VGM vs XOM: Correlation
How closely do Invesco Trust for Investment Grade Municipals (VGM) and ExxonMobil (XOM) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VGM and XOM?
On 3 years of weekly data the VGM/XOM correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.63) runs below the 3-year figure (-0.22). The 5-year figure is -0.03, and annualized covariance runs at -65.4 %².
Out of 18 assets tracked against VGM, XOM lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with XOM ahead by 25.5 points (+17.3% versus +42.8%). Risk is not evenly split, since XOM carries 2.0 times the volatility of the other side.
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 XOM: side by side
| VGM (Invesco Trust for Investment Grade Municipals) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +17.3% | +42.8% |
| 5-year return | -0.8% | +237.9% |
| Volatility (ann.) | 12.2% | 24.3% |
| Beta vs S&P 500 | 0.30 | 0.01 |
| Max drawdown (3Y) | -11.5% | -20.1% |
| Market cap | $0.6B | $643.3B |
| P/E (trailing) | 33.5 | 20.1 |
| Dividend yield | 7.51% | 2.58% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | VGM | XOM |
|---|---|---|
| 2022 | -24.2% | +87.4% |
| 2023 | +3.0% | -6.3% |
| 2024 | +8.8% | +11.3% |
| 2025 | +11.1% | +16.0% |
| 2026 | +5.3% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VGM and XOM good diversifiers for each other?
Yes. With a correlation of -0.22, VGM and XOM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VGM and XOM?
The VGM/XOM correlation stands at -0.22 on a 3-year window (1 year: -0.63, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is XOM a good diversifier for VGM?
Yes. With a correlation of -0.22, VGM and XOM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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-xom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vgm-vs-xom/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VGM correlations · XOM correlations
