MUJ vs SPY: Correlation
How closely do Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and SPY?
Over the past 3 years, MUJ and SPY moved with a correlation of 0.43, which is moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.43). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 64.6 %².
Among the 13 assets we track against MUJ, SPY sits near the bottom by co-movement, at rank #9. Over the last 12 months SPY came out ahead by 5.5 percentage points (+15.1% 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.
MUJ vs SPY: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.1% | +20.6% |
| 5-year return | -1.3% | +82.4% |
| Volatility (ann.) | 10.5% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -9.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 5.30% | 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 | MUJ | SPY |
|---|---|---|
| 2022 | -26.3% | -18.2% |
| 2023 | +7.6% | +26.2% |
| 2024 | +2.3% | +24.9% |
| 2025 | +13.9% | +17.7% |
| 2026 | +5.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MUJ and SPY?
As of 2026-08-27, the correlation of weekly returns between MUJ and SPY is 0.43 over 3 years, 0.60 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for MUJ?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
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Related comparisons
Hubs: MUJ correlations · SPY correlations
