MUC vs NAC: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and Nuveen California Quality Municipal Income Fund (NAC) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and NAC?
Across a 3-year window, the weekly returns of MUC and NAC correlate at 0.86, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.70) runs below the 3-year figure (0.86). Stretching to 5 years gives 0.83, with an annualized covariance of 98.6 %².
Few assets follow MUC as closely as NAC, which ranks #3 of 15 tracked partners. Their 12-month results are close: +10.9% for MUC against +12.8% for NAC.
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.
MUC vs NAC: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | NAC (Nuveen California Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +12.8% |
| 5-year return | -13.2% | -0.8% |
| Volatility (ann.) | 10.9% | 10.5% |
| Beta vs S&P 500 | 0.25 | 0.21 |
| Max drawdown (3Y) | -10.7% | -9.6% |
| Market cap | $1.0B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 6.04% | 7.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUC | NAC |
|---|---|---|
| 2022 | -26.8% | -25.6% |
| 2023 | +7.9% | +4.5% |
| 2024 | +0.8% | +8.7% |
| 2025 | +6.0% | +13.1% |
| 2026 | +4.6% | +4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and NAC good diversifiers for each other?
No. With a correlation of 0.86, MUC and NAC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MUC and NAC?
As of 2026-08-27, the correlation of weekly returns between MUC and NAC is 0.86 over 3 years, 0.70 over 1 year and 0.83 over 5 years.
Is NAC a good diversifier for MUC?
No. With a correlation of 0.86, MUC and NAC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 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/muc-vs-nac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/muc-vs-nac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MUC correlations · NAC correlations
