Market Performance of VCV Outpaces Broader Indices Over Past Year Invesco California Value Municipal Income Trust (VCV) has delivered a 10% return over the last year, outstripping the SPY ETF’s 6.6% gain. However, recent volatility saw VCV underperform in the last two weeks, dropping 9.8% compared to SPY’s 1.9% decline, reflecting sector-wide municipal bond challenges.34