AITFX vs. NJTFX
AITFX (Invesco Limited Term Municipal Income Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, AITFX returned 2.09%/yr vs 2.39%/yr for NJTFX. A 0.79 correlation means they provide meaningful diversification when combined. AITFX charges 0.33%/yr vs 0.56%/yr for NJTFX.
Performance
AITFX vs. NJTFX - Performance Comparison
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Returns By Period
In the year-to-date period, AITFX achieves a 1.43% return, which is significantly lower than NJTFX's 2.11% return. Over the past 10 years, AITFX has underperformed NJTFX with an annualized return of 2.09%, while NJTFX has yielded a comparatively higher 2.39% annualized return.
AITFX
- 1D
- 0.09%
- 1M
- 0.67%
- YTD
- 1.43%
- 6M
- 1.83%
- 1Y
- 4.95%
- 3Y*
- 3.99%
- 5Y*
- 2.14%
- 10Y*
- 2.09%
NJTFX
- 1D
- 0.09%
- 1M
- 1.17%
- YTD
- 2.11%
- 6M
- 2.81%
- 1Y
- 9.10%
- 3Y*
- 4.80%
- 5Y*
- 1.57%
- 10Y*
- 2.39%
AITFX vs. NJTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 1.43% | 5.47% | 2.88% | 3.67% | -2.62% | 0.57% | 3.73% | 4.35% | 1.13% | 2.69% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 2.11% | 5.00% | 4.01% | 7.17% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Correlation
The correlation between AITFX and NJTFX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 1991 | 0.79 |
The correlation between AITFX and NJTFX shifts across timeframes, from 0.70 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AITFX vs. NJTFX — Risk / Return Rank
AITFX
NJTFX
AITFX vs. NJTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term Municipal Income Fund (AITFX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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.
| AITFX | NJTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 2.00 | 1.92 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 3.52 | -0.45 |
| Martin ratioReturn relative to average drawdown | 11.64 | 13.33 | -1.69 |
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Drawdowns
AITFX vs. NJTFX - Drawdown Comparison
The maximum AITFX drawdown since its inception was -7.17%, smaller than the maximum NJTFX drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for AITFX and NJTFX.
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Drawdown Indicators
| AITFX | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.17% | -15.19% | +8.02% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -2.59% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -2.63% | -5.69% | +3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -15.19% | +9.57% |
Max Drawdown (10Y)Largest decline over 10 years | -7.17% | -15.19% | +8.02% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -1.81% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.68% | -0.25% |
Volatility
AITFX vs. NJTFX - Volatility Comparison
The current volatility for Invesco Limited Term Municipal Income Fund (AITFX) is 0.49%, while T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) has a volatility of 0.71%. This indicates that AITFX experiences smaller price fluctuations and is considered to be less risky than NJTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AITFX | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.71% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 1.96% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 2.66% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 3.99% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.18% | 3.86% | -1.68% |
AITFX vs. NJTFX - Expense Ratio Comparison
AITFX has a 0.33% expense ratio, which is lower than NJTFX's 0.56% expense ratio.
Dividends
AITFX vs. NJTFX - Dividend Comparison
AITFX's dividend yield for the trailing twelve months is around 3.63%, less than NJTFX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 3.63% | 4.82% | 3.93% | 2.67% | 1.80% | 1.44% | 2.07% | 2.48% | 2.28% | 1.95% | 1.93% | 2.51% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 4.44% | 4.44% | 4.27% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
Frequently Asked Questions
AITFX and NJTFX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NJTFX has higher volatility (0.71%) compared to AITFX (0.49%). In terms of maximum drawdown, AITFX dropped -7.17% vs NJTFX's -15.19%.
NJTFX currently has the higher Sharpe Ratio (3.43 vs 3.04), 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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