MQY vs. BMN

Last updated Jun 24, 2026

MQY (BlackRock MuniYield Quality Fund) and BMN (Blackrock 2037 Municipal Target Term Trust) are both Municipal Bonds funds from BlackRock. Both are actively managed. Over the past 3 years, MQY returned 6.00%/yr vs 5.63%/yr for BMN. At a 0.20 correlation, their price movements are largely independent. MQY charges 2.07%/yr vs 0.93%/yr for BMN.

Performance

MQY vs. BMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniYield Quality Fund (MQY) and Blackrock 2037 Municipal Target Term Trust (BMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MQY achieves a 4.72% return, which is significantly higher than BMN's -0.14% return.

MQY

• 1D: 0.35%
• 1M: 3.39%
• YTD: 4.72%
• 6M: 5.37%
• 1Y: 11.21%
• 3Y*: 6.00%
• 5Y*: -2.18%
• 10Y*: 1.38%

BMN

• 1D: 0.13%
• 1M: 0.71%
• YTD: -0.14%
• 6M: 1.68%
• 1Y: 7.51%
• 3Y*: 5.63%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MQY vs. BMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MQY BlackRock MuniYield Quality Fund	4.72%	4.28%	-0.06%	10.20%	9.01%
BMN Blackrock 2037 Municipal Target Term Trust	-0.14%	7.05%	12.65%	1.89%	-2.86%

Correlation

The correlation between MQY and BMN is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.20

The correlation between MQY and BMN shifts across timeframes, from 0.10 (1 year) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MQY vs. BMN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MQY

MQY Risk / Return Rank: 21
MQY Sharpe Ratio Rank: 20
MQY Sortino Ratio Rank: 26
MQY Omega Ratio Rank: 21
MQY Calmar Ratio Rank: 17
MQY Martin Ratio Rank: 18

BMN

BMN Risk / Return Rank: 8
BMN Sharpe Ratio Rank: 7
BMN Sortino Ratio Rank: 8
BMN Omega Ratio Rank: 7
BMN Calmar Ratio Rank: 10
BMN Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MQY vs. BMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund (MQY) and Blackrock 2037 Municipal Target Term Trust (BMN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MQY	BMN	Difference
Sharpe ratio: Return per unit of total volatility	1.19	0.56	+0.63
Sortino ratio: Return per unit of downside risk	1.98	0.91	+1.08
Omega ratio: Gain probability vs. loss probability	1.22	1.11	+0.11
Calmar ratio: Return relative to maximum drawdown	1.39	0.92	+0.46
Martin ratio: Return relative to average drawdown	4.30	2.55	+1.75

MQY vs. BMN - Sharpe Ratio Comparison

The current MQY Sharpe Ratio is 1.19, which is higher than the BMN Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of MQY and BMN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MQY vs. BMN - Drawdown Comparison

The maximum MQY drawdown since its inception was -41.67%, which is greater than BMN's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for MQY and BMN.

Drawdown Indicators

	MQY	BMN	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-13.04%	-28.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.18%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-12.41%	-4.62%
Max Drawdown (5Y) Largest decline over 5 years	-35.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.97%	—	—
Current Drawdown Current decline from peak	-12.82%	-5.71%	-7.11%
Average Drawdown Average peak-to-trough decline	-8.29%	-2.35%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.95%	-0.34%

Volatility

MQY vs. BMN - Volatility Comparison

The current volatility for BlackRock MuniYield Quality Fund (MQY) is 2.86%, while Blackrock 2037 Municipal Target Term Trust (BMN) has a volatility of 6.03%. This indicates that MQY experiences smaller price fluctuations and is considered to be less risky than BMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MQY	BMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	6.03%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	7.50%	11.32%	-3.82%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	13.40%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	10.97%	+1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.04%	10.97%	+2.07%

MQY vs. BMN - Expense Ratio Comparison

MQY has a 2.07% expense ratio, which is higher than BMN's 0.93% expense ratio.

Dividends

MQY vs. BMN - Dividend Comparison

MQY's dividend yield for the trailing twelve months is around 6.06%, more than BMN's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMN Blackrock 2037 Municipal Target Term Trust	4.40%	4.30%	4.40%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MQY BlackRock MuniYield Quality Fund	6.06%	6.16%	6.04%	4.46%	5.87%	4.93%	4.21%	4.00%	5.24%	5.67%	6.10%	6.06%

Frequently Asked Questions

Can I hold both MQY and BMN in my portfolio?

MQY and BMN have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MQY or BMN?

BMN has higher volatility (6.03%) compared to MQY (2.86%). In terms of maximum drawdown, MQY dropped -41.67% vs BMN's -13.04%.

Which has better risk-adjusted returns?

MQY currently has the higher Sharpe Ratio (1.19 vs 0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.