ACTHX vs. TAFTX
Compare and contrast key facts about Invesco High Yield Municipal Fund (ACTHX) and American Funds Tax-Exempt Fund of California (TAFTX).
ACTHX is managed by Invesco. It was launched on Jan 1, 1986. TAFTX is managed by American Funds. It was launched on Oct 27, 1986.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: ACTHX or TAFTX.
Performance
ACTHX vs. TAFTX - Performance Comparison
Returns By Period
In the year-to-date period, ACTHX achieves a 5.53% return, which is significantly higher than TAFTX's 2.76% return. Over the past 10 years, ACTHX has outperformed TAFTX with an annualized return of 3.42%, while TAFTX has yielded a comparatively lower 2.23% annualized return.
ACTHX
5.53%
-0.26%
4.93%
11.67%
1.18%
3.42%
TAFTX
2.76%
-0.11%
3.09%
7.25%
0.96%
2.23%
Key characteristics
| ACTHX | TAFTX | |
|---|---|---|
| Sharpe Ratio | 2.39 | 2.24 |
| Sortino Ratio | 3.64 | 3.29 |
| Omega Ratio | 1.59 | 1.51 |
| Calmar Ratio | 0.83 | 0.92 |
| Martin Ratio | 11.63 | 9.47 |
| Ulcer Index | 1.03% | 0.79% |
| Daily Std Dev | 5.00% | 3.33% |
| Max Drawdown | -27.29% | -16.03% |
| Current Drawdown | -4.37% | -1.40% |
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ACTHX vs. TAFTX - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is higher than TAFTX's 0.57% expense ratio.
Correlation
The correlation between ACTHX and TAFTX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
ACTHX vs. TAFTX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and American Funds Tax-Exempt Fund of California (TAFTX). 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.
Dividends
ACTHX vs. TAFTX - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.13%, more than TAFTX's 2.84% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.13% | 5.06% | 4.73% | 3.95% | 4.30% | 4.32% | 4.75% | 4.72% | 5.17% | 4.99% | 5.21% | 5.91% |
TAFTX American Funds Tax-Exempt Fund of California | 2.84% | 2.67% | 2.42% | 2.01% | 2.27% | 2.65% | 2.93% | 2.95% | 3.13% | 3.32% | 3.43% | 3.84% |
Drawdowns
ACTHX vs. TAFTX - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, which is greater than TAFTX's maximum drawdown of -16.03%. Use the drawdown chart below to compare losses from any high point for ACTHX and TAFTX. For additional features, visit the drawdowns tool.
Volatility
ACTHX vs. TAFTX - Volatility Comparison
Invesco High Yield Municipal Fund (ACTHX) has a higher volatility of 2.30% compared to American Funds Tax-Exempt Fund of California (TAFTX) at 1.60%. This indicates that ACTHX's price experiences larger fluctuations and is considered to be riskier than TAFTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.