  We study the broadband emission of Mrk 501 using multi-wavelength
observations from 2017 to 2020 performed with a multitude of instruments,
involving, among others, MAGIC, Fermi-LAT, NuSTAR, Swift, GASP-WEBT, and OVRO.
Mrk 501 showed an extremely low broadband activity, which may help to unravel
its baseline emission. Nonetheless, significant flux variations are detected at
all wavebands, with the highest occurring at X-rays and very-high-energy (VHE)
$\gamma$-rays. A significant correlation ($>$3$\sigma$) between X-rays and VHE
$\gamma$-rays is measured, supporting leptonic scenarios to explain the
variable parts of the emission, also during low activity. This is further
supported when we extend our data from 2008 to 2020, and identify, for the
first time, significant correlations between Swift-XRT and Fermi-LAT. We
additionally find correlations between high-energy $\gamma$-rays and radio,
with the radio lagging by more than 100 days, placing the $\gamma$-ray emission
zone upstream of the radio-bright regions in the jet. Furthermore, Mrk 501
showed a historically low activity in X-rays and VHE $\gamma$-rays from
mid-2017 to mid-2019 with a stable VHE flux ($>$0.2 TeV) of 5% the emission of
the Crab Nebula. The broadband spectral energy distribution (SED) of this
2-year-long low-state, the potential baseline emission of Mrk 501, can be
characterized with one-zone leptonic models, and with (lepto)-hadronic models
fulfilling neutrino flux constraints from IceCube. We explore the time
evolution of the SED towards the low-state, revealing that the stable baseline
emission may be ascribed to a standing shock, and the variable emission to an
additional expanding or traveling shock.
