MYI vs NEA: Correlation
How closely do Blackrock MuniYield Quality Fund III, Inc (MYI) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYI and NEA?
Across a 3-year window, the weekly returns of MYI and NEA correlate at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Stretching to 5 years gives 0.87, with an annualized covariance of 109.1 %².
In MYI's tracked universe of 15 assets, NEA sits right near the top at #3. Twelve-month performance is nearly a tie, at +8.7% for MYI and +10.4% for NEA.
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 NEA: side by side
| MYI (Blackrock MuniYield Quality Fund III, Inc) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.7% | +10.4% |
| 5-year return | -5.8% | -4.4% |
| Volatility (ann.) | 11.8% | 10.9% |
| Beta vs S&P 500 | 0.30 | 0.28 |
| Max drawdown (3Y) | -11.8% | -11.3% |
| Market cap | – | $3.4B |
| P/E (trailing) | 28.3 | 14.5 |
| Dividend yield | 6.20% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MYI | NEA |
|---|---|---|
| 2022 | -20.5% | -23.3% |
| 2023 | +8.8% | +0.8% |
| 2024 | +0.6% | +9.5% |
| 2025 | +4.8% | +11.3% |
| 2026 | +3.2% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYI and NEA good diversifiers for each other?
No. With a correlation of 0.86, MYI and NEA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MYI and NEA?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.85 over the last year and 0.87 over 5 years.
Is NEA a good diversifier for MYI?
No. With a correlation of 0.86, MYI and NEA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/myi-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/myi-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MYI correlations · NEA correlations
