FEHIX vs. VKQ
FEHIX (First Eagle High Income Fund) is High Yield Bonds fund managed by First Eagle, while VKQ (Invesco Municipal Trust) is a stock. Over the past 10 years, FEHIX returned 4.45%/yr vs 2.27%/yr for VKQ. At a 0.20 correlation, their price movements are largely independent.
Performance
FEHIX vs. VKQ - Performance Comparison
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Returns By Period
In the year-to-date period, FEHIX achieves a 2.64% return, which is significantly lower than VKQ's 4.02% return. Over the past 10 years, FEHIX has outperformed VKQ with an annualized return of 4.45%, while VKQ has yielded a comparatively lower 2.27% annualized return.
FEHIX
- 1D
- 0.25%
- 1M
- 1.53%
- YTD
- 2.64%
- 6M
- 2.79%
- 1Y
- 4.29%
- 3Y*
- 6.04%
- 5Y*
- 3.07%
- 10Y*
- 4.45%
VKQ
- 1D
- -0.51%
- 1M
- 2.55%
- YTD
- 4.02%
- 6M
- 5.35%
- 1Y
- 14.31%
- 3Y*
- 8.25%
- 5Y*
- -0.88%
- 10Y*
- 2.27%
FEHIX vs. VKQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEHIX First Eagle High Income Fund | 2.64% | -0.69% | 11.47% | 8.46% | -8.46% | 3.50% | 7.33% | 8.61% | -0.40% | 4.62% |
VKQ Invesco Municipal Trust | 4.02% | 6.47% | 9.70% | 0.87% | -22.25% | 9.82% | 8.91% | 16.66% | -5.65% | 7.97% |
Correlation
The correlation between FEHIX and VKQ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2007 | 0.20 |
Over the past year, FEHIX and VKQ have become more correlated (0.45) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
FEHIX vs. VKQ — Risk / Return Rank
FEHIX
VKQ
FEHIX vs. VKQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Eagle High Income Fund (FEHIX) and Invesco Municipal Trust (VKQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FEHIX | VKQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 2.66 | -1.86 |
| Martin ratioReturn relative to average drawdown | 2.47 | 10.07 | -7.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEHIX | VKQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 1.73 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | -0.08 | +0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | 0.18 | +0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.25 | +0.35 |
Drawdowns
FEHIX vs. VKQ - Drawdown Comparison
The maximum FEHIX drawdown since its inception was -29.59%, smaller than the maximum VKQ drawdown of -51.05%. Use the drawdown chart below to compare losses from any high point for FEHIX and VKQ.
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Drawdown Indicators
| FEHIX | VKQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.59% | -51.05% | +21.46% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -5.41% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -16.49% | +7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -12.56% | -37.29% | +24.73% |
Max Drawdown (10Y)Largest decline over 10 years | -16.14% | -37.29% | +21.15% |
Current DrawdownCurrent decline from peak | -0.80% | -7.96% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -9.86% | +5.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.69% | 1.43% | +0.26% |
Volatility
FEHIX vs. VKQ - Volatility Comparison
The current volatility for First Eagle High Income Fund (FEHIX) is 1.45%, while Invesco Municipal Trust (VKQ) has a volatility of 3.09%. This indicates that FEHIX experiences smaller price fluctuations and is considered to be less risky than VKQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEHIX | VKQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 3.09% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 6.12% | -3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.89% | 8.37% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.41% | 11.64% | -6.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.97% | 12.78% | -7.81% |
Dividends
FEHIX vs. VKQ - Dividend Comparison
FEHIX's dividend yield for the trailing twelve months is around 6.15%, less than VKQ's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEHIX First Eagle High Income Fund | 6.15% | 5.92% | 5.17% | 4.40% | 5.00% | 3.87% | 4.32% | 4.40% | 5.56% | 5.22% | 6.09% | 7.53% |
VKQ Invesco Municipal Trust | 7.75% | 7.81% | 6.43% | 4.60% | 5.63% | 4.71% | 4.65% | 4.96% | 5.98% | 5.78% | 6.44% | 6.39% |
Frequently Asked Questions
FEHIX and VKQ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VKQ has higher volatility (3.09%) compared to FEHIX (1.45%). In terms of maximum drawdown, FEHIX dropped -29.59% vs VKQ's -51.05%.
VKQ currently has the higher Sharpe Ratio (1.73 vs 0.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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