ACTHX vs. HYD
ACTHX (Invesco High Yield Municipal Fund) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both funds - ACTHX is a High Yield Muni fund managed by Invesco, while HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index. Over the past 10 years, ACTHX returned 2.66%/yr vs 1.90%/yr for HYD. At a 0.45 correlation, their price movements are largely independent. ACTHX charges 1.39%/yr vs 0.35%/yr for HYD.
Performance
ACTHX vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, ACTHX achieves a 2.88% return, which is significantly higher than HYD's 2.18% return. Over the past 10 years, ACTHX has outperformed HYD with an annualized return of 2.66%, while HYD has yielded a comparatively lower 1.90% annualized return.
ACTHX
- 1D
- 0.00%
- 1M
- 2.16%
- YTD
- 2.88%
- 6M
- 3.34%
- 1Y
- 7.88%
- 3Y*
- 4.49%
- 5Y*
- 0.63%
- 10Y*
- 2.66%
HYD
- 1D
- -0.15%
- 1M
- 1.39%
- YTD
- 2.18%
- 6M
- 2.28%
- 1Y
- 7.22%
- 3Y*
- 4.19%
- 5Y*
- -0.16%
- 10Y*
- 1.90%
ACTHX vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 2.88% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.18% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between ACTHX and HYD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.45 |
The correlation between ACTHX and HYD shifts across timeframes, from 0.45 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ACTHX vs. HYD — Risk / Return Rank
ACTHX
HYD
ACTHX vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and VanEck Vectors High-Yield Municipal Index ETF (HYD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ACTHX | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.38 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.26 | +0.45 |
| Martin ratioReturn relative to average drawdown | 8.84 | 7.78 | +1.07 |
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Drawdowns
ACTHX vs. HYD - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for ACTHX and HYD.
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Drawdown Indicators
| ACTHX | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.29% | -35.61% | +8.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.21% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -10.13% | -7.23% | -2.90% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -20.72% | +0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -19.83% | -35.61% | +15.78% |
Current DrawdownCurrent decline from peak | 0.00% | -1.98% | +1.98% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.32% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.93% | -0.02% |
Volatility
ACTHX vs. HYD - Volatility Comparison
Invesco High Yield Municipal Fund (ACTHX) and VanEck Vectors High-Yield Municipal Index ETF (HYD) have volatilities of 1.00% and 0.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACTHX | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.96% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 3.04% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 3.98% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 6.46% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.39% | 12.61% | -7.22% |
ACTHX vs. HYD - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is higher than HYD's 0.35% expense ratio.
Dividends
ACTHX vs. HYD - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.32%, more than HYD's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.32% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Frequently Asked Questions
ACTHX and HYD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACTHX has higher volatility (1.00%) compared to HYD (0.96%). In terms of maximum drawdown, ACTHX dropped -27.29% vs HYD's -35.61%.
ACTHX currently has the higher Sharpe Ratio (2.14 vs 1.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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