VPV vs VTN: Correlation
How closely do Invesco Pennsylvania Value Municipal Income Trust (VPV) and Invesco Trust for Investment Grade New York Municipals (VTN) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VPV and VTN?
Over the past 3 years, VPV and VTN moved with a correlation of 0.77, which is strong. The link has loosened recently: the 1-year correlation (0.58) runs below the 3-year figure (0.77). Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 131.4 %².
Among the 10 assets we track against VPV, VTN ranks #4 by 3-year correlation. Over the last 12 months VPV came out ahead by 8.5 percentage points (+23.2% against +14.7%).
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.
VPV vs VTN: side by side
| VPV (Invesco Pennsylvania Value Municipal Income Trust) | VTN (Invesco Trust for Investment Grade New York Municipals) | |
|---|---|---|
| 1-year return | +23.2% | +14.7% |
| 5-year return | +11.8% | +4.2% |
| Volatility (ann.) | 11.9% | 14.2% |
| Beta vs S&P 500 | 0.26 | 0.32 |
| Max drawdown (3Y) | -12.4% | -14.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | 40.5 | 35.8 |
| Dividend yield | 7.04% | 7.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VPV | VTN |
|---|---|---|
| 2022 | -26.3% | -21.1% |
| 2023 | +6.2% | +7.3% |
| 2024 | +9.1% | +6.8% |
| 2025 | +10.0% | +18.9% |
| 2026 | +13.9% | -1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VPV and VTN good diversifiers for each other?
To a limited degree. At 0.77 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 VPV and VTN?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.58 over the last year and 0.76 over 5 years.
Is VTN a good diversifier for VPV?
To a limited degree. At 0.77 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 0.77 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
$ curl https://www.pairbook.io/api/v1/pairs/vpv-vs-vtn.json
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Related comparisons
Hubs: VPV correlations · VTN correlations
