MYI vs MYN: Correlation
How closely do Blackrock MuniYield Quality Fund III, Inc (MYI) and Blackrock MuniYield New York Quality Fund, Inc. (MYN) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYI and MYN?
Over the past 3 years, MYI and MYN moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.78 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 106.5 %².
Within MYI's tracked universe of 15 assets, MYN comes in at #4 by 3-year correlation. Their 12-month results are close: +8.7% for MYI against +11.6% for MYN.
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.
MYI vs MYN: side by side
| MYI (Blackrock MuniYield Quality Fund III, Inc) | MYN (Blackrock MuniYield New York Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +8.7% | +11.6% |
| 5-year return | -5.8% | -12.0% |
| Volatility (ann.) | 11.8% | 10.7% |
| Beta vs S&P 500 | 0.30 | 0.24 |
| Max drawdown (3Y) | -11.8% | -11.2% |
| Market cap | – | $0.4B |
| P/E (trailing) | 28.3 | 60.9 |
| Dividend yield | 6.20% | 6.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MYI | MYN |
|---|---|---|
| 2022 | -20.5% | -27.0% |
| 2023 | +8.8% | +9.9% |
| 2024 | +0.6% | +2.8% |
| 2025 | +4.8% | +4.6% |
| 2026 | +3.2% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYI and MYN good diversifiers for each other?
No: a correlation of 0.85 means MYI and MYN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MYI and MYN?
The MYI/MYN correlation stands at 0.85 on a 3-year window (1 year: 0.78, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is MYN a good diversifier for MYI?
No: a correlation of 0.85 means MYI and MYN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MYI correlations · MYN correlations
