In recent years, Multimodal Large Language Models (MLLMs) have achieved remarkable progress on a wide range of multimodal benchmarks. Despite these advances, most existing benchmarks mainly focus on single-image or multi-image comprehension. In real-world scenarios such as document reading, information is often presented as interleaved multimodel contexts. This requires MLLMs not only to recognize the content of individual images, but also to identify relevant textual and visual evidence, establish fine-grained alignments between them, and reason over these aligned signals in interleaved contexts based on contextual evidence. However, there is still a lack of systematic benchmarks for quantifying the fine-grained understanding ability of MLLMs in interleaved image-text contexts. To fill this gap, we propose COHERENCE, a benchmark designed to evaluate the ability of MLLMs to recover fine-grained image-text correspondences in interleaved multimodal contexts. COHERENCE covers interleaved image-text content from four representative domains and contains 6,161 high-quality questions. Moreover, we perform a six-type error analysis, enabling fine-grained attribution of failures in interleaved image-text understanding to the specific capabilities missing in current MLLMs.