IIM vs VKI: Correlation
Invesco Value Municipal Income Trust (IIM) and Invesco Advantage Municipal Income Trust II (VKI) 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 VKI?
Over the past 3 years, IIM and VKI moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.72 versus 0.83 over 3 years. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 147.3 %².
Among the 17 assets we track against IIM, VKI ranks #7 by 3-year correlation. Neither side won the trailing year by much: +16.5% against +15.7%.
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 VKI: side by side
| IIM (Invesco Value Municipal Income Trust) | VKI (Invesco Advantage Municipal Income Trust II) | |
|---|---|---|
| 1-year return | +16.5% | +15.7% |
| 5-year return | +0.6% | -5.1% |
| Volatility (ann.) | 12.7% | 13.9% |
| Beta vs S&P 500 | 0.31 | 0.32 |
| Max drawdown (3Y) | -13.2% | -12.4% |
| Market cap | $0.6B | $0.4B |
| P/E (trailing) | 31.6 | 35.6 |
| Dividend yield | 7.32% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | VKI |
|---|---|---|
| 2022 | -25.4% | -25.5% |
| 2023 | +2.1% | +3.1% |
| 2024 | +8.1% | +10.2% |
| 2025 | +11.9% | +12.8% |
| 2026 | +7.6% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and VKI 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 VKI?
The IIM/VKI correlation stands at 0.83 on a 3-year window (1 year: 0.72, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is VKI 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-vki.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-vki/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · VKI correlations
