BMN vs IQI: Correlation
Measured on weekly returns over the past three years, BlackRock 2037 Municipal Target Term Trust (BMN) and Invesco Quality Municipal Income Trust (IQI) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and IQI?
On 3 years of weekly data the BMN/IQI correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 57.1 %².
Few assets follow BMN as closely as IQI, which ranks #3 of 10 tracked partners. The trailing year gives IQI the advantage: +10.9% versus +16.7%, a 5.8-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 IQI: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | +10.9% | +16.7% |
| 5-year return | n/a | +1.1% |
| Volatility (ann.) | 9.4% | 11.8% |
| Beta vs S&P 500 | 0.18 | 0.31 |
| Max drawdown (3Y) | -9.3% | -11.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | 29.9 |
| Dividend yield | 0.00% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | IQI |
|---|---|---|
| 2022 | – | -26.9% |
| 2023 | +1.9% | +5.9% |
| 2024 | +12.7% | +10.5% |
| 2025 | +5.5% | +9.2% |
| 2026 | +4.2% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and IQI good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BMN and IQI?
The BMN/IQI correlation stands at 0.52 on a 3-year window (1 year: 0.48, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is IQI a good diversifier for BMN?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
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-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmn-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMN correlations · IQI correlations
