IQI vs PMM: Correlation
Measured on weekly returns over the past three years, Invesco Quality Municipal Income Trust (IQI) and Franklin Managed Municipal Income Trust Shares of (PMM) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and PMM?
Across a 3-year window, the weekly returns of IQI and PMM correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 109.2 %².
Within IQI's tracked universe of 27 assets, PMM comes in at #18 by 3-year correlation. Neither side won the trailing year by much: +16.7% against +13.8%.
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.
IQI vs PMM: side by side
| IQI (Invesco Quality Municipal Income Trust) | PMM (Franklin Managed Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | +16.7% | +13.8% |
| 5-year return | +1.1% | -5.6% |
| Volatility (ann.) | 11.8% | 12.6% |
| Beta vs S&P 500 | 0.31 | 0.35 |
| Max drawdown (3Y) | -11.2% | -12.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 29.9 | 11.4 |
| Dividend yield | 7.50% | 4.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | PMM |
|---|---|---|
| 2022 | -26.9% | -24.1% |
| 2023 | +5.9% | +1.9% |
| 2024 | +10.5% | +2.9% |
| 2025 | +9.2% | +10.6% |
| 2026 | +7.1% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and PMM good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IQI and PMM?
The IQI/PMM correlation stands at 0.73 on a 3-year window (1 year: 0.68, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is PMM a good diversifier for IQI?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/iqi-vs-pmm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iqi-vs-pmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IQI correlations · PMM correlations
