MQY vs. MUC
MQY (BlackRock MuniYield Quality Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds from BlackRock. Both are actively managed. Over the past 10 years, MQY returned 1.49%/yr vs 1.10%/yr for MUC. At a 0.39 correlation, their price movements are largely independent. MQY charges 2.07%/yr vs 2.14%/yr for MUC.
Performance
MQY vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, MQY achieves a 5.45% return, which is significantly lower than MUC's 6.62% return. Over the past 10 years, MQY has outperformed MUC with an annualized return of 1.49%, while MUC has yielded a comparatively lower 1.10% annualized return.
MQY
- 1D
- -0.09%
- 1M
- 1.74%
- 6M
- 2.72%
- YTD
- 5.45%
- 1Y
- 11.08%
- 3Y*
- 5.78%
- 5Y*
- -2.29%
- 10Y*
- 1.49%
MUC
- 1D
- -0.18%
- 1M
- 2.65%
- 6M
- 4.16%
- YTD
- 6.62%
- 1Y
- 12.88%
- 3Y*
- 6.16%
- 5Y*
- -2.74%
- 10Y*
- 1.10%
MQY vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MQY BlackRock MuniYield Quality Fund | 5.45% | 4.28% | -0.06% | 10.20% | -24.23% | 2.67% | 14.65% | 20.89% | -10.12% | 8.98% |
MUC BlackRock MuniHoldings California Quality Fund | 6.62% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between MQY and MUC is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.39 |
The correlation between MQY and MUC shifts across timeframes, from 0.39 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MQY vs. MUC — Risk / Return Rank
MQY
MUC
MQY vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund (MQY) and BlackRock MuniHoldings California Quality Fund (MUC). 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 | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.98 | -0.61 |
| Martin ratioReturn relative to average drawdown | 4.36 | 8.27 | -3.91 |
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Drawdowns
MQY vs. MUC - Drawdown Comparison
The maximum MQY drawdown since its inception was -41.67%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for MQY and MUC.
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Drawdown Indicators
| MQY | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -48.97% | +7.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -6.53% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -17.03% | -14.51% | -2.52% |
Max Drawdown (5Y)Largest decline over 5 years | -35.44% | -38.29% | +2.85% |
Max Drawdown (10Y)Largest decline over 10 years | -35.97% | -38.29% | +2.32% |
Current DrawdownCurrent decline from peak | -12.21% | -14.44% | +2.23% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -9.92% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 1.56% | +0.98% |
Volatility
MQY vs. MUC - Volatility Comparison
BlackRock MuniYield Quality Fund (MQY) has a higher volatility of 2.05% compared to BlackRock MuniHoldings California Quality Fund (MUC) at 1.62%. This indicates that MQY's price experiences larger fluctuations and is considered to be riskier than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MQY | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 1.62% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 7.46% | 6.22% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.40% | 8.20% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.22% | 11.50% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.03% | 11.88% | +1.15% |
MQY vs. MUC - Expense Ratio Comparison
MQY has a 2.07% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
MQY vs. MUC - Dividend Comparison
MQY's dividend yield for the trailing twelve months is around 6.02%, more than MUC's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MQY BlackRock MuniYield Quality Fund | 6.02% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
MUC BlackRock MuniHoldings California Quality Fund | 5.85% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Frequently Asked Questions
MQY and MUC have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MQY has higher volatility (2.05%) compared to MUC (1.62%). In terms of maximum drawdown, MQY dropped -41.67% vs MUC's -48.97%.
MUC currently has the higher Sharpe Ratio (1.58 vs 1.19), 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.
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