NVG vs. IIM

Last updated Jun 4, 2026

NVG (Nuveen AMT-Free Municipal Credit Income Fund) and IIM (Invesco Value Municipal Income Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, NVG returned 3.56%/yr vs 2.07%/yr for IIM. At a 0.45 correlation, their price movements are largely independent.

Performance

NVG vs. IIM - Performance Comparison

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

Returns By Period

In the year-to-date period, NVG achieves a 2.31% return, which is significantly lower than IIM's 4.12% return. Over the past 10 years, NVG has outperformed IIM with an annualized return of 3.56%, while IIM has yielded a comparatively lower 2.07% annualized return.

NVG

• 1D: -0.63%
• 1M: 2.09%
• YTD: 2.31%
• 6M: 2.78%
• 1Y: 14.65%
• 3Y*: 10.49%
• 5Y*: -0.65%
• 10Y*: 3.56%

IIM

• 1D: -0.40%
• 1M: 4.76%
• YTD: 4.12%
• 6M: 3.18%
• 1Y: 15.23%
• 3Y*: 9.60%
• 5Y*: 0.58%
• 10Y*: 2.07%

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

NVG vs. IIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.31%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%
IIM Invesco Value Municipal Income Trust	4.12%	11.88%	8.04%	2.05%	-25.41%	14.13%	7.07%	18.79%	-4.40%	7.05%

Correlation

The correlation between NVG and IIM is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Sep 13, 2002	0.45

The correlation between NVG and IIM shifts across timeframes, from 0.45 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NVG : $2.68B IIM : $585.61M
EPS NVG : $2.87 IIM : $0.85
PE Ratio NVG : 4.38 IIM : 14.63
PEG Ratio NVG : 0.01 IIM : 0.08
PS Ratio NVG : 6.06 IIM : 8.02
PB Ratio NVG : 0.97 IIM : 0.98
Total Revenue (TTM) NVG : $442.39M IIM : $73.01M
Gross Profit (TTM) NVG : $398.18M IIM : $54.83M
EBITDA (TTM) NVG : $645.87M IIM : $51.93M

Return for Risk

NVG vs. IIM — Risk / Return Rank

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

NVG

NVG Risk / Return Rank: 74
NVG Sharpe Ratio Rank: 80
NVG Sortino Ratio Rank: 76
NVG Omega Ratio Rank: 76
NVG Calmar Ratio Rank: 67
NVG Martin Ratio Rank: 73

IIM

IIM Risk / Return Rank: 76
IIM Sharpe Ratio Rank: 81
IIM Sortino Ratio Rank: 77
IIM Omega Ratio Rank: 76
IIM Calmar Ratio Rank: 70
IIM Martin Ratio Rank: 75

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.

NVG vs. IIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Invesco Value Municipal Income Trust (IIM). 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.

	NVG	IIM	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.45	-0.04
Sortino ratio Return per unit of downside risk	2.10	2.12	-0.02
Omega ratio Gain probability vs. loss probability	1.28	1.27	0.00
Calmar ratio Return relative to maximum drawdown	1.41	1.66	-0.26
Martin ratio Return relative to average drawdown	4.64	5.12	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVG vs. IIM - Sharpe Ratio Comparison

The current NVG Sharpe Ratio is 1.42, which is comparable to the IIM Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of NVG and IIM, 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

	NVG	IIM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.45	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.05	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.16	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.41	-0.02

Drawdowns

NVG vs. IIM - Drawdown Comparison

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

Drawdown Indicators

	NVG	IIM	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-40.17%	-1.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-9.19%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.22%	-16.20%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-40.58%	-35.75%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	-40.58%	-35.75%	-4.83%
Current Drawdown Current decline from peak	-7.76%	-4.19%	-3.57%
Average Drawdown Average peak-to-trough decline	-7.92%	-7.36%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.98%	+0.19%

Volatility

NVG vs. IIM - Volatility Comparison

Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a higher volatility of 3.61% compared to Invesco Value Municipal Income Trust (IIM) at 2.80%. This indicates that NVG's price experiences larger fluctuations and is considered to be riskier than IIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVG	IIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	2.80%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	8.68%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	10.54%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	12.46%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.89%	12.83%	+0.06%

Dividends

NVG vs. IIM - Dividend Comparison

NVG's dividend yield for the trailing twelve months is around 7.55%, more than IIM's 7.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIM Invesco Value Municipal Income Trust	7.44%	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	7.55%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%

Financials

Frequently Asked Questions

Can I hold both NVG and IIM in my portfolio?

NVG and IIM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVG or IIM?

NVG has higher volatility (3.61%) compared to IIM (2.80%). In terms of maximum drawdown, NVG dropped -41.72% vs IIM's -40.17%.

Which has better risk-adjusted returns?

IIM currently has the higher Sharpe Ratio (1.45 vs 1.42), 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.