Invesco California Municipal Fund (OPCAX)

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Invesco California Municipal Fund (OPCAX) is up 1.5% since the beginning of the year. OPCAX is currently trading at $8 per share. Investors who bought $1,000 worth of OPCAX shares 5 years ago would now be looking at an investment worth $1,019.

Invesco California Municipal Fund (OPCAX) has returned 1.45% so far this year and 6.79% over the past 12 months. Over the last ten years, OPCAX has returned 3.03% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.

Based on dividend-adjusted daily data since Nov 1, 1988, OPCAX's average daily return is +0.02%, while the average monthly return is +0.41%. At this rate, an investment would double in approximately 14.1 years.

Historically, 65% of months were positive and 35% were negative. The best month was Sep 2009 with a return of +12.8%, while the worst month was Oct 2008 at -15.7%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.

On a daily basis, OPCAX closed higher 38% of trading days. The best single day was Mar 25, 2020 with a return of +4.6%, while the worst single day was Oct 10, 2008 at -5.0%.

Invesco California Municipal Fund has an annualized alpha of 4.81%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since November 02, 1988.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (20.07%) than losses (8.69%) - typical of diversified or defensive assets.
• Beta of 0.01 may look defensive, but with R2 of 0.00 this fund 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 fund's risk.
• R2 of 0.00 means this fund 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.

OPCAX has an expense ratio of 0.75%, placing it in the medium range.

OPCAX ranks 38 for risk / return — below 38% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and compare them to S&P 500 Index.

Invesco California Municipal Fund provided a 2.77% dividend yield over the last twelve months, with an annual payout of $0.22 per share. The fund has been increasing its distributions for 3 consecutive years.

The table displays the monthly dividend distributions for Invesco California Municipal Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the Invesco California Municipal Fund. 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 California Municipal Fund was 47.36%, occurring on Dec 17, 2008. Recovery took 840 trading sessions.

The chart below shows the rolling one-month volatility.