IIM vs. NVG

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Value Municipal Income Trust (IIM) and Nuveen AMT-Free Municipal Credit Income Fund (NVG).

Performance

IIM vs. NVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Municipal Income Trust (IIM) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). The values are adjusted to include any dividend payments, if applicable.

IIM vs. NVG - 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%
NVG Nuveen AMT-Free Municipal Credit Income Fund	0.63%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%

Fundamentals

Market Cap IIM : $571.88M NVG : $2.67B
EPS IIM : $0.59 NVG : $2.87
PE Ratio IIM : 20.45 NVG : 4.36
PEG Ratio IIM : 0.08 NVG : 0.01
PS Ratio IIM : 7.87 NVG : 6.04
PB Ratio IIM : 1.01 NVG : 0.97
Total Revenue (TTM) IIM : $72.68M NVG : $442.39M
Gross Profit (TTM) IIM : $38.44M NVG : $398.18M
EBITDA (TTM) IIM : -$3.97M NVG : $645.87M

Returns By Period

In the year-to-date period, IIM achieves a 0.44% return, which is significantly lower than NVG's 0.63% return. Over the past 10 years, IIM has underperformed NVG with an annualized return of 1.99%, while NVG has yielded a comparatively higher 3.89% annualized return.

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%

NVG

• 1D: 1.46%
• 1M: -4.78%
• YTD: 0.63%
• 6M: 4.53%
• 1Y: 8.78%
• 3Y*: 8.96%
• 5Y*: -0.06%
• 10Y*: 3.89%

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

Return for Risk

IIM vs. NVG — Risk / Return Rank

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

IIM

IIM Risk / Return Rank: 64
IIM Sharpe Ratio Rank: 68
IIM Sortino Ratio Rank: 59
IIM Omega Ratio Rank: 59
IIM Calmar Ratio Rank: 63
IIM Martin Ratio Rank: 71

NVG

NVG Risk / Return Rank: 62
NVG Sharpe Ratio Rank: 67
NVG Sortino Ratio Rank: 57
NVG Omega Ratio Rank: 59
NVG Calmar Ratio Rank: 61
NVG Martin Ratio Rank: 66

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. NVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Municipal Income Trust (IIM) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). 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	NVG	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.76	+0.04
Sortino ratio Return per unit of downside risk	1.16	1.09	+0.07
Omega ratio Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio Return relative to maximum drawdown	1.04	0.87	+0.16
Martin ratio Return relative to average drawdown	3.92	2.85	+1.07
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. NVG - Sharpe Ratio Comparison

The current IIM Sharpe Ratio is 0.79, which is comparable to the NVG Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of IIM and NVG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IIM	NVG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.76	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	-0.01	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.30	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.39	+0.02

Correlation

The correlation between IIM and NVG is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IIM vs. NVG - Dividend Comparison

IIM's dividend yield for the trailing twelve months is around 7.61%, which matches NVG's 7.58% 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%
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.58%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%

Drawdowns

IIM vs. NVG - Drawdown Comparison

The maximum IIM drawdown since its inception was -40.17%, roughly equal to the maximum NVG drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for IIM and NVG.

Drawdown Indicators

	IIM	NVG	Difference
Max Drawdown Largest peak-to-trough decline	-40.17%	-41.72%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-10.44%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-40.58%	+4.83%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-40.58%	+4.83%
Current Drawdown Current decline from peak	-7.59%	-9.26%	+1.67%
Average Drawdown Average peak-to-trough decline	-7.37%	-7.92%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	3.20%	-0.77%

Volatility

IIM vs. NVG - Volatility Comparison

Invesco Value Municipal Income Trust (IIM) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) have volatilities of 5.43% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIM	NVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	5.39%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	7.51%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.34%	11.64%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.31%	12.90%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	12.80%	-0.01%

Financials