Invesco Value Municipal Income (IIM) vs Nuveen Churchill Direct Lending (NCDL)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Invesco Value Municipal Income (IIM) has outperformed Nuveen Churchill Direct Lending (NCDL) over the past year, losing 14.8% versus a loss of 20.3%. Nuveen Churchill Direct Lending is the larger company by market cap ($535.4 million vs $513.4 million), about 1.0 times the size. On valuation, Nuveen Churchill Direct Lending trades at a lower trailing P/E (11.4x vs 27.2x for Invesco Value Municipal Income).
Invesco Value Municipal Income pays a dividend yielding 8.49%, while Nuveen Churchill Direct Lending does not currently pay one.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | IIM | NCDL |
|---|---|---|
| Share price | $10.90 | $10.84 |
| Market cap | $513.41M | $535.36M |
| 1-day change | +1.30% | -0.46% |
| YTD return | -12.66% | -18.37% |
| 1-year return | -14.81% | -20.28% |
| 5-year return | -33.04% | — |
| P/E ratio (TTM) | 27.25 | 11.41 |
| Forward P/E | — | 7.06 |
| EPS (TTM) | $0.40 | $0.95 |
| Dividend yield | 8.49% | 13.96% |
| Annual dividend | $0.925 | $0.00 |
| 52-week high | $13.17 | $15.07 |
| 52-week low | $10.27 | $10.54 |
| Distance from 52-week high | -17.24% | -28.07% |
| Analyst consensus | none | none |
| Avg. price target upside | — | +26.38% |
| Average volume | 148.39K | 199.96K |
| Shares outstanding | 47.10M | 49.39M |
| Sector | Finance | Financial Services |
| Industry | Investment Managers | Asset Management |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Invesco Value Municipal Income trades at a higher earnings multiple (27.2x vs 11.4x trailing P/E).
- Nuveen Churchill Direct Lending offers a meaningfully higher dividend yield (13.96% vs 8.49%).
- The two companies sit in different sectors: Invesco Value Municipal Income in Finance and Nuveen Churchill Direct Lending in Financial Services.
About Invesco Value Municipal Income
IIM stock →Invesco Value Municipal Income Trust is a closed-ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc.
Finance · Investment Managers
About Nuveen Churchill Direct Lending
NCDL stock →Nuveen Churchill Direct Lending Corp. (the Company) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations.
Financial Services · Asset Management
IIM vs NCDL FAQ
Which is bigger, Invesco Value Municipal Income or Nuveen Churchill Direct Lending?
Nuveen Churchill Direct Lending (NCDL) is larger, with a market capitalization of $535.36M compared with $513.41M for Invesco Value Municipal Income (IIM).
Which stock has performed better over the past year, IIM or NCDL?
IIM returned -14.81% over the past 12 months, compared with -20.28% for NCDL (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, IIM or NCDL?
NCDL has the lower trailing P/E at 11.4, versus 27.2 for IIM. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Invesco Value Municipal Income or Nuveen Churchill Direct Lending?
Nuveen Churchill Direct Lending has the higher yield at 13.96%, compared with 8.49% for Invesco Value Municipal Income.
Are Invesco Value Municipal Income and Nuveen Churchill Direct Lending in the same industry?
No. Invesco Value Municipal Income is in the Finance sector, while Nuveen Churchill Direct Lending is in Financial Services.