MUC vs NKX: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and NKX?
On 3 years of weekly data the MUC/NKX correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 117.9 %².
Within MUC's tracked universe of 15 assets, NKX comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.9% for MUC and +9.9% for NKX.
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 NKX: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +9.9% |
| 5-year return | -13.2% | -2.1% |
| Volatility (ann.) | 10.9% | 14.1% |
| Beta vs S&P 500 | 0.25 | 0.28 |
| Max drawdown (3Y) | -10.7% | -13.9% |
| Market cap | $1.0B | $0.6B |
| P/E (trailing) | 46.3 | 28.1 |
| Dividend yield | 6.04% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUC | NKX |
|---|---|---|
| 2022 | -26.8% | -18.4% |
| 2023 | +7.9% | -1.9% |
| 2024 | +0.8% | +16.5% |
| 2025 | +6.0% | +6.0% |
| 2026 | +4.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and NKX good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MUC and NKX?
As of 2026-08-27, the correlation of weekly returns between MUC and NKX is 0.76 over 3 years, 0.72 over 1 year and 0.75 over 5 years.
Is NKX a good diversifier for MUC?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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/muc-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/muc-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MUC correlations · NKX correlations
