VKQ vs. FEHIX
VKQ (Invesco Municipal Trust) is a stock, while FEHIX (First Eagle High Income Fund) is High Yield Bonds fund managed by First Eagle. Over the past 10 years, VKQ returned 2.42%/yr vs 4.47%/yr for FEHIX. At a 0.20 correlation, their price movements are largely independent.
Performance
VKQ vs. FEHIX - Performance Comparison
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Returns By Period
In the year-to-date period, VKQ achieves a 6.62% return, which is significantly higher than FEHIX's 3.27% return. Over the past 10 years, VKQ has underperformed FEHIX with an annualized return of 2.42%, while FEHIX has yielded a comparatively higher 4.47% annualized return.
VKQ
- 1D
- -0.70%
- 1M
- 4.00%
- YTD
- 6.62%
- 6M
- 6.73%
- 1Y
- 17.91%
- 3Y*
- 8.85%
- 5Y*
- -0.38%
- 10Y*
- 2.42%
FEHIX
- 1D
- 0.12%
- 1M
- 2.94%
- YTD
- 3.27%
- 6M
- 4.07%
- 1Y
- 4.43%
- 3Y*
- 6.17%
- 5Y*
- 2.95%
- 10Y*
- 4.47%
VKQ vs. FEHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VKQ Invesco Municipal Trust | 6.62% | 6.47% | 9.70% | 0.87% | -22.25% | 9.82% | 8.91% | 16.66% | -5.65% | 7.97% |
FEHIX First Eagle High Income Fund | 3.27% | -0.69% | 11.47% | 8.46% | -8.46% | 3.50% | 7.33% | 8.61% | -0.40% | 4.62% |
Correlation
The correlation between VKQ and FEHIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007 | 0.20 |
Over the past year, VKQ and FEHIX have become more correlated (0.45) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
VKQ vs. FEHIX — Risk / Return Rank
VKQ
FEHIX
VKQ vs. FEHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Trust (VKQ) and First Eagle High Income Fund (FEHIX). 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.
| VKQ | FEHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.20 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 0.85 | +2.47 |
| Martin ratioReturn relative to average drawdown | 12.62 | 2.63 | +9.99 |
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Drawdowns
VKQ vs. FEHIX - Drawdown Comparison
The maximum VKQ drawdown since its inception was -51.05%, which is greater than FEHIX's maximum drawdown of -29.59%. Use the drawdown chart below to compare losses from any high point for VKQ and FEHIX.
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Drawdown Indicators
| VKQ | FEHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.05% | -29.59% | -21.46% |
Max Drawdown (1Y)Largest decline over 1 year | -5.41% | -5.22% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -9.09% | -7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -37.29% | -12.56% | -24.73% |
Max Drawdown (10Y)Largest decline over 10 years | -37.29% | -16.14% | -21.15% |
Current DrawdownCurrent decline from peak | -5.66% | -0.18% | -5.48% |
Average DrawdownAverage peak-to-trough decline | -10.53% | -4.14% | -6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 1.69% | -0.27% |
Volatility
VKQ vs. FEHIX - Volatility Comparison
Invesco Municipal Trust (VKQ) has a higher volatility of 2.44% compared to First Eagle High Income Fund (FEHIX) at 1.08%. This indicates that VKQ's price experiences larger fluctuations and is considered to be riskier than FEHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VKQ | FEHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 1.08% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 3.06% | +3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 4.85% | +3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.67% | 5.41% | +6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.80% | 4.97% | +7.83% |
Dividends
VKQ vs. FEHIX - Dividend Comparison
VKQ's dividend yield for the trailing twelve months is around 7.61%, more than FEHIX's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEHIX First Eagle High Income Fund | 6.11% | 5.92% | 5.17% | 4.40% | 5.00% | 3.87% | 4.32% | 4.40% | 5.56% | 5.22% | 6.09% | 7.53% |
VKQ Invesco Municipal Trust | 7.61% | 7.81% | 6.43% | 4.60% | 5.63% | 4.71% | 4.65% | 4.96% | 5.98% | 5.78% | 6.44% | 6.39% |
Frequently Asked Questions
VKQ and FEHIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VKQ has higher volatility (2.44%) compared to FEHIX (1.08%). In terms of maximum drawdown, VKQ dropped -51.05% vs FEHIX's -29.59%.
VKQ currently has the higher Sharpe Ratio (2.13 vs 0.92), 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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