MUJ vs NNY: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) and Nuveen New York Municipal Value Fund (NNY) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and NNY?
Over the past 3 years, MUJ and NNY moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 62.9 %².
Within MUJ's tracked universe of 13 assets, NNY comes in at #7 by 3-year correlation. Over the last 12 months MUJ came out ahead by 9.1 percentage points (+15.1% against +6.0%).
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 NNY: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | NNY (Nuveen New York Municipal Value Fund) | |
|---|---|---|
| 1-year return | +15.1% | +6.0% |
| 5-year return | -1.3% | -2.8% |
| Volatility (ann.) | 10.5% | 8.8% |
| Beta vs S&P 500 | 0.31 | 0.19 |
| Max drawdown (3Y) | -9.8% | -8.2% |
| Market cap | – | – |
| P/E (trailing) | 26.9 | 25.5 |
| Dividend yield | 5.30% | 4.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUJ | NNY |
|---|---|---|
| 2022 | -26.3% | -13.4% |
| 2023 | +7.6% | +4.3% |
| 2024 | +2.3% | +1.2% |
| 2025 | +13.9% | +11.2% |
| 2026 | +5.3% | -1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and NNY good diversifiers for each other?
To a limited degree. At 0.69 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 MUJ and NNY?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.62 over the last year and 0.54 over 5 years.
Is NNY a good diversifier for MUJ?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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/muj-vs-nny.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/muj-vs-nny/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MUJ correlations · NNY correlations
