MUC vs SPY: Correlation
How closely do Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and SPY?
On 3 years of weekly data the MUC/SPY correlation comes out at 0.33, moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.33). The 5-year figure is 0.42, and annualized covariance runs at 51.3 %².
SPY is close to the least connected end of MUC's tracked universe, ranking #11 of 15. Over the last 12 months SPY came out ahead by 9.7 percentage points (+10.9% against +20.6%).
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 SPY: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.9% | +20.6% |
| 5-year return | -13.2% | +82.4% |
| Volatility (ann.) | 10.9% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -10.7% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 6.04% | 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 | MUC | SPY |
|---|---|---|
| 2022 | -26.8% | -18.2% |
| 2023 | +7.9% | +26.2% |
| 2024 | +0.8% | +24.9% |
| 2025 | +6.0% | +17.7% |
| 2026 | +4.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MUC and SPY?
As of 2026-08-27, the correlation of weekly returns between MUC and SPY is 0.33 over 3 years, 0.55 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for MUC?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/muc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MUC correlations · SPY correlations
