PMO vs. IIM

Last updated Jun 3, 2026

PMO (Putnam Municipal Opportunities Trust) 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, PMO returned 2.47%/yr vs 2.12%/yr for IIM. At a 0.32 correlation, their price movements are largely independent.

Performance

PMO vs. IIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Municipal Opportunities Trust (PMO) 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, PMO achieves a -0.39% return, which is significantly lower than IIM's 4.54% return. Over the past 10 years, PMO has outperformed IIM with an annualized return of 2.47%, while IIM has yielded a comparatively lower 2.12% annualized return.

PMO

• 1D: 0.19%
• 1M: 1.65%
• YTD: -0.39%
• 6M: 3.07%
• 1Y: 11.80%
• 3Y*: 6.51%
• 5Y*: -1.23%
• 10Y*: 2.47%

IIM

• 1D: 0.00%
• 1M: 4.13%
• YTD: 4.54%
• 6M: 3.93%
• 1Y: 15.80%
• 3Y*: 9.74%
• 5Y*: 0.69%
• 10Y*: 2.12%

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

PMO vs. IIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMO Putnam Municipal Opportunities Trust	-0.39%	10.45%	3.15%	-1.31%	-20.32%	10.08%	9.38%	23.13%	-4.05%	8.89%
IIM Invesco Value Municipal Income Trust	4.54%	11.88%	8.04%	2.05%	-25.41%	14.13%	7.07%	18.79%	-4.40%	7.05%

Correlation

The correlation between PMO 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	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.32

Over the past year, PMO and IIM have become more correlated (0.59) than their long-term average of 0.32, meaning their price movements have been converging.

Fundamentals

Market Cap PMO : $286.60M IIM : $587.96M
EPS PMO : $3.11 IIM : $0.85
PE Ratio PMO : 3.37 IIM : 14.69
PEG Ratio PMO : 0.19 IIM : 0.08
PS Ratio PMO : 10.54 IIM : 8.05
PB Ratio PMO : 0.92 IIM : 0.99
Total Revenue (TTM) PMO : $27.18M IIM : $73.01M
Gross Profit (TTM) PMO : $18.84M IIM : $54.83M
EBITDA (TTM) PMO : $86.11M IIM : $51.93M

Return for Risk

PMO vs. IIM — Risk / Return Rank

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

PMO

PMO Risk / Return Rank: 75
PMO Sharpe Ratio Rank: 79
PMO Sortino Ratio Rank: 78
PMO Omega Ratio Rank: 75
PMO Calmar Ratio Rank: 69
PMO Martin Ratio Rank: 76

IIM

IIM Risk / Return Rank: 76
IIM Sharpe Ratio Rank: 81
IIM Sortino Ratio Rank: 78
IIM Omega Ratio Rank: 77
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.

PMO vs. IIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Municipal Opportunities Trust (PMO) 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.

	PMO	IIM	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.51	-0.12
Sortino ratio Return per unit of downside risk	2.21	2.19	+0.02
Omega ratio Gain probability vs. loss probability	1.27	1.28	-0.02
Calmar ratio Return relative to maximum drawdown	1.63	1.65	-0.02
Martin ratio Return relative to average drawdown	5.41	5.11	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMO vs. IIM - Sharpe Ratio Comparison

The current PMO Sharpe Ratio is 1.39, which is comparable to the IIM Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of PMO 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

	PMO	IIM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.51	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.06	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.17	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.41	-0.05

Drawdowns

PMO vs. IIM - Drawdown Comparison

The maximum PMO drawdown since its inception was -36.46%, smaller than the maximum IIM drawdown of -40.17%. Use the drawdown chart below to compare losses from any high point for PMO and IIM.

Drawdown Indicators

	PMO	IIM	Difference
Max Drawdown Largest peak-to-trough decline	-36.46%	-40.17%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-9.19%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-16.20%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-36.46%	-35.75%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	-36.46%	-35.75%	-0.71%
Current Drawdown Current decline from peak	-13.65%	-3.81%	-9.84%
Average Drawdown Average peak-to-trough decline	-7.94%	-7.36%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.97%	-0.80%

Volatility

PMO vs. IIM - Volatility Comparison

Putnam Municipal Opportunities Trust (PMO) and Invesco Value Municipal Income Trust (IIM) have volatilities of 2.87% and 3.00%, 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

	PMO	IIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.00%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	8.69%	-1.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	10.55%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	12.46%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.28%	12.84%	+1.44%

Dividends

PMO vs. IIM - Dividend Comparison

PMO's dividend yield for the trailing twelve months is around 4.51%, less than IIM's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIM Invesco Value Municipal Income Trust	7.41%	7.51%	6.58%	4.72%	5.87%	4.51%	4.48%	4.61%	5.43%	4.99%	5.52%	5.20%
PMO Putnam Municipal Opportunities Trust	4.51%	4.25%	4.15%	4.64%	5.87%	4.42%	4.65%	4.85%	5.55%	5.26%	5.89%	5.81%

Financials

Frequently Asked Questions

Can I hold both PMO and IIM in my portfolio?

PMO 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, PMO or IIM?

IIM has higher volatility (3.00%) compared to PMO (2.87%). In terms of maximum drawdown, PMO dropped -36.46% vs IIM's -40.17%.

Which has better risk-adjusted returns?

IIM currently has the higher Sharpe Ratio (1.51 vs 1.39), 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.