IIM vs RMM: Correlation
Measured on weekly returns over the past three years, Invesco Value Municipal Income Trust (IIM) and RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and RMM?
Across a 3-year window, the weekly returns of IIM and RMM correlate at 0.74, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.74 over 3. Stretching to 5 years gives 0.67, with an annualized covariance of 134.4 %².
By 3-year correlation, RMM places #9 of the 17 assets tracked against IIM. Twelve-month performance is nearly a tie, at +16.5% for IIM and +14.2% for RMM.
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 RMM: side by side
| IIM (Invesco Value Municipal Income Trust) | RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +14.2% |
| 5-year return | +0.6% | -4.9% |
| Volatility (ann.) | 12.7% | 14.3% |
| Beta vs S&P 500 | 0.31 | 0.41 |
| Max drawdown (3Y) | -13.2% | -18.8% |
| Market cap | $0.6B | $0.3B |
| P/E (trailing) | 31.6 | 74.7 |
| Dividend yield | 7.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | RMM |
|---|---|---|
| 2022 | -25.4% | -23.4% |
| 2023 | +2.1% | +5.9% |
| 2024 | +8.1% | +9.3% |
| 2025 | +11.9% | +2.1% |
| 2026 | +7.6% | +9.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and RMM good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IIM and RMM?
As of 2026-08-27, the correlation of weekly returns between IIM and RMM is 0.74 over 3 years, 0.76 over 1 year and 0.67 over 5 years.
Is RMM a good diversifier for IIM?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
A reading of 0.74 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-rmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-rmm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIM correlations · RMM correlations
