EVN vs IQI: Correlation
How closely do Eaton Vance Municipal Income Trust (EVN) and Invesco Quality Municipal Income Trust (IQI) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and IQI?
Across a 3-year window, the weekly returns of EVN and IQI correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 107.0 %².
Few assets follow EVN as closely as IQI, which ranks #1 of 11 tracked partners. On 12-month performance IQI holds a 8.3-point edge, +8.4% 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.
EVN vs IQI: side by side
| EVN (Eaton Vance Municipal Income Trust) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | +8.4% | +16.7% |
| 5-year return | -2.5% | +1.1% |
| Volatility (ann.) | 12.0% | 11.8% |
| Beta vs S&P 500 | 0.36 | 0.31 |
| Max drawdown (3Y) | -10.4% | -11.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | 29.9 |
| Dividend yield | 2.83% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | IQI |
|---|---|---|
| 2022 | -25.0% | -26.9% |
| 2023 | +4.4% | +5.9% |
| 2024 | +8.9% | +10.5% |
| 2025 | +12.8% | +9.2% |
| 2026 | +3.2% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and IQI good diversifiers for each other?
Only partially. A correlation of 0.76 means EVN and IQI 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 EVN and IQI?
The EVN/IQI correlation stands at 0.76 on a 3-year window (1 year: 0.77, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is IQI a good diversifier for EVN?
Only partially. A correlation of 0.76 means EVN and IQI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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/evn-vs-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evn-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVN correlations · IQI correlations
