VGM vs VTN: Correlation
Invesco Trust for Investment Grade Municipals (VGM) and Invesco Trust for Investment Grade New York Municipals (VTN) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VGM and VTN?
Over the past 3 years, VGM and VTN moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 135.8 %².
Within VGM's tracked universe of 18 assets, VTN comes in at #9 by 3-year correlation. Their 12-month results are close: +17.3% for VGM against +14.7% for VTN.
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 VTN: side by side
| VGM (Invesco Trust for Investment Grade Municipals) | VTN (Invesco Trust for Investment Grade New York Municipals) | |
|---|---|---|
| 1-year return | +17.3% | +14.7% |
| 5-year return | -0.8% | +4.2% |
| Volatility (ann.) | 12.2% | 14.2% |
| Beta vs S&P 500 | 0.30 | 0.32 |
| Max drawdown (3Y) | -11.5% | -14.5% |
| Market cap | $0.6B | $0.2B |
| P/E (trailing) | 33.5 | 35.8 |
| Dividend yield | 7.51% | 7.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VGM | VTN |
|---|---|---|
| 2022 | -24.2% | -21.1% |
| 2023 | +3.0% | +7.3% |
| 2024 | +8.8% | +6.8% |
| 2025 | +11.1% | +18.9% |
| 2026 | +5.3% | -1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VGM and VTN good diversifiers for each other?
To a limited degree. At 0.78 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 VGM and VTN?
The VGM/VTN correlation stands at 0.78 on a 3-year window (1 year: 0.68, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is VTN a good diversifier for VGM?
To a limited degree. At 0.78 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 0.78 mean?
On the −1 to +1 scale, 0.78 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/vgm-vs-vtn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vgm-vs-vtn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VGM correlations · VTN correlations
