IQI vs VCV: Correlation
How closely do Invesco Quality Municipal Income Trust (IQI) and Invesco California Value Municipal Income Trust (VCV) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and VCV?
Over the past 3 years, IQI and VCV moved with a correlation of 0.74, which is strong. The link has loosened recently: the 1-year correlation (0.61) runs below the 3-year figure (0.74). Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 118.1 %².
Within IQI's tracked universe of 27 assets, VCV comes in at #17 by 3-year correlation. On 12-month performance IQI holds a 6.2-point edge, +16.7% 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.
IQI vs VCV: side by side
| IQI (Invesco Quality Municipal Income Trust) | VCV (Invesco California Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +16.7% | +10.5% |
| 5-year return | +1.1% | -0.3% |
| Volatility (ann.) | 11.8% | 13.6% |
| Beta vs S&P 500 | 0.31 | 0.24 |
| Max drawdown (3Y) | -11.2% | -13.3% |
| Market cap | – | $0.5B |
| P/E (trailing) | 29.9 | 40.4 |
| Dividend yield | 7.50% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | VCV |
|---|---|---|
| 2022 | -26.9% | -28.4% |
| 2023 | +5.9% | +7.9% |
| 2024 | +10.5% | +18.7% |
| 2025 | +9.2% | +9.5% |
| 2026 | +7.1% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and VCV 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 IQI and VCV?
As of 2026-08-27, the correlation of weekly returns between IQI and VCV is 0.74 over 3 years, 0.61 over 1 year and 0.76 over 5 years.
Is VCV a good diversifier for IQI?
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?
On the −1 to +1 scale, 0.74 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/iqi-vs-vcv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iqi-vs-vcv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IQI correlations · VCV correlations
