IIM vs IQI: Correlation
How closely do Invesco Value Municipal Income Trust (IIM) and Invesco Quality Municipal Income Trust (IQI) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and IQI?
On 3 years of weekly data the IIM/IQI correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.88 over 3. The 5-year figure is 0.85, and annualized covariance runs at 131.4 %².
Few assets follow IIM as closely as IQI, which ranks #1 of 17 tracked partners. Twelve-month performance is nearly a tie, at +16.5% for IIM 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.
IIM vs IQI: side by side
| IIM (Invesco Value Municipal Income Trust) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | +16.5% | +16.7% |
| 5-year return | +0.6% | +1.1% |
| Volatility (ann.) | 12.7% | 11.8% |
| Beta vs S&P 500 | 0.31 | 0.31 |
| Max drawdown (3Y) | -13.2% | -11.2% |
| Market cap | $0.6B | – |
| P/E (trailing) | 31.6 | 29.9 |
| Dividend yield | 7.32% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | IQI |
|---|---|---|
| 2022 | -25.4% | -26.9% |
| 2023 | +2.1% | +5.9% |
| 2024 | +8.1% | +10.5% |
| 2025 | +11.9% | +9.2% |
| 2026 | +7.6% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and IQI good diversifiers for each other?
No: a correlation of 0.88 means IIM and IQI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between IIM and IQI?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.82 over the last year and 0.85 over 5 years.
Is IQI a good diversifier for IIM?
No: a correlation of 0.88 means IIM and IQI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 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/iim-vs-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIM correlations · IQI correlations
