- Issuer
- Invesco
- Inception Date
- Dec 9, 2022
- Region
- North America (United States)
- Category
- High Yield Muni
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $124M
Share Price Chart
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Performance
IROC Performance Chart
Invesco Rochester High Yield Municipal ETF (IROC) is up 2.9% since the beginning of the year. IROC is currently trading at $51 per share.
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Returns By Period
Invesco Rochester High Yield Municipal ETF (IROC) has returned 2.86% so far this year and 7.23% over the past 12 months.
Invesco Rochester High Yield Municipal ETF
- 1D
- -0.17%
- 1M
- 0.68%
- YTD
- 2.86%
- 6M
- 3.35%
- 1Y
- 7.23%
- 3Y*
- 5.21%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 24.32%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
IROC Monthly Returns History
Based on dividend-adjusted daily data since Dec 9, 2022, IROC's average daily return is +0.02%, while the average monthly return is +0.39%. At this rate, an investment would double in approximately 14.8 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2023 with a return of +4.9%, while the worst month was Sep 2023 at -2.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, IROC closed higher 55% of trading days. The best single day was Nov 3, 2023 with a return of +0.8%, while the worst single day was Apr 7, 2025 at -1.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.54% | 1.86% | -1.71% | 1.03% | 1.04% | 0.10% | 2.86% | ||||||
| 2025 | 0.56% | 1.12% | -0.97% | -0.77% | -0.08% | 0.71% | -1.10% | 0.88% | 2.40% | 0.79% | 0.44% | 0.12% | 4.13% |
| 2024 | 0.66% | 0.53% | 0.55% | -0.57% | 0.27% | 1.03% | 0.96% | 0.41% | 0.75% | -0.41% | 0.95% | -0.52% | 4.69% |
| 2023 | 2.51% | -2.11% | 1.37% | 0.35% | -0.33% | 0.98% | 0.27% | -0.73% | -2.13% | -1.59% | 4.91% | 2.56% | 5.97% |
| 2022 | -0.88% | -0.88% |
Benchmark Metrics
Invesco Rochester High Yield Municipal ETF has an annualized alpha of 4.18%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since December 12, 2022.
- This ETF participated in 26.88% of S&P 500 Index downside but only 21.28% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 may look defensive, but with R2 of 0.02 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.02 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.18%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 21.28%
- Downside Capture
- 26.88%
Expense Ratio
IROC has an expense ratio of 0.39%, placing it in the medium range.
Return for Risk
Risk / Return Rank
IROC ranks 76 for risk / return — better than 76% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco Rochester High Yield Municipal ETF (IROC) and compare them to S&P 500 Index.
| IROC | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.36 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.69 | +0.06 |
| Martin ratioReturn relative to average drawdown | 9.87 | 12.34 | -2.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Invesco Rochester High Yield Municipal ETF provided a 5.11% dividend yield over the last twelve months, with an annual payout of $2.61 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $2.61 | $2.43 | $2.08 | $1.87 |
Dividend yield | 5.11% | 4.79% | 4.08% | 3.68% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco Rochester High Yield Municipal ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.00 | $1.09 | ||||||
| 2025 | $0.17 | $0.17 | $0.19 | $0.19 | $0.19 | $0.21 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $2.43 |
| 2024 | $0.18 | $0.18 | $0.18 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $2.08 |
| 2023 | $0.17 | $0.00 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.16 | $0.18 | $1.87 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco Rochester High Yield Municipal ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco Rochester High Yield Municipal ETF was 4.79%, occurring on Oct 25, 2023. Recovery took 24 trading sessions.
The current Invesco Rochester High Yield Municipal ETF drawdown is 0.17%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -4.79%Oct 2023 | 3mo | 1mo 5d | 4mo 5dJul 2023 - Nov 2023 |
2025 selloff2025 | -3.52%Apr 2025 | 1mo 8d | 5mo | 6mo 8dMar 2025 - Sep 2025 |
2023 pullback2023 | -2.93%Mar 2023 | 27d | 4mo 13d | 5mo 10dFeb 2023 - Jul 2023 |
2026 pullback2026 | -2.64%Mar 2026 | 26d | 2mo 6d | 3mo 2dFeb 2026 - May 2026 |
2024 pullback2024 | -1.47%Nov 2024 | 1mo 4d | 23d | 1mo 27dOct 2024 - Nov 2024 |
Drawdown Indicators
| IROC | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.79% | -56.78% | +51.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -9.10% | +6.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | -18.90% | +14.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.17% | -2.97% | +2.80% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -10.72% | +9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.97% | -1.24% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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