VGM vs. VKQ

Last updated Jun 4, 2026

VGM (Invesco Trust for Investment Grade Municipals) and VKQ (Invesco Municipal Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, VGM returned 1.99%/yr vs 2.27%/yr for VKQ. At a 0.48 correlation, their price movements are largely independent.

Performance

VGM vs. VKQ - Performance Comparison

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

Returns By Period

In the year-to-date period, VGM achieves a 0.07% return, which is significantly lower than VKQ's 4.02% return. Over the past 10 years, VGM has underperformed VKQ with an annualized return of 1.99%, while VKQ has yielded a comparatively higher 2.27% annualized return.

VGM

• 1D: -1.08%
• 1M: 0.63%
• YTD: 0.07%
• 6M: 1.38%
• 1Y: 13.50%
• 3Y*: 8.27%
• 5Y*: -0.64%
• 10Y*: 1.99%

VKQ

• 1D: -0.51%
• 1M: 2.55%
• YTD: 4.02%
• 6M: 5.35%
• 1Y: 14.31%
• 3Y*: 8.25%
• 5Y*: -0.88%
• 10Y*: 2.27%

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

VGM vs. VKQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGM Invesco Trust for Investment Grade Municipals	0.07%	11.03%	8.77%	2.99%	-24.15%	10.88%	7.97%	17.59%	-7.86%	9.51%
VKQ Invesco Municipal Trust	4.02%	6.47%	9.70%	0.87%	-22.25%	9.82%	8.91%	16.66%	-5.65%	7.97%

Correlation

The correlation between VGM and VKQ is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 20, 1992	0.48

The correlation between VGM and VKQ shifts across timeframes, from 0.48 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap VGM : $545.57M VKQ : $537.86M
EPS VGM : $0.69 VKQ : $0.67
PE Ratio VGM : 14.62 VKQ : 14.54
PEG Ratio VGM : 0.15 VKQ : 0.13
PS Ratio VGM : 7.70 VKQ : 7.72
PB Ratio VGM : 0.95 VKQ : 0.94
Total Revenue (TTM) VGM : $70.86M VKQ : $69.70M
Gross Profit (TTM) VGM : $52.49M VKQ : $51.12M
EBITDA (TTM) VGM : $49.62M VKQ : $49.70M

Return for Risk

VGM vs. VKQ — Risk / Return Rank

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

VGM

VGM Risk / Return Rank: 76
VGM Sharpe Ratio Rank: 78
VGM Sortino Ratio Rank: 74
VGM Omega Ratio Rank: 75
VGM Calmar Ratio Rank: 69
VGM Martin Ratio Rank: 81

VKQ

VKQ Risk / Return Rank: 83
VKQ Sharpe Ratio Rank: 84
VKQ Sortino Ratio Rank: 84
VKQ Omega Ratio Rank: 81
VKQ Calmar Ratio Rank: 79
VKQ Martin Ratio Rank: 87

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. VKQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Trust for Investment Grade Municipals (VGM) and Invesco Municipal Trust (VKQ). 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	VKQ	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.73	-0.41
Sortino ratio Return per unit of downside risk	1.95	2.60	-0.66
Omega ratio Gain probability vs. loss probability	1.27	1.32	-0.06
Calmar ratio Return relative to maximum drawdown	1.61	2.66	-1.05
Martin ratio Return relative to average drawdown	7.35	10.07	-2.72
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. VKQ - Sharpe Ratio Comparison

The current VGM Sharpe Ratio is 1.32, which is comparable to the VKQ Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of VGM and VKQ, 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

	VGM	VKQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.73	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	-0.08	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.18	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.25	+0.04

Drawdowns

VGM vs. VKQ - Drawdown Comparison

The maximum VGM drawdown since its inception was -49.40%, roughly equal to the maximum VKQ drawdown of -51.05%. Use the drawdown chart below to compare losses from any high point for VGM and VKQ.

Drawdown Indicators

	VGM	VKQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.40%	-51.05%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-5.41%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.65%	-16.49%	+0.84%
Max Drawdown (5Y) Largest decline over 5 years	-36.61%	-37.29%	+0.68%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-37.29%	+0.68%
Current Drawdown Current decline from peak	-6.68%	-7.96%	+1.28%
Average Drawdown Average peak-to-trough decline	-8.98%	-9.86%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.43%	+0.41%

Volatility

VGM vs. VKQ - Volatility Comparison

Invesco Trust for Investment Grade Municipals (VGM) has a higher volatility of 4.57% compared to Invesco Municipal Trust (VKQ) at 3.09%. This indicates that VGM's price experiences larger fluctuations and is considered to be riskier than VKQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGM	VKQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	3.09%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	6.12%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	8.37%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	11.64%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	12.78%	-0.37%

Dividends

VGM vs. VKQ - Dividend Comparison

VGM's dividend yield for the trailing twelve months is around 7.71%, which matches VKQ's 7.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGM Invesco Trust for Investment Grade Municipals	7.71%	7.48%	6.35%	4.42%	5.67%	4.65%	4.65%	4.82%	5.97%	5.79%	6.50%	6.62%
VKQ Invesco Municipal Trust	7.75%	7.81%	6.43%	4.60%	5.63%	4.71%	4.65%	4.96%	5.98%	5.78%	6.44%	6.39%

Financials

Frequently Asked Questions

Can I hold both VGM and VKQ in my portfolio?

VGM and VKQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGM or VKQ?

VGM has higher volatility (4.57%) compared to VKQ (3.09%). In terms of maximum drawdown, VGM dropped -49.40% vs VKQ's -51.05%.

Which has better risk-adjusted returns?

VKQ currently has the higher Sharpe Ratio (1.73 vs 1.32), 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.