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.
Performance
IIM vs. HYD - Performance Comparison
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IIM vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IIM Invesco Value Municipal Income Trust | 0.44% | 11.88% | 8.04% | 2.05% | -25.41% | 14.13% | 7.07% | 18.79% | -4.40% | 7.05% |
HYD VanEck Vectors High-Yield Municipal Index ETF | -0.34% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Returns By Period
In the year-to-date period, IIM achieves a 0.44% return, which is significantly higher than HYD's -0.34% return. Both investments have delivered pretty close results over the past 10 years, with IIM having a 1.99% annualized return and HYD not far ahead at 2.06%.
IIM
- 1D
- -0.08%
- 1M
- -6.97%
- YTD
- 0.44%
- 6M
- -1.06%
- 1Y
- 8.97%
- 3Y*
- 6.54%
- 5Y*
- 0.65%
- 10Y*
- 1.99%
HYD
- 1D
- 0.90%
- 1M
- -1.26%
- YTD
- -0.34%
- 6M
- 1.38%
- 1Y
- 2.70%
- 3Y*
- 3.60%
- 5Y*
- -0.11%
- 10Y*
- 2.06%
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Return for Risk
IIM vs. HYD — Risk / Return Rank
IIM
HYD
IIM vs. HYD - Risk-Adjusted Trends 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.
| IIM | HYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.46 | +0.33 |
Sortino ratioReturn per unit of downside risk | 1.16 | 0.59 | +0.56 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.11 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 0.73 | +0.31 |
Martin ratioReturn relative to average drawdown | 3.92 | 1.76 | +2.16 |
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
| IIM | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.46 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | -0.02 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.16 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.44 | -0.03 |
Correlation
The correlation between IIM and HYD is 0.31, 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.
Dividends
IIM vs. HYD - Dividend Comparison
IIM's dividend yield for the trailing twelve months is around 7.61%, more than HYD's 4.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIM Invesco Value Municipal Income Trust | 7.61% | 7.51% | 6.58% | 4.72% | 5.87% | 4.51% | 4.48% | 4.61% | 5.43% | 4.99% | 5.52% | 5.20% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.38% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Drawdowns
IIM vs. HYD - Drawdown Comparison
The maximum IIM drawdown since its inception was -40.17%, which is greater than HYD's maximum drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for IIM and HYD.
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Drawdown Indicators
| IIM | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.17% | -35.61% | -4.56% |
Max Drawdown (1Y)Largest decline over 1 year | -9.19% | -4.42% | -4.77% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -20.72% | -15.03% |
Max Drawdown (10Y)Largest decline over 10 years | -35.75% | -35.61% | -0.14% |
Current DrawdownCurrent decline from peak | -7.59% | -4.40% | -3.19% |
Average DrawdownAverage peak-to-trough decline | -7.37% | -4.34% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 1.83% | +0.60% |
Volatility
IIM vs. HYD - Volatility Comparison
Invesco Value Municipal Income Trust (IIM) has a higher volatility of 5.43% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 2.22%. 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.
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Volatility by Period
| IIM | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 2.22% | +3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 8.43% | 2.83% | +5.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.34% | 5.90% | +5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.31% | 6.44% | +5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.79% | 12.60% | +0.19% |