IIM vs VCV: Correlation
Invesco Value Municipal Income Trust (IIM) and Invesco California Value Municipal Income Trust (VCV) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and VCV?
Across a 3-year window, the weekly returns of IIM and VCV correlate at 0.76, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.76 over 3. Stretching to 5 years gives 0.75, with an annualized covariance of 130.1 %².
By 3-year correlation, VCV places #8 of the 17 assets tracked against IIM. Over the last 12 months IIM came out ahead by 6.0 percentage points (+16.5% against +10.5%).
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 VCV: side by side
| IIM (Invesco Value Municipal Income Trust) | VCV (Invesco California Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +16.5% | +10.5% |
| 5-year return | +0.6% | -0.3% |
| Volatility (ann.) | 12.7% | 13.6% |
| Beta vs S&P 500 | 0.31 | 0.24 |
| Max drawdown (3Y) | -13.2% | -13.3% |
| Market cap | $0.6B | $0.5B |
| P/E (trailing) | 31.6 | 40.4 |
| Dividend yield | 7.32% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | VCV |
|---|---|---|
| 2022 | -25.4% | -28.4% |
| 2023 | +2.1% | +7.9% |
| 2024 | +8.1% | +18.7% |
| 2025 | +11.9% | +9.5% |
| 2026 | +7.6% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and VCV good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IIM and VCV?
The IIM/VCV correlation stands at 0.76 on a 3-year window (1 year: 0.67, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is VCV a good diversifier for IIM?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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-vcv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iim-vs-vcv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · VCV correlations
