IIM vs. PMM
IIM (Invesco Value Municipal Income Trust) and PMM (Putnam Managed Municipal Income Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, IIM returned 2.22%/yr vs 2.81%/yr for PMM. At a 0.28 correlation, their price movements are largely independent.
Performance
IIM vs. PMM - Performance Comparison
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Returns By Period
In the year-to-date period, IIM achieves a 6.36% return, which is significantly higher than PMM's 4.16% return. Over the past 10 years, IIM has underperformed PMM with an annualized return of 2.22%, while PMM has yielded a comparatively higher 2.81% annualized return.
IIM
- 1D
- 0.56%
- 1M
- 5.37%
- YTD
- 6.36%
- 6M
- 8.03%
- 1Y
- 17.54%
- 3Y*
- 9.76%
- 5Y*
- 0.80%
- 10Y*
- 2.22%
PMM
- 1D
- 0.68%
- 1M
- 3.79%
- YTD
- 4.16%
- 6M
- 6.19%
- 1Y
- 14.03%
- 3Y*
- 6.54%
- 5Y*
- -1.39%
- 10Y*
- 2.81%
IIM vs. PMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IIM Invesco Value Municipal Income Trust | 6.36% | 11.88% | 8.04% | 2.05% | -25.41% | 14.13% | 7.07% | 18.79% | -4.40% | 7.05% |
PMM Putnam Managed Municipal Income Trust | 4.16% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
Correlation
The correlation between IIM and PMM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.28 |
Over the past year, IIM and PMM have become more correlated (0.48) than their long-term average of 0.28, meaning their price movements have been converging.
Fundamentals
IIM:
$594.55M
PMM:
$272.96M
IIM:
$0.85
PMM:
$1.85
IIM:
14.85
PMM:
3.44
IIM:
0.08
PMM:
0.01
IIM:
8.14
PMM:
8.73
IIM:
1.00
PMM:
0.95
IIM:
$73.01M
PMM:
$31.28M
IIM:
$54.83M
PMM:
$67.33M
IIM:
$51.93M
PMM:
$61.51M
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Return for Risk
IIM vs. PMM — Risk / Return Rank
IIM
PMM
IIM vs. PMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Value Municipal Income Trust (IIM) and Putnam Managed Municipal Income Trust (PMM). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IIM | PMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.72 | +0.20 |
| Martin ratioReturn relative to average drawdown | 5.80 | 5.52 | +0.28 |
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Drawdowns
IIM vs. PMM - Drawdown Comparison
The maximum IIM drawdown since its inception was -40.17%, roughly equal to the maximum PMM drawdown of -38.66%. Use the drawdown chart below to compare losses from any high point for IIM and PMM.
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Drawdown Indicators
| IIM | PMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.17% | -38.66% | -1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -9.19% | -8.21% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.20% | -18.30% | +2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -37.72% | +1.97% |
Max Drawdown (10Y)Largest decline over 10 years | -35.75% | -37.72% | +1.97% |
Current DrawdownCurrent decline from peak | -2.13% | -9.73% | +7.60% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -11.05% | +3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 2.55% | +0.48% |
Volatility
IIM vs. PMM - Volatility Comparison
Invesco Value Municipal Income Trust (IIM) has a higher volatility of 2.42% compared to Putnam Managed Municipal Income Trust (PMM) at 1.85%. This indicates that IIM's price experiences larger fluctuations and is considered to be riskier than PMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IIM | PMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 1.85% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 8.79% | 7.84% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.65% | 10.48% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.48% | 16.98% | -4.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.85% | 16.10% | -3.25% |
Dividends
IIM vs. PMM - Dividend Comparison
IIM's dividend yield for the trailing twelve months is around 7.33%, more than PMM's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIM Invesco Value Municipal Income Trust | 7.33% | 7.51% | 6.58% | 4.72% | 5.87% | 4.51% | 4.48% | 4.61% | 5.43% | 4.99% | 5.52% | 5.20% |
PMM Putnam Managed Municipal Income Trust | 5.10% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
Financials
IIM vs. PMM - Financials Comparison
This section allows you to compare key financial metrics between Invesco Value Municipal Income Trust and Putnam Managed Municipal Income Trust. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
IIM and PMM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IIM has higher volatility (2.42%) compared to PMM (1.85%). In terms of maximum drawdown, IIM dropped -40.17% vs PMM's -38.66%.
IIM currently has the higher Sharpe Ratio (1.66 vs 1.34), 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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