IIM vs. MYI

Last updated Jun 9, 2026

IIM (Invesco Value Municipal Income Trust) is a stock, while MYI (BlackRock MuniYield Quality Fund III) is Municipal Bonds fund actively managed by BlackRock. Over the past 10 years, IIM returned 2.18%/yr vs 1.42%/yr for MYI. At a 0.37 correlation, their price movements are largely independent.

Performance

IIM vs. MYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Municipal Income Trust (IIM) and BlackRock MuniYield Quality Fund III (MYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIM achieves a 4.30% return, which is significantly higher than MYI's 1.60% return. Over the past 10 years, IIM has outperformed MYI with an annualized return of 2.18%, while MYI has yielded a comparatively lower 1.42% annualized return.

IIM

• 1D: 0.41%
• 1M: 2.45%
• YTD: 4.30%
• 6M: 2.70%
• 1Y: 15.53%
• 3Y*: 9.03%
• 5Y*: 0.56%
• 10Y*: 2.18%

MYI

• 1D: -0.55%
• 1M: -1.86%
• YTD: 1.60%
• 6M: 0.19%
• 1Y: 10.31%
• 3Y*: 5.60%
• 5Y*: -1.04%
• 10Y*: 1.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IIM vs. MYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIM Invesco Value Municipal Income Trust	4.30%	11.88%	8.04%	2.05%	-25.41%	14.13%	7.07%	18.79%	-4.40%	7.05%
MYI BlackRock MuniYield Quality Fund III	1.60%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	7.13%

Correlation

The correlation between IIM and MYI is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994	0.37

The correlation between IIM and MYI shifts across timeframes, from 0.37 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IIM vs. MYI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IIM

IIM Risk / Return Rank: 78
IIM Sharpe Ratio Rank: 82
IIM Sortino Ratio Rank: 79
IIM Omega Ratio Rank: 78
IIM Calmar Ratio Rank: 72
IIM Martin Ratio Rank: 77

MYI

MYI Risk / Return Rank: 22
MYI Sharpe Ratio Rank: 22
MYI Sortino Ratio Rank: 24
MYI Omega Ratio Rank: 23
MYI Calmar Ratio Rank: 18
MYI Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IIM vs. MYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Municipal Income Trust (IIM) and BlackRock MuniYield Quality Fund III (MYI). 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	MYI	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.20	+0.28
Sortino ratio: Return per unit of downside risk	2.15	1.83	+0.32
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	1.70	1.36	+0.33
Martin ratio: Return relative to average drawdown	5.18	5.02	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIM vs. MYI - Sharpe Ratio Comparison

The current IIM Sharpe Ratio is 1.48, which is comparable to the MYI Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of IIM and MYI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IIM	MYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.20	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	-0.10	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.13	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.25	+0.17

Drawdowns

IIM vs. MYI - Drawdown Comparison

The maximum IIM drawdown since its inception was -40.17%, smaller than the maximum MYI drawdown of -43.90%. Use the drawdown chart below to compare losses from any high point for IIM and MYI.

Drawdown Indicators

	IIM	MYI	Difference
Max Drawdown Largest peak-to-trough decline	-40.17%	-43.90%	+3.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-7.58%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-15.07%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-31.84%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-31.84%	-3.91%
Current Drawdown Current decline from peak	-4.03%	-8.29%	+4.26%
Average Drawdown Average peak-to-trough decline	-7.36%	-9.39%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.06%	+0.95%

Volatility

IIM vs. MYI - Volatility Comparison

The current volatility for Invesco Value Municipal Income Trust (IIM) is 2.55%, while BlackRock MuniYield Quality Fund III (MYI) has a volatility of 3.01%. This indicates that IIM experiences smaller price fluctuations and is considered to be less risky than MYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIM	MYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.01%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	6.85%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	8.64%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	10.96%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.84%	11.37%	+1.47%

Dividends

IIM vs. MYI - Dividend Comparison

IIM's dividend yield for the trailing twelve months is around 7.42%, more than MYI's 6.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIM Invesco Value Municipal Income Trust	7.42%	7.51%	6.58%	4.72%	5.87%	4.51%	4.48%	4.61%	5.43%	4.99%	5.52%	5.20%
MYI BlackRock MuniYield Quality Fund III	6.18%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%

Frequently Asked Questions

Can I hold both IIM and MYI in my portfolio?

IIM and MYI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIM or MYI?

MYI has higher volatility (3.01%) compared to IIM (2.55%). In terms of maximum drawdown, IIM dropped -40.17% vs MYI's -43.90%.

Which has better risk-adjusted returns?

IIM currently has the higher Sharpe Ratio (1.48 vs 1.20), 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.