MUJ vs NAZ: Correlation
Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) and Nuveen Arizona Quality Municipal Income Fund (NAZ) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and NAZ?
On 3 years of weekly data the MUJ/NAZ correlation comes out at 0.66, strong. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.66). The 5-year figure is 0.62, and annualized covariance runs at 80.7 %².
Among the 13 assets we track against MUJ, NAZ ranks #8 by 3-year correlation. Neither side won the trailing year by much: +15.1% against +10.9%.
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.
MUJ vs NAZ: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | NAZ (Nuveen Arizona Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +15.1% | +10.9% |
| 5-year return | -1.3% | +0.2% |
| Volatility (ann.) | 10.5% | 11.7% |
| Beta vs S&P 500 | 0.31 | 0.25 |
| Max drawdown (3Y) | -9.8% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 26.9 | 22.0 |
| Dividend yield | 5.30% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUJ | NAZ |
|---|---|---|
| 2022 | -26.3% | -27.2% |
| 2023 | +7.6% | -0.5% |
| 2024 | +2.3% | +13.0% |
| 2025 | +13.9% | +12.1% |
| 2026 | +5.3% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and NAZ good diversifiers for each other?
Only partially. A correlation of 0.66 means MUJ and NAZ 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 MUJ and NAZ?
The MUJ/NAZ correlation stands at 0.66 on a 3-year window (1 year: 0.42, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is NAZ a good diversifier for MUJ?
Only partially. A correlation of 0.66 means MUJ and NAZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
A reading of 0.66 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/muj-vs-naz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/muj-vs-naz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MUJ correlations · NAZ correlations
