AMHIX vs. ORNAX
Compare and contrast key facts about American High-Income Municipal Bond Fund (AMHIX) and Invesco Rochester Municipal Opportunities Fund (ORNAX).
AMHIX is managed by American Funds. It was launched on Sep 25, 1994. ORNAX is managed by Invesco. It was launched on Sep 30, 1993.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: AMHIX or ORNAX.
Key characteristics
| AMHIX | ORNAX | |
|---|---|---|
| YTD Return | 6.59% | 4.58% |
| 1Y Return | 16.93% | 17.75% |
| 3Y Return (Ann) | 0.91% | -0.02% |
| 5Y Return (Ann) | 2.53% | 2.26% |
| 10Y Return (Ann) | 3.78% | 5.22% |
| Sharpe Ratio | 4.35 | 3.59 |
| Sortino Ratio | 7.90 | 6.50 |
| Omega Ratio | 2.19 | 1.92 |
| Calmar Ratio | 1.23 | 1.01 |
| Martin Ratio | 27.35 | 22.90 |
| Ulcer Index | 0.62% | 0.78% |
| Daily Std Dev | 3.90% | 5.01% |
| Max Drawdown | -21.73% | -55.48% |
| Current Drawdown | -1.21% | -2.52% |
Correlation
The correlation between AMHIX and ORNAX is 0.71, 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.
Performance
AMHIX vs. ORNAX - Performance Comparison
In the year-to-date period, AMHIX achieves a 6.59% return, which is significantly higher than ORNAX's 4.58% return. Over the past 10 years, AMHIX has underperformed ORNAX with an annualized return of 3.78%, while ORNAX has yielded a comparatively higher 5.22% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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AMHIX vs. ORNAX - Expense Ratio Comparison
AMHIX has a 0.63% expense ratio, which is lower than ORNAX's 0.72% expense ratio.
Risk-Adjusted Performance
AMHIX vs. ORNAX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund (AMHIX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). 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
AMHIX vs. ORNAX - Dividend Comparison
AMHIX's dividend yield for the trailing twelve months is around 3.45%, less than ORNAX's 5.10% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.45% | 3.46% | 3.39% | 3.45% | 4.22% | 3.20% | 3.67% | 3.70% | 3.89% | 4.01% | 4.20% | 4.55% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 5.10% | 4.98% | 4.84% | 4.27% | 4.83% | 4.24% | 4.80% | 5.78% | 6.56% | 6.67% | 7.51% | 8.06% |
Drawdowns
AMHIX vs. ORNAX - Drawdown Comparison
The maximum AMHIX drawdown since its inception was -21.73%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for AMHIX and ORNAX. For additional features, visit the drawdowns tool.
Volatility
AMHIX vs. ORNAX - Volatility Comparison
The current volatility for American High-Income Municipal Bond Fund (AMHIX) is 0.85%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 1.10%. This indicates that AMHIX experiences smaller price fluctuations and is considered to be less risky than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.