FEHIX vs. ORNAX
FEHIX (First Eagle High Income Fund) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both mutual funds - FEHIX is a High Yield Bonds fund managed by First Eagle, while ORNAX is a High Yield Muni fund managed by Invesco. Over the past 10 years, FEHIX returned 4.06%/yr vs 3.66%/yr for ORNAX. Their 0.28 correlation means their historical movements had little consistent relationship. FEHIX charges 0.80%/yr vs 0.72%/yr for ORNAX.
Performance
FEHIX vs. ORNAX - Performance Comparison
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Returns By Period
In the year-to-date period, FEHIX achieves a 1.88% return, which is significantly higher than ORNAX's 0.59% return. Over the past 10 years, FEHIX has outperformed ORNAX with an annualized return of 4.06%, while ORNAX has yielded a comparatively lower 3.66% annualized return.
FEHIX
- 1D
- -0.38%
- 1M
- -2.45%
- 6M
- 1.10%
- YTD
- 1.88%
- 1Y
- 6.12%
- 3Y*
- 5.16%
- 5Y*
- 2.47%
- 10Y*
- 4.06%
- ALL TIME*
- 3.11%
ORNAX
- 1D
- -0.46%
- 1M
- -2.25%
- 6M
- 0.59%
- YTD
- 0.59%
- 1Y
- 5.01%
- 3Y*
- 3.39%
- 5Y*
- -0.16%
- 10Y*
- 3.66%
- ALL TIME*
- 4.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FEHIX vs. ORNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEHIX First Eagle High Income Fund | 1.88% | -0.69% | 11.47% | 8.46% | -8.46% | 3.50% | 7.33% | 8.61% | -0.40% | 4.62% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 0.59% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 9.16% | 6.88% |
Correlation
The correlation between FEHIX and ORNAX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007 | 0.28 |
Over the past year, FEHIX and ORNAX have become more correlated (0.77) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
FEHIX vs. ORNAX — Risk / Return Rank
FEHIX
ORNAX
FEHIX vs. ORNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Eagle High Income Fund (FEHIX) 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.
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.
| FEHIX | ORNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.40 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.47 | -0.17 |
| Martin ratioReturn relative to average drawdown | 7.57 | 8.65 | -1.08 |
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Drawdowns
FEHIX vs. ORNAX - Drawdown Comparison
The maximum FEHIX drawdown since its inception was -29.59%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for FEHIX and ORNAX.
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Drawdown Indicators
| FEHIX | ORNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.59% | -55.48% | +25.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.85% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -8.45% | -0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -12.56% | -21.16% | +8.60% |
Max Drawdown (10Y)Largest decline over 10 years | -16.14% | -21.16% | +5.02% |
Current DrawdownCurrent decline from peak | -2.45% | -2.25% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -7.04% | +2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.04% | -0.11% |
Volatility
FEHIX vs. ORNAX - Volatility Comparison
First Eagle High Income Fund (FEHIX) has a higher volatility of 1.21% compared to Invesco Rochester Municipal Opportunities Fund (ORNAX) at 1.13%. This indicates that FEHIX's price experiences larger fluctuations and is considered to be riskier than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEHIX | ORNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.13% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 2.90% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 3.90% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 6.07% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 6.01% | -1.05% |
FEHIX vs. ORNAX - Expense Ratio Comparison
FEHIX has a 0.80% expense ratio, which is higher than ORNAX's 0.72% expense ratio.
Dividends
FEHIX vs. ORNAX - Dividend Comparison
FEHIX's dividend yield for the trailing twelve months is around 5.75%, more than ORNAX's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEHIX First Eagle High Income Fund | 5.75% | 5.92% | 5.17% | 4.40% | 5.00% | 3.87% | 4.32% | 4.40% | 5.56% | 5.22% | 6.09% | 7.53% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.19% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
Frequently Asked Questions
FEHIX and ORNAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEHIX has higher volatility (1.21%) compared to ORNAX (1.13%). In terms of maximum drawdown, FEHIX dropped -29.59% vs ORNAX's -55.48%.
ORNAX currently has the higher Sharpe Ratio (1.81 vs 1.61), 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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