IIM vs. HYD
Compare and contrast key facts about Invesco Value Municipal Income Trust (IIM) and VanEck Vectors High-Yield Municipal Index ETF (HYD).
HYD is a passively managed fund by VanEck that tracks the performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index. It was launched on Feb 4, 2009.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: IIM or HYD.
Key characteristics
| IIM | HYD | |
|---|---|---|
| YTD Return | 11.46% | 4.63% |
| 1Y Return | 21.57% | 11.27% |
| 3Y Return (Ann) | -4.76% | -1.96% |
| 5Y Return (Ann) | 0.74% | -0.15% |
| 10Y Return (Ann) | 2.64% | 3.63% |
| Sharpe Ratio | 2.24 | 2.09 |
| Sortino Ratio | 3.38 | 3.06 |
| Omega Ratio | 1.43 | 1.42 |
| Calmar Ratio | 0.71 | 0.69 |
| Martin Ratio | 11.82 | 13.59 |
| Ulcer Index | 1.83% | 0.83% |
| Daily Std Dev | 9.63% | 5.41% |
| Max Drawdown | -40.15% | -35.60% |
| Current Drawdown | -15.15% | -6.98% |
Correlation
The correlation between IIM and HYD is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
IIM vs. HYD - Performance Comparison
In the year-to-date period, IIM achieves a 11.46% return, which is significantly higher than HYD's 4.63% return. Over the past 10 years, IIM has underperformed HYD with an annualized return of 2.64%, while HYD has yielded a comparatively higher 3.63% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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Risk-Adjusted Performance
IIM vs. HYD - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Value Municipal Income Trust (IIM) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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.
Dividends
IIM vs. HYD - Dividend Comparison
IIM's dividend yield for the trailing twelve months is around 5.77%, more than HYD's 4.25% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIM Invesco Value Municipal Income Trust | 5.77% | 4.73% | 5.88% | 4.51% | 4.48% | 4.62% | 5.41% | 4.99% | 5.52% | 5.20% | 5.49% | 6.67% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 14.47% | 4.29% | 4.58% | 4.83% | 4.98% | 6.34% |
Drawdowns
IIM vs. HYD - Drawdown Comparison
The maximum IIM drawdown since its inception was -40.15%, which is greater than HYD's maximum drawdown of -35.60%. Use the drawdown chart below to compare losses from any high point for IIM and HYD. For additional features, visit the drawdowns tool.
Volatility
IIM vs. HYD - Volatility Comparison
Invesco Value Municipal Income Trust (IIM) has a higher volatility of 3.29% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 2.17%. This indicates that IIM's price experiences larger fluctuations and is considered to be riskier than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.