VGM vs. GBAB

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Trust for Investment Grade Municipals (VGM) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB).

Performance

VGM vs. GBAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Trust for Investment Grade Municipals (VGM) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB). The values are adjusted to include any dividend payments, if applicable.

VGM vs. GBAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGM Invesco Trust for Investment Grade Municipals	-0.88%	11.03%	8.77%	2.99%	-24.15%	10.88%	7.97%	17.59%	-7.86%	9.51%
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	-0.30%	8.38%	2.86%	8.57%	-25.10%	-0.92%	14.69%	15.16%	3.50%	13.55%

Fundamentals

Market Cap VGM : $547.20M GBAB : $394.81M
EPS VGM : $0.41 GBAB : $2.69
PE Ratio VGM : 24.66 GBAB : 5.39
PEG Ratio VGM : 0.12 GBAB : 0.48
PS Ratio VGM : 7.74 GBAB : 10.02
PB Ratio VGM : 1.01 GBAB : 0.95
Total Revenue (TTM) VGM : $70.66M GBAB : $39.21M
Gross Profit (TTM) VGM : $37.16M GBAB : $20.27M
EBITDA (TTM) VGM : $10.31M GBAB : $108.83M

Returns By Period

In the year-to-date period, VGM achieves a -0.88% return, which is significantly lower than GBAB's -0.30% return. Over the past 10 years, VGM has underperformed GBAB with an annualized return of 2.34%, while GBAB has yielded a comparatively higher 3.13% annualized return.

VGM

• 1D: 2.23%
• 1M: -3.12%
• YTD: -0.88%
• 6M: 2.50%
• 1Y: 8.61%
• 3Y*: 7.20%
• 5Y*: -0.01%
• 10Y*: 2.34%

GBAB

• 1D: 0.07%
• 1M: -4.92%
• YTD: -0.30%
• 6M: -2.72%
• 1Y: 3.13%
• 3Y*: 4.26%
• 5Y*: -0.94%
• 10Y*: 3.13%

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

Return for Risk

VGM vs. GBAB — Risk / Return Rank

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

VGM

VGM Risk / Return Rank: 64
VGM Sharpe Ratio Rank: 69
VGM Sortino Ratio Rank: 59
VGM Omega Ratio Rank: 61
VGM Calmar Ratio Rank: 64
VGM Martin Ratio Rank: 68

GBAB

GBAB Risk / Return Rank: 46
GBAB Sharpe Ratio Rank: 50
GBAB Sortino Ratio Rank: 39
GBAB Omega Ratio Rank: 40
GBAB Calmar Ratio Rank: 50
GBAB Martin Ratio Rank: 53

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.

VGM vs. GBAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Trust for Investment Grade Municipals (VGM) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB). 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.

	VGM	GBAB	Difference
Sharpe ratio Return per unit of total volatility	0.82	0.24	+0.58
Sortino ratio Return per unit of downside risk	1.17	0.41	+0.76
Omega ratio Gain probability vs. loss probability	1.17	1.06	+0.11
Calmar ratio Return relative to maximum drawdown	1.13	0.35	+0.78
Martin ratio Return relative to average drawdown	3.25	1.18	+2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGM vs. GBAB - Sharpe Ratio Comparison

The current VGM Sharpe Ratio is 0.82, which is higher than the GBAB Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of VGM and GBAB, 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

	VGM	GBAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	0.24	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	-0.07	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.21	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.40	-0.11

Correlation

The correlation between VGM and GBAB is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VGM vs. GBAB - Dividend Comparison

VGM's dividend yield for the trailing twelve months is around 7.68%, less than GBAB's 10.40% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGM Invesco Trust for Investment Grade Municipals	7.68%	7.48%	6.35%	4.42%	5.67%	4.65%	4.65%	4.82%	5.97%	5.79%	6.50%	6.62%
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	10.40%	10.11%	9.93%	9.32%	9.22%	6.36%	5.92%	6.37%	6.88%	6.64%	7.51%	7.78%

Drawdowns

VGM vs. GBAB - Drawdown Comparison

The maximum VGM drawdown since its inception was -49.40%, which is greater than GBAB's maximum drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for VGM and GBAB.

Drawdown Indicators

	VGM	GBAB	Difference
Max Drawdown Largest peak-to-trough decline	-49.40%	-35.81%	-13.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-8.80%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-36.61%	-35.81%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-35.81%	-0.80%
Current Drawdown Current decline from peak	-7.57%	-13.69%	+6.12%
Average Drawdown Average peak-to-trough decline	-9.00%	-8.22%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.60%	+0.32%

Volatility

VGM vs. GBAB - Volatility Comparison

The current volatility for Invesco Trust for Investment Grade Municipals (VGM) is 5.53%, while Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB) has a volatility of 6.11%. This indicates that VGM experiences smaller price fluctuations and is considered to be less risky than GBAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGM	GBAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	6.11%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	8.37%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	12.91%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.29%	14.56%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.32%	15.07%	-2.75%

Financials