6.67% | 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 | MUA | SPY |
|---|---|---|
| 2022 | -22.4% | -18.2% |
| 2023 | +3.0% | +26.2% |
| 2024 | +10.5% | +24.9% |
| 2025 | +3.3% | +17.7% |
| 2026 | -3.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MUA and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.46 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for MUA?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: MUA correlations · SPY correlations
