CEV vs IQI: Correlation
How closely do Eaton Vance California Municipal Income Trust Shares of (CEV) and Invesco Quality Municipal Income Trust (IQI) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and IQI?
On 3 years of weekly data the CEV/IQI correlation comes out at 0.77, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 99.5 %².
Few assets follow CEV as closely as IQI, which ranks #3 of 12 tracked partners. Twelve-month performance is nearly a tie, at +19.0% for CEV and +16.7% for IQI.
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.
CEV vs IQI: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | +19.0% | +16.7% |
| 5-year return | -1.8% | +1.1% |
| Volatility (ann.) | 10.9% | 11.8% |
| Beta vs S&P 500 | 0.23 | 0.31 |
| Max drawdown (3Y) | -12.4% | -11.2% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | 29.9 |
| Dividend yield | 5.54% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | IQI |
|---|---|---|
| 2022 | -22.7% | -26.9% |
| 2023 | +8.2% | +5.9% |
| 2024 | +2.3% | +10.5% |
| 2025 | +6.2% | +9.2% |
| 2026 | +10.2% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and IQI good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEV and IQI?
As of 2026-08-27, the correlation of weekly returns between CEV and IQI is 0.77 over 3 years, 0.67 over 1 year and 0.77 over 5 years.
Is IQI a good diversifier for CEV?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cev-vs-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cev-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CEV correlations · IQI correlations
