VGM vs VPV: Correlation
Measured on weekly returns over the past three years, Invesco Trust for Investment Grade Municipals (VGM) and Invesco Pennsylvania Value Municipal Income Trust (VPV) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VGM and VPV?
Over the past 3 years, VGM and VPV moved with a correlation of 0.78, which is strong. The past 12 months show a weaker link (0.66) than the 3-year average (0.78). Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 113.6 %².
Within VGM's tracked universe of 18 assets, VPV comes in at #8 by 3-year correlation. On 12-month performance VPV holds a 5.9-point edge, +17.3% 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.
VGM vs VPV: side by side
| VGM (Invesco Trust for Investment Grade Municipals) | VPV (Invesco Pennsylvania Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +17.3% | +23.2% |
| 5-year return | -0.8% | +11.8% |
| Volatility (ann.) | 12.2% | 11.9% |
| Beta vs S&P 500 | 0.30 | 0.26 |
| Max drawdown (3Y) | -11.5% | -12.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 33.5 | 40.5 |
| Dividend yield | 7.51% | 7.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VGM | VPV |
|---|---|---|
| 2022 | -24.2% | -26.3% |
| 2023 | +3.0% | +6.2% |
| 2024 | +8.8% | +9.1% |
| 2025 | +11.1% | +10.0% |
| 2026 | +5.3% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VGM and VPV good diversifiers for each other?
Only partially. A correlation of 0.78 means VGM and VPV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between VGM and VPV?
As of 2026-08-27, the correlation of weekly returns between VGM and VPV is 0.78 over 3 years, 0.66 over 1 year and 0.80 over 5 years.
Is VPV a good diversifier for VGM?
Only partially. A correlation of 0.78 means VGM and VPV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vgm-vs-vpv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vgm-vs-vpv/)
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Related comparisons
Hubs: VGM correlations · VPV correlations
