ACTHX vs. RWMIX
ACTHX (Invesco High Yield Municipal Fund) and RWMIX (Redwood Managed Municipal Income Fund) are both High Yield Muni funds. Over the past 5 years, ACTHX returned 0.63%/yr vs -1.17%/yr for RWMIX. A 0.58 correlation means they provide meaningful diversification when combined. ACTHX charges 1.39%/yr vs 1.00%/yr for RWMIX.
Performance
ACTHX vs. RWMIX - 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 RWMIX's 0.06% 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%
RWMIX
- 1D
- 0.00%
- 1M
- 0.71%
- YTD
- 0.06%
- 6M
- 0.29%
- 1Y
- 2.79%
- 3Y*
- 1.37%
- 5Y*
- -1.17%
- 10Y*
- —
ACTHX vs. RWMIX - 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% | 3.38% |
RWMIX Redwood Managed Municipal Income Fund | 0.06% | -2.18% | 2.69% | 3.77% | -9.56% | 4.28% | 0.13% | 10.09% | 0.30% | 3.08% |
Correlation
The correlation between ACTHX and RWMIX is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017 | 0.58 |
The correlation between ACTHX and RWMIX has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
ACTHX vs. RWMIX — Risk / Return Rank
ACTHX
RWMIX
ACTHX vs. RWMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and Redwood Managed Municipal Income Fund (RWMIX). 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 | RWMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.36 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 1.08 | +1.63 |
| Martin ratioReturn relative to average drawdown | 8.84 | 2.72 | +6.12 |
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Drawdowns
ACTHX vs. RWMIX - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, which is greater than RWMIX's maximum drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for ACTHX and RWMIX.
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Drawdown Indicators
| ACTHX | RWMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.29% | -12.90% | -14.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.67% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -10.13% | -8.09% | -2.04% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -12.90% | -6.93% |
Max Drawdown (10Y)Largest decline over 10 years | -19.83% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.06% | +7.06% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.71% | +1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 1.06% | -0.15% |
Volatility
ACTHX vs. RWMIX - Volatility Comparison
Invesco High Yield Municipal Fund (ACTHX) has a higher volatility of 1.00% compared to Redwood Managed Municipal Income Fund (RWMIX) at 0.49%. This indicates that ACTHX's price experiences larger fluctuations and is considered to be riskier than RWMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACTHX | RWMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.49% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 1.68% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 2.02% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 3.93% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.39% | 3.51% | +1.88% |
ACTHX vs. RWMIX - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is higher than RWMIX's 1.00% expense ratio.
Dividends
ACTHX vs. RWMIX - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.32%, more than RWMIX's 3.57% 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% |
RWMIX Redwood Managed Municipal Income Fund | 3.57% | 2.67% | 4.08% | 2.80% | 1.02% | 6.80% | 2.16% | 3.36% | 2.13% | 2.06% | 0.00% | 0.00% |
Frequently Asked Questions
ACTHX and RWMIX have a correlation of 0.57, 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 RWMIX (0.49%). In terms of maximum drawdown, ACTHX dropped -27.29% vs RWMIX's -12.90%.
ACTHX currently has the higher Sharpe Ratio (2.14 vs 1.44), 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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