PMO vs. IIM
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 2.63%/yr vs 2.22%/yr for IIM. At a 0.32 correlation, their price movements are largely independent.
Performance
PMO vs. IIM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMO achieves a 2.11% return, which is significantly lower than IIM's 6.36% return. Over the past 10 years, PMO has outperformed IIM with an annualized return of 2.63%, while IIM has yielded a comparatively lower 2.22% annualized return.
PMO
- 1D
- 0.21%
- 1M
- 4.61%
- YTD
- 2.11%
- 6M
- 4.45%
- 1Y
- 13.97%
- 3Y*
- 5.89%
- 5Y*
- -0.76%
- 10Y*
- 2.63%
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%
PMO vs. IIM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMO Putnam Municipal Opportunities Trust | 2.11% | 10.45% | 3.15% | -1.31% | -20.32% | 10.08% | 9.38% | 23.13% | -4.05% | 8.89% |
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% |
Correlation
The correlation between PMO and IIM is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.32 |
Over the past year, PMO and IIM have become more correlated (0.60) than their long-term average of 0.32, meaning their price movements have been converging.
Fundamentals
PMO:
$292.35M
IIM:
$594.55M
PMO:
$3.11
IIM:
$0.85
PMO:
3.44
IIM:
14.85
PMO:
0.19
IIM:
0.08
PMO:
10.75
IIM:
8.14
PMO:
0.94
IIM:
1.00
PMO:
$27.18M
IIM:
$73.01M
PMO:
$18.84M
IIM:
$54.83M
PMO:
$86.11M
IIM:
$51.93M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PMO vs. IIM — Risk / Return Rank
PMO
IIM
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.
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.
| PMO | IIM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 1.92 | +0.03 |
| Martin ratioReturn relative to average drawdown | 6.28 | 5.80 | +0.49 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| PMO | IIM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -16.17% | -16.20% | +0.03% |
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 DrawdownCurrent decline from peak | -11.48% | -2.13% | -9.35% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -7.35% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 3.03% | -0.80% |
Volatility
PMO vs. IIM - Volatility Comparison
The current volatility for Putnam Municipal Opportunities Trust (PMO) is 1.67%, while Invesco Value Municipal Income Trust (IIM) has a volatility of 2.42%. This indicates that PMO experiences smaller price fluctuations and is considered to be less risky than IIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PMO | IIM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 2.42% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 8.79% | -2.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.57% | 10.65% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.03% | 12.48% | +2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.28% | 12.85% | +1.43% |
Dividends
PMO vs. IIM - Dividend Comparison
PMO's dividend yield for the trailing twelve months is around 4.54%, less than IIM's 7.33% 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% |
PMO Putnam Municipal Opportunities Trust | 4.54% | 4.25% | 4.15% | 4.64% | 5.87% | 4.42% | 4.65% | 4.85% | 5.55% | 5.26% | 5.89% | 5.81% |
Financials
PMO vs. IIM - Financials Comparison
This section allows you to compare key financial metrics between Putnam Municipal Opportunities Trust and Invesco Value 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
PMO and IIM have a correlation of 0.60, 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 PMO (1.67%). In terms of maximum drawdown, PMO dropped -36.46% vs IIM's -40.17%.
IIM currently has the higher Sharpe Ratio (1.66 vs 1.64), 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.
Find the right allocation for PMO and IIM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer