BMN vs IIM: Correlation
BlackRock 2037 Municipal Target Term Trust (BMN) and Invesco Value Municipal Income Trust (IIM) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and IIM?
Over the past 3 years, BMN and IIM moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 62.2 %².
In BMN's tracked universe of 10 assets, IIM sits right near the top at #2. The trailing year gives IIM the advantage: +10.9% versus +16.5%, a 5.6-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BMN vs IIM: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | IIM (Invesco Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +10.9% | +16.5% |
| 5-year return | n/a | +0.6% |
| Volatility (ann.) | 9.4% | 12.7% |
| Beta vs S&P 500 | 0.18 | 0.31 |
| Max drawdown (3Y) | -9.3% | -13.2% |
| Market cap | $0.2B | $0.6B |
| P/E (trailing) | 22.7 | 31.6 |
| Dividend yield | 0.00% | 7.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | IIM |
|---|---|---|
| 2022 | – | -25.4% |
| 2023 | +1.9% | +2.1% |
| 2024 | +12.7% | +8.1% |
| 2025 | +5.5% | +11.9% |
| 2026 | +4.2% | +7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and IIM good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BMN and IIM?
The BMN/IIM correlation stands at 0.52 on a 3-year window (1 year: 0.48, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is IIM a good diversifier for BMN?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmn-vs-iim.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bmn-vs-iim/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMN correlations · IIM correlations
