IIM vs RMI: Correlation
Invesco Value Municipal Income Trust (IIM) and RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and RMI?
On 3 years of weekly data the IIM/RMI correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 127.6 %².
By 3-year correlation, RMI places #10 of the 17 assets tracked against IIM. Neither side won the trailing year by much: +16.5% against +17.8%.
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 RMI: side by side
| IIM (Invesco Value Municipal Income Trust) | RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +17.8% |
| 5-year return | +0.6% | -3.9% |
| Volatility (ann.) | 12.7% | 13.7% |
| Beta vs S&P 500 | 0.31 | 0.36 |
| Max drawdown (3Y) | -13.2% | -17.2% |
| Market cap | $0.6B | $0.1B |
| P/E (trailing) | 31.6 | 126.1 |
| Dividend yield | 7.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | RMI |
|---|---|---|
| 2022 | -25.4% | -21.3% |
| 2023 | +2.1% | +0.2% |
| 2024 | +8.1% | +6.3% |
| 2025 | +11.9% | +2.7% |
| 2026 | +7.6% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and RMI good diversifiers for each other?
Only partially. A correlation of 0.73 means IIM and RMI 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 RMI?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.71 over the last year and 0.65 over 5 years.
Is RMI a good diversifier for IIM?
Only partially. A correlation of 0.73 means IIM and RMI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 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-rmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-rmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIM correlations · RMI correlations
