MYN vs SPY: Correlation
Blackrock MuniYield New York Quality Fund, Inc. (MYN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYN and SPY?
On 3 years of weekly data the MYN/SPY correlation comes out at 0.32, moderate. The link has tightened recently: the 1-year correlation (0.51) runs above the 3-year figure (0.32). The 5-year figure is 0.46, and annualized covariance runs at 49.8 %².
Among the 15 assets we track against MYN, SPY sits near the bottom by co-movement, at rank #11. Over the last 12 months SPY came out ahead by 9.0 percentage points (+11.6% 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.
MYN vs SPY: side by side
| MYN (Blackrock MuniYield New York Quality Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.6% | +20.6% |
| 5-year return | -12.0% | +82.4% |
| Volatility (ann.) | 10.7% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -11.2% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 60.9 | – |
| Dividend yield | 6.30% | 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 | MYN | SPY |
|---|---|---|
| 2022 | -27.0% | -18.2% |
| 2023 | +9.9% | +26.2% |
| 2024 | +2.8% | +24.9% |
| 2025 | +4.6% | +17.7% |
| 2026 | +2.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MYN and SPY?
As of 2026-08-27, the correlation of weekly returns between MYN and SPY is 0.32 over 3 years, 0.51 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for MYN?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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: MYN correlations · SPY correlations
