IIM vs MHD: Correlation
Measured on weekly returns over the past three years, Invesco Value Municipal Income Trust (IIM) and Blackrock MuniHoldings Fund, Inc. (MHD) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and MHD?
Over the past 3 years, IIM and MHD moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 123.6 %².
By 3-year correlation, MHD places #5 of the 17 assets tracked against IIM. Over the last 12 months IIM came out ahead by 6.3 percentage points (+16.5% against +10.2%).
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 MHD: side by side
| IIM (Invesco Value Municipal Income Trust) | MHD (Blackrock MuniHoldings Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +10.2% |
| 5-year return | +0.6% | -12.7% |
| Volatility (ann.) | 12.7% | 11.7% |
| Beta vs S&P 500 | 0.31 | 0.26 |
| Max drawdown (3Y) | -13.2% | -13.2% |
| Market cap | $0.6B | – |
| P/E (trailing) | 31.6 | 37.0 |
| Dividend yield | 7.32% | 6.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | MHD |
|---|---|---|
| 2022 | -25.4% | -23.7% |
| 2023 | +2.1% | +2.1% |
| 2024 | +8.1% | +3.4% |
| 2025 | +11.9% | +7.1% |
| 2026 | +7.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and MHD good diversifiers for each other?
No. With a correlation of 0.84, IIM and MHD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IIM and MHD?
The IIM/MHD correlation stands at 0.84 on a 3-year window (1 year: 0.75, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is MHD a good diversifier for IIM?
No. With a correlation of 0.84, IIM and MHD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iim-vs-mhd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iim-vs-mhd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIM correlations · MHD correlations
