CEV vs VGM: Correlation
Eaton Vance California Municipal Income Trust Shares of (CEV) and Invesco Trust for Investment Grade Municipals (VGM) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and VGM?
Across a 3-year window, the weekly returns of CEV and VGM correlate at 0.79, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.75, with an annualized covariance of 105.9 %².
VGM is one of the assets that tracks CEV most closely: it ranks #2 out of the 12 assets we track against CEV. Their 12-month results are close: +19.0% for CEV against +17.3% for VGM.
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 VGM: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | VGM (Invesco Trust for Investment Grade Municipals) | |
|---|---|---|
| 1-year return | +19.0% | +17.3% |
| 5-year return | -1.8% | -0.8% |
| Volatility (ann.) | 10.9% | 12.2% |
| Beta vs S&P 500 | 0.23 | 0.30 |
| Max drawdown (3Y) | -12.4% | -11.5% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | 10.2 | 33.5 |
| Dividend yield | 5.54% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | VGM |
|---|---|---|
| 2022 | -22.7% | -24.2% |
| 2023 | +8.2% | +3.0% |
| 2024 | +2.3% | +8.8% |
| 2025 | +6.2% | +11.1% |
| 2026 | +10.2% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and VGM good diversifiers for each other?
Only partially. A correlation of 0.79 means CEV 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 CEV and VGM?
As of 2026-08-27, the correlation of weekly returns between CEV and VGM is 0.79 over 3 years, 0.71 over 1 year and 0.75 over 5 years.
Is VGM a good diversifier for CEV?
Only partially. A correlation of 0.79 means CEV 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 0.79 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.
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Related comparisons
Hubs: CEV correlations · VGM correlations
