MYI vs. MPA

Last updated Jun 25, 2026

MYI (BlackRock MuniYield Quality Fund III) and MPA (BlackRock MuniYield Pennsylvania Quality Fund) are both Municipal Bonds funds from BlackRock. Both are actively managed. Over the past 10 years, MYI returned 1.61%/yr vs 1.64%/yr for MPA. At a 0.34 correlation, their price movements are largely independent. MYI charges 2.16%/yr vs 2.28%/yr for MPA.

Performance

MYI vs. MPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniYield Quality Fund III (MYI) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MYI achieves a 4.49% return, which is significantly higher than MPA's 4.03% return. Both investments have delivered pretty close results over the past 10 years, with MYI having a 1.61% annualized return and MPA not far ahead at 1.64%.

MYI

• 1D: -0.09%
• 1M: 3.71%
• YTD: 4.49%
• 6M: 5.85%
• 1Y: 12.52%
• 3Y*: 6.76%
• 5Y*: -0.55%
• 10Y*: 1.61%

MPA

• 1D: -0.18%
• 1M: 0.96%
• YTD: 4.03%
• 6M: 4.03%
• 1Y: 11.34%
• 3Y*: 4.58%
• 5Y*: -1.53%
• 10Y*: 1.64%

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

MYI vs. MPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MYI BlackRock MuniYield Quality Fund III	4.49%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	7.13%
MPA BlackRock MuniYield Pennsylvania Quality Fund	4.03%	1.82%	6.23%	9.67%	-31.00%	17.06%	9.14%	18.87%	-8.00%	7.22%

Correlation

The correlation between MYI and MPA is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994	0.34

The correlation between MYI and MPA shifts across timeframes, from 0.34 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MYI vs. MPA — Risk / Return Rank

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

MYI

MYI Risk / Return Rank: 31
MYI Sharpe Ratio Rank: 31
MYI Sortino Ratio Rank: 35
MYI Omega Ratio Rank: 33
MYI Calmar Ratio Rank: 25
MYI Martin Ratio Rank: 29

MPA

MPA Risk / Return Rank: 33
MPA Sharpe Ratio Rank: 32
MPA Sortino Ratio Rank: 35
MPA Omega Ratio Rank: 32
MPA Calmar Ratio Rank: 29
MPA Martin Ratio Rank: 35

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.

MYI vs. MPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund III (MYI) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). 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.

	MYI	MPA	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.41	+0.02
Sortino ratio: Return per unit of downside risk	2.19	2.13	+0.06
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	1.66	1.77	-0.12
Martin ratio: Return relative to average drawdown	6.05	6.96	-0.91

MYI vs. MPA - Sharpe Ratio Comparison

The current MYI Sharpe Ratio is 1.42, which is comparable to the MPA Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of MYI and MPA, 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

MYI vs. MPA - Drawdown Comparison

The maximum MYI drawdown since its inception was -43.90%, roughly equal to the maximum MPA drawdown of -44.78%. Use the drawdown chart below to compare losses from any high point for MYI and MPA.

Drawdown Indicators

	MYI	MPA	Difference
Max Drawdown Largest peak-to-trough decline	-43.90%	-44.78%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-6.42%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-14.77%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-31.84%	-38.10%	+6.26%
Max Drawdown (10Y) Largest decline over 10 years	-31.84%	-38.10%	+6.26%
Current Drawdown Current decline from peak	-5.68%	-17.21%	+11.53%
Average Drawdown Average peak-to-trough decline	-9.38%	-9.78%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.63%	+0.44%

Volatility

MYI vs. MPA - Volatility Comparison

BlackRock MuniYield Quality Fund III (MYI) has a higher volatility of 2.96% compared to BlackRock MuniYield Pennsylvania Quality Fund (MPA) at 1.80%. This indicates that MYI's price experiences larger fluctuations and is considered to be riskier than MPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MYI	MPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	1.80%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	6.09%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	8.10%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.00%	12.12%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	12.33%	-0.94%

MYI vs. MPA - Expense Ratio Comparison

MYI has a 2.16% expense ratio, which is lower than MPA's 2.28% expense ratio.

Dividends

MYI vs. MPA - Dividend Comparison

MYI's dividend yield for the trailing twelve months is around 6.04%, more than MPA's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPA BlackRock MuniYield Pennsylvania Quality Fund	5.91%	6.98%	6.02%	3.63%	5.60%	3.94%	4.12%	4.16%	5.40%	5.22%	5.56%	5.94%
MYI BlackRock MuniYield Quality Fund III	6.04%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%

Frequently Asked Questions

Can I hold both MYI and MPA in my portfolio?

MYI and MPA have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MYI or MPA?

MYI has higher volatility (2.96%) compared to MPA (1.80%). In terms of maximum drawdown, MYI dropped -43.90% vs MPA's -44.78%.

Which has better risk-adjusted returns?

MYI currently has the higher Sharpe Ratio (1.42 vs 1.41), 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.