VGM vs. MHF
VGM (Invesco Trust for Investment Grade Municipals) is a stock, while MHF (Western Asset Municipal High Income Fund Inc) is Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, VGM returned 2.26%/yr vs 2.52%/yr for MHF. At a 0.25 correlation, their price movements are largely independent.
Performance
VGM vs. MHF - Performance Comparison
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Returns By Period
In the year-to-date period, VGM achieves a 4.11% return, which is significantly higher than MHF's 2.56% return. Over the past 10 years, VGM has underperformed MHF with an annualized return of 2.26%, while MHF has yielded a comparatively higher 2.52% annualized return.
VGM
- 1D
- 0.29%
- 1M
- 4.04%
- YTD
- 4.11%
- 6M
- 5.33%
- 1Y
- 18.77%
- 3Y*
- 9.38%
- 5Y*
- 0.16%
- 10Y*
- 2.26%
MHF
- 1D
- -0.52%
- 1M
- -0.09%
- YTD
- 2.56%
- 6M
- 2.86%
- 1Y
- 5.93%
- 3Y*
- 7.94%
- 5Y*
- 0.93%
- 10Y*
- 2.52%
VGM vs. MHF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGM Invesco Trust for Investment Grade Municipals | 4.11% | 11.03% | 8.77% | 2.99% | -24.15% | 10.88% | 7.97% | 17.59% | -7.86% | 9.51% |
MHF Western Asset Municipal High Income Fund Inc | 2.56% | 7.18% | 11.99% | 4.53% | -17.68% | 10.42% | 3.00% | 13.93% | -2.27% | 7.54% |
Correlation
The correlation between VGM and MHF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 1992 | 0.25 |
The correlation between VGM and MHF shifts across timeframes, from 0.20 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGM vs. MHF — Risk / Return Rank
VGM
MHF
VGM vs. MHF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Trust for Investment Grade Municipals (VGM) and Western Asset Municipal High Income Fund Inc (MHF). 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.
| VGM | MHF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.10 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 0.60 | +1.64 |
| Martin ratioReturn relative to average drawdown | 9.95 | 0.98 | +8.98 |
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Drawdowns
VGM vs. MHF - Drawdown Comparison
The maximum VGM drawdown since its inception was -49.40%, which is greater than MHF's maximum drawdown of -29.95%. Use the drawdown chart below to compare losses from any high point for VGM and MHF.
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Drawdown Indicators
| VGM | MHF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.40% | -29.95% | -19.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.42% | -9.96% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -15.65% | -13.32% | -2.33% |
Max Drawdown (5Y)Largest decline over 5 years | -36.61% | -26.72% | -9.89% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -26.72% | -9.89% |
Current DrawdownCurrent decline from peak | -2.92% | -5.73% | +2.81% |
Average DrawdownAverage peak-to-trough decline | -8.99% | -6.34% | -2.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 6.07% | -4.18% |
Volatility
VGM vs. MHF - Volatility Comparison
Invesco Trust for Investment Grade Municipals (VGM) has a higher volatility of 3.27% compared to Western Asset Municipal High Income Fund Inc (MHF) at 2.46%. This indicates that VGM's price experiences larger fluctuations and is considered to be riskier than MHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGM | MHF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 2.46% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.11% | 6.69% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.45% | 13.93% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.60% | 13.87% | -2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 13.46% | -1.04% |
Dividends
VGM vs. MHF - Dividend Comparison
VGM's dividend yield for the trailing twelve months is around 7.45%, more than MHF's 5.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 5.96% | 5.93% | 5.65% | 3.78% | 3.72% | 3.23% | 3.75% | 4.02% | 4.42% | 4.14% | 4.53% | 4.45% |
VGM Invesco Trust for Investment Grade Municipals | 7.45% | 7.48% | 6.35% | 4.42% | 5.67% | 4.65% | 4.65% | 4.82% | 5.97% | 5.79% | 6.50% | 6.62% |
Frequently Asked Questions
VGM and MHF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGM has higher volatility (3.27%) compared to MHF (2.46%). In terms of maximum drawdown, VGM dropped -49.40% vs MHF's -29.95%.
VGM currently has the higher Sharpe Ratio (1.80 vs 0.43), 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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