MUJ vs SPY
BlackRock MuniHoldings New Jersey Quality Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MUJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.77% | 0.09% | |
| AUM | $657M | $789.1B | |
| Dividend Yield | 5.10% | 1.01% | |
| Holdings | 242 | 505 | |
| YTD Return | +6.68% | +13.68% | |
| 1Y Return | +18.63% | +21.53% | |
| 3Y Return (annualized) | +9.68% | +21.44% | |
| 5Y Return (annualized) | +0.15% | +13.18% | |
| Volatility (annualized) | 12.2% | 15.3% | |
| Max Drawdown | -47.8% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 11, 1998 | Jan 22, 1993 |
MUJ vs SPY Performance
BlackRock MuniHoldings New Jersey Quality Fund, Inc (MUJ) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MUJ returned +18.63% while SPY returned +21.53%. Year to date, MUJ is up 6.68% versus a gain of 13.68% for SPY.
Over three years, MUJ compounded at +9.68% per year against +21.44% for SPY; over five years the annualized figures are +0.15% and +13.18% respectively. Across the full 28-year window we track, SPY has the edge at +8.85% annualized vs +0.28%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.2% for MUJ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -47.8% for MUJ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.17. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MUJ charges 1.77% per year while SPY charges 0.09%. On a $10,000 position that is $177 vs $9 annually, a gap of $168 per year that compounds over a long holding period. On income, MUJ currently yields 5.10% against 1.01% for SPY.
Holdings Overlap
MUJ and SPY share 0 holdings out of 550 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MUJ or SPY?
MUJ has an expense ratio of 1.77% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $168 per year of difference.
Which performed better, MUJ or SPY?
Over the past year MUJ returned +18.63% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (28 years), MUJ annualized +0.28% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MUJ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.2% for MUJ. Worst drawdown: MUJ -47.8% vs SPY -56.5%.
Should I hold both MUJ and SPY?
MUJ and SPY have a monthly-return correlation of 0.17, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MUJ and SPY?
MUJ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 550 unique securities.
Which pays a higher dividend, MUJ or SPY?
MUJ yields 5.10% while SPY yields 1.01%, so MUJ currently pays the higher dividend yield.
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