MUC vs NPV: Correlation
Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and Nuveen Virginia Quality Municipal Income Fund (NPV) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and NPV?
Over the past 3 years, MUC and NPV moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 92.7 %².
By 3-year correlation, NPV places #9 of the 15 assets tracked against MUC. The trailing year gives MUC the advantage: +10.9% versus +0.3%, a 10.6-point spread.
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 NPV: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +0.3% |
| 5-year return | -13.2% | -20.8% |
| Volatility (ann.) | 10.9% | 11.9% |
| Beta vs S&P 500 | 0.25 | 0.23 |
| Max drawdown (3Y) | -10.7% | -18.3% |
| Market cap | $1.0B | $0.2B |
| P/E (trailing) | 46.3 | 9.3 |
| Dividend yield | 6.04% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUC | NPV |
|---|---|---|
| 2022 | -26.8% | -31.5% |
| 2023 | +7.9% | +0.4% |
| 2024 | +0.8% | +24.6% |
| 2025 | +6.0% | -5.9% |
| 2026 | +4.6% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and NPV good diversifiers for each other?
Only partially. A correlation of 0.71 means MUC and NPV 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 MUC and NPV?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.69 over the last year and 0.65 over 5 years.
Is NPV a good diversifier for MUC?
Only partially. A correlation of 0.71 means MUC and NPV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/muc-vs-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/muc-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MUC correlations · NPV correlations
