IIM vs MIY: Correlation
How closely do Invesco Value Municipal Income Trust (IIM) and Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and MIY?
Over the past 3 years, IIM and MIY moved with a correlation of 0.70, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.70 over 3 years. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 99.8 %².
By 3-year correlation, MIY places #11 of the 17 assets tracked against IIM. Their 12-month results are close: +16.5% for IIM against +20.2% for MIY.
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 MIY: side by side
| IIM (Invesco Value Municipal Income Trust) | MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +20.2% |
| 5-year return | +0.6% | +4.3% |
| Volatility (ann.) | 12.7% | 11.3% |
| Beta vs S&P 500 | 0.31 | 0.14 |
| Max drawdown (3Y) | -13.2% | -11.1% |
| Market cap | $0.6B | $0.4B |
| P/E (trailing) | 31.6 | 37.3 |
| Dividend yield | 7.32% | 5.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | MIY |
|---|---|---|
| 2022 | -25.4% | -24.1% |
| 2023 | +2.1% | +6.7% |
| 2024 | +8.1% | +3.5% |
| 2025 | +11.9% | +11.3% |
| 2026 | +7.6% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and MIY good diversifiers for each other?
Only partially. A correlation of 0.70 means IIM and MIY 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 IIM and MIY?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.44 over the last year and 0.62 over 5 years.
Is MIY a good diversifier for IIM?
Only partially. A correlation of 0.70 means IIM and MIY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 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-miy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-miy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · MIY correlations
