MUJ vs VGM: Correlation
Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) and Invesco Trust for Investment Grade Municipals (VGM) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and VGM?
On 3 years of weekly data the MUJ/VGM correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.82 over 3. The 5-year figure is 0.77, and annualized covariance runs at 104.7 %².
Within MUJ's tracked universe of 13 assets, VGM comes in at #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +15.1% for MUJ and +17.3% for VGM.
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 VGM: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | VGM (Invesco Trust for Investment Grade Municipals) | |
|---|---|---|
| 1-year return | +15.1% | +17.3% |
| 5-year return | -1.3% | -0.8% |
| Volatility (ann.) | 10.5% | 12.2% |
| Beta vs S&P 500 | 0.31 | 0.30 |
| Max drawdown (3Y) | -9.8% | -11.5% |
| Market cap | – | $0.6B |
| P/E (trailing) | 26.9 | 33.5 |
| Dividend yield | 5.30% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUJ | VGM |
|---|---|---|
| 2022 | -26.3% | -24.2% |
| 2023 | +7.6% | +3.0% |
| 2024 | +2.3% | +8.8% |
| 2025 | +13.9% | +11.1% |
| 2026 | +5.3% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and VGM good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MUJ and VGM?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.76 over the last year and 0.77 over 5 years.
Is VGM a good diversifier for MUJ?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MUJ correlations · VGM correlations
