IQI vs VPV: Correlation
How closely do Invesco Quality Municipal Income Trust (IQI) and Invesco Pennsylvania Value Municipal Income Trust (VPV) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and VPV?
Over the past 3 years, IQI and VPV moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.68) runs below the 3-year figure (0.80). Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 112.4 %².
Within IQI's tracked universe of 27 assets, VPV comes in at #13 by 3-year correlation. Over the last 12 months VPV came out ahead by 6.5 percentage points (+16.7% against +23.2%).
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 VPV: side by side
| IQI (Invesco Quality Municipal Income Trust) | VPV (Invesco Pennsylvania Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +16.7% | +23.2% |
| 5-year return | +1.1% | +11.8% |
| Volatility (ann.) | 11.8% | 11.9% |
| Beta vs S&P 500 | 0.31 | 0.26 |
| Max drawdown (3Y) | -11.2% | -12.4% |
| Market cap | – | – |
| P/E (trailing) | 29.9 | 40.5 |
| Dividend yield | 7.50% | 7.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | VPV |
|---|---|---|
| 2022 | -26.9% | -26.3% |
| 2023 | +5.9% | +6.2% |
| 2024 | +10.5% | +9.1% |
| 2025 | +9.2% | +10.0% |
| 2026 | +7.1% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and VPV good diversifiers for each other?
No. With a correlation of 0.80, IQI and VPV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IQI and VPV?
The IQI/VPV correlation stands at 0.80 on a 3-year window (1 year: 0.68, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is VPV a good diversifier for IQI?
No. With a correlation of 0.80, IQI and VPV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 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
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Related comparisons
Hubs: IQI correlations · VPV correlations
