BMN vs VGM: Correlation
How closely do BlackRock 2037 Municipal Target Term Trust (BMN) and Invesco Trust for Investment Grade Municipals (VGM) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and VGM?
Across a 3-year window, the weekly returns of BMN and VGM correlate at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 59.0 %².
Within BMN's tracked universe of 10 assets, VGM comes in at #5 by 3-year correlation. The trailing year gives VGM the advantage: +10.9% versus +17.3%, a 6.4-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 VGM: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | VGM (Invesco Trust for Investment Grade Municipals) | |
|---|---|---|
| 1-year return | +10.9% | +17.3% |
| 5-year return | n/a | -0.8% |
| Volatility (ann.) | 9.4% | 12.2% |
| Beta vs S&P 500 | 0.18 | 0.30 |
| Max drawdown (3Y) | -9.3% | -11.5% |
| Market cap | $0.2B | $0.6B |
| P/E (trailing) | 22.7 | 33.5 |
| Dividend yield | 0.00% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | VGM |
|---|---|---|
| 2022 | – | -24.2% |
| 2023 | +1.9% | +3.0% |
| 2024 | +12.7% | +8.8% |
| 2025 | +5.5% | +11.1% |
| 2026 | +4.2% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and VGM good diversifiers for each other?
Only partially. A correlation of 0.51 means BMN and VGM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BMN and VGM?
The BMN/VGM correlation stands at 0.51 on a 3-year window (1 year: 0.42, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is VGM a good diversifier for BMN?
Only partially. A correlation of 0.51 means BMN and VGM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BMN correlations · VGM correlations
