VKQ vs. MUB
VKQ (Invesco Municipal Trust) is a stock, while MUB (iShares National AMT-Free Muni Bond ETF) is Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, VKQ returned 2.45%/yr vs 1.90%/yr for MUB. At a 0.34 correlation, their price movements are largely independent.
Performance
VKQ vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, VKQ achieves a 6.84% return, which is significantly higher than MUB's 1.48% return. Over the past 10 years, VKQ has outperformed MUB with an annualized return of 2.45%, while MUB has yielded a comparatively lower 1.90% annualized return.
VKQ
- 1D
- 0.20%
- 1M
- 4.21%
- YTD
- 6.84%
- 6M
- 7.39%
- 1Y
- 17.89%
- 3Y*
- 8.92%
- 5Y*
- -0.41%
- 10Y*
- 2.45%
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
VKQ vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VKQ Invesco Municipal Trust | 6.84% | 6.47% | 9.70% | 0.87% | -22.25% | 9.82% | 8.91% | 16.66% | -5.65% | 7.97% |
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between VKQ and MUB is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.34 |
The correlation between VKQ and MUB shifts across timeframes, from 0.34 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VKQ vs. MUB — Risk / Return Rank
VKQ
MUB
VKQ vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Trust (VKQ) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.46 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 2.31 | +1.02 |
| Martin ratioReturn relative to average drawdown | 12.60 | 8.02 | +4.59 |
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Drawdowns
VKQ vs. MUB - Drawdown Comparison
The maximum VKQ drawdown since its inception was -51.05%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for VKQ and MUB.
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Drawdown Indicators
| VKQ | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.05% | -13.68% | -37.37% |
Max Drawdown (1Y)Largest decline over 1 year | -5.41% | -2.79% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -5.34% | -11.15% |
Max Drawdown (5Y)Largest decline over 5 years | -37.29% | -11.88% | -25.41% |
Max Drawdown (10Y)Largest decline over 10 years | -37.29% | -13.68% | -23.61% |
Current DrawdownCurrent decline from peak | -5.47% | -0.47% | -5.00% |
Average DrawdownAverage peak-to-trough decline | -10.53% | -2.23% | -8.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 0.80% | +0.62% |
Volatility
VKQ vs. MUB - Volatility Comparison
Invesco Municipal Trust (VKQ) has a higher volatility of 2.40% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.77%. This indicates that VKQ's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VKQ | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 0.77% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 2.27% | +4.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.45% | 2.88% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.67% | 4.07% | +7.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.80% | 4.92% | +7.88% |
Dividends
VKQ vs. MUB - Dividend Comparison
VKQ's dividend yield for the trailing twelve months is around 7.60%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
VKQ Invesco Municipal Trust | 7.60% | 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 MUB have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VKQ has higher volatility (2.40%) compared to MUB (0.77%). In terms of maximum drawdown, VKQ dropped -51.05% vs MUB's -13.68%.
MUB currently has the higher Sharpe Ratio (2.23 vs 2.13), 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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