ETX vs IQI: Correlation
Eaton Vance Municipal Income 2028 Term Trust (ETX) and Invesco Quality Municipal Income Trust (IQI) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and IQI?
On 3 years of weekly data the ETX/IQI correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.42). The 5-year figure is 0.43, and annualized covariance runs at 39.3 %².
Few assets follow ETX as closely as IQI, which ranks #3 of 11 tracked partners. On 12-month performance IQI holds a 14.1-point edge, +2.6% against +16.7%.
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.
ETX vs IQI: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | +2.6% | +16.7% |
| 5-year return | -2.2% | +1.1% |
| Volatility (ann.) | 7.9% | 11.8% |
| Beta vs S&P 500 | 0.13 | 0.31 |
| Max drawdown (3Y) | -6.1% | -11.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 23.2 | 29.9 |
| Dividend yield | 0.00% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | IQI |
|---|---|---|
| 2022 | -13.5% | -26.9% |
| 2023 | +1.3% | +5.9% |
| 2024 | +6.9% | +10.5% |
| 2025 | +11.7% | +9.2% |
| 2026 | +0.2% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and IQI good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETX and IQI?
As of 2026-08-27, the correlation of weekly returns between ETX and IQI is 0.42 over 3 years, 0.24 over 1 year and 0.43 over 5 years.
Is IQI a good diversifier for ETX?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/etx-vs-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etx-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETX correlations · IQI correlations
