MUJ vs SPY
BlackRock MuniHoldings New Jersey Quality Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, MUJ or SPY?
Municipal New Jersey against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MUJ | SPY |
|---|---|---|
| Expense Ratio | 1.77% | 0.09%Best |
| AUM | $641M | $804.7B |
| Dividend Yield | 5.33% | 0.98% |
| Holdings | 242 | 505 |
| YTD Return | +3.07% | +11.52%Best |
| 1Y Return | +9.95% | +17.48%Best |
| 3Y Return (annualized) | +8.68% | +20.62%Best |
| 5Y Return (annualized) | -0.77% | +12.73%Best |
| Volatility (annualized) | 12.2%Best | 15.3% |
| Max Drawdown | -47.8%Best | -56.5% |
| $10,000 over 5 years | $9,621 | $18,205Best |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal New Jersey | Large Cap Blend |
| Inception | Mar 11, 1998 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 12, 1998 to Sep 10, 2026 (28.5 years).
MUJ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MUJ vs SPY Performance
BlackRock MuniHoldings New Jersey Quality Fund, Inc (MUJ) is an ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MUJ returned +9.95% while SPY returned +17.48%. Year to date, MUJ is up 3.07% versus a gain of 11.52% for SPY.
Over three years, MUJ compounded at +8.68% per year against +20.62% for SPY; over five years the annualized figures are -0.77% and +12.73% respectively. Across the full 29-year window we track, SPY has the edge at +7.37% annualized vs +0.16%.
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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.17. They move largely independently of each other.
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 5.33% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 47 holdings in MUJ and 504 in SPY, totalling 37.9% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 185 days apart, MUJ as of Jan 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 47 positions we hold weights for in MUJ and 504 in SPY, against full books of 242 and 505.
You are not choosing between two funds in isolation.
Whichever of MUJ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $168 a year on a $10,000 investment.
Which performed better, MUJ or SPY?
Over the past year MUJ returned +9.95% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (29 years), MUJ annualized +0.16% vs +7.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MUJ or SPY?
MUJ yields 5.33% while SPY yields 0.98%, so MUJ currently pays the higher dividend yield.
Is SPY better than MUJ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.