MUC vs NRK: Correlation
Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and NRK?
On 3 years of weekly data the MUC/NRK correlation comes out at 0.80, 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 (0.80). The 5-year figure is 0.82, and annualized covariance runs at 93.4 %².
Among the 15 assets we track against MUC, NRK ranks #6 by 3-year correlation. The trailing year gives NRK the advantage: +10.9% versus +17.4%, a 6.5-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 NRK: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +17.4% |
| 5-year return | -13.2% | -2.0% |
| Volatility (ann.) | 10.9% | 10.7% |
| Beta vs S&P 500 | 0.25 | 0.27 |
| Max drawdown (3Y) | -10.7% | -11.5% |
| Market cap | $1.0B | $0.9B |
| P/E (trailing) | 46.3 | 32.1 |
| Dividend yield | 6.04% | 8.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUC | NRK |
|---|---|---|
| 2022 | -26.8% | -21.8% |
| 2023 | +7.9% | +7.1% |
| 2024 | +0.8% | +5.9% |
| 2025 | +6.0% | +4.7% |
| 2026 | +4.6% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and NRK good diversifiers for each other?
No: a correlation of 0.80 means MUC and NRK tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MUC and NRK?
The MUC/NRK correlation stands at 0.80 on a 3-year window (1 year: 0.70, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is NRK a good diversifier for MUC?
No: a correlation of 0.80 means MUC and NRK tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/muc-vs-nrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/muc-vs-nrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MUC correlations · NRK correlations
