VKI vs VPV: Correlation
How closely do Invesco Advantage Municipal Income Trust II (VKI) 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 VKI and VPV?
On 3 years of weekly data the VKI/VPV correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.73 over 1 year against 0.80 over 3. The 5-year figure is 0.81, and annualized covariance runs at 132.9 %².
By 3-year correlation, VPV places #6 of the 17 assets tracked against VKI. On 12-month performance VPV holds a 7.5-point edge, +15.7% 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.
VKI vs VPV: side by side
| VKI (Invesco Advantage Municipal Income Trust II) | VPV (Invesco Pennsylvania Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +15.7% | +23.2% |
| 5-year return | -5.1% | +11.8% |
| Volatility (ann.) | 13.9% | 11.9% |
| Beta vs S&P 500 | 0.32 | 0.26 |
| Max drawdown (3Y) | -12.4% | -12.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 35.6 | 40.5 |
| Dividend yield | 7.50% | 7.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VKI | VPV |
|---|---|---|
| 2022 | -25.5% | -26.3% |
| 2023 | +3.1% | +6.2% |
| 2024 | +10.2% | +9.1% |
| 2025 | +12.8% | +10.0% |
| 2026 | +2.5% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VKI and VPV good diversifiers for each other?
No. With a correlation of 0.80, VKI and VPV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between VKI and VPV?
The VKI/VPV correlation stands at 0.80 on a 3-year window (1 year: 0.73, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is VPV a good diversifier for VKI?
No. With a correlation of 0.80, VKI 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.
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Related comparisons
Hubs: VKI correlations · VPV correlations
