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Invesco Rochester Municipal Opportunities Fund (ORNAX) Sharpe Ratio: 1.63

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

Under normal market conditions, and as a fundamental policy, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It invests in municipal securities issued by the governments of states, their political subdivisions and the District of Columbia, U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities.

ORNAX's Sharpe Ratio of 1.63 indicates that for each unit of volatility, it generates 1.63 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 4, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

ORNAX Sharpe Ratio Rank

ORNAX Sharpe Ratio Rank: 32.332
Below Average

ORNAX ranks above 32.3% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

ORNAX Sharpe Ratio Market Positioning

The chart shows ORNAX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 1.42 or lower
  • Yellow zone (middle 50%): 1.42 to 2.51
  • Green zone (top 25%): 2.51 or higher
  • Top 1%: 4.67+
  • Median: 2.09 — half of all investments score higher

How it compares to other similar mutual funds

The table compares Invesco Rochester Municipal Opportunities Fund's Sharpe Ratio with other mutual funds in the High Yield Muni category across multiple time periods, showing how ORNAX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 4, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
PRFHXT. Rowe Price Tax Free High Yield Fund3.44
ISHYXInvesco Short Duration High Yield Municipal Fund2.89
SDHIXLord Abbett Short Duration High Income Municipal Bond Fund2.89
AMHIXAmerican High-Income Municipal Bond Fund2.77
HIMFXAmerican High-Income Municipal Bond Fund Class F-32.68
AHMFXAmerican High-Income Municipal Bond Fund Class F-22.65
FRHIXFranklin High Yield Tax Free Income Fund2.65
FHTFXFederated Hermes Municipal High Yield Advtg Fd2.57
EWHYXEaton Vance High Yield Municipal Income Fund Class W2.55
MISHXAB Municipal Income Shares2.52
ORNAXInvesco Rochester Municipal Opportunities Fund1.63

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows ORNAX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when ORNAX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

How does ORNAX fit in your portfolio?

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