IIM vs MUJ: Correlation
Invesco Value Municipal Income Trust (IIM) and Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and MUJ?
On 3 years of weekly data the IIM/MUJ correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.71) than the 3-year average (0.83). The 5-year figure is 0.78, and annualized covariance runs at 109.6 %².
Within IIM's tracked universe of 17 assets, MUJ comes in at #6 by 3-year correlation. Their 12-month results are close: +16.5% for IIM against +15.1% for MUJ.
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 MUJ: side by side
| IIM (Invesco Value Municipal Income Trust) | MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +15.1% |
| 5-year return | +0.6% | -1.3% |
| Volatility (ann.) | 12.7% | 10.5% |
| Beta vs S&P 500 | 0.31 | 0.31 |
| Max drawdown (3Y) | -13.2% | -9.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 31.6 | 26.9 |
| Dividend yield | 7.32% | 5.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | MUJ |
|---|---|---|
| 2022 | -25.4% | -26.3% |
| 2023 | +2.1% | +7.6% |
| 2024 | +8.1% | +2.3% |
| 2025 | +11.9% | +13.9% |
| 2026 | +7.6% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and MUJ good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IIM and MUJ?
The IIM/MUJ correlation stands at 0.83 on a 3-year window (1 year: 0.71, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is MUJ a good diversifier for IIM?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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/iim-vs-muj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iim-vs-muj/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · MUJ correlations
