FPXTX vs. OPATX
FPXTX (Fidelity Pennsylvania Municipal Income Fund) and OPATX (Invesco Pennsylvania Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, FPXTX returned 1.95%/yr vs 3.24%/yr for OPATX. A 0.66 correlation means they provide meaningful diversification when combined. FPXTX charges 0.48%/yr vs 0.89%/yr for OPATX.
Performance
FPXTX vs. OPATX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FPXTX having a 1.30% return and OPATX slightly lower at 1.26%. Over the past 10 years, FPXTX has underperformed OPATX with an annualized return of 1.95%, while OPATX has yielded a comparatively higher 3.24% annualized return.
FPXTX
- 1D
- 0.00%
- 1M
- 1.50%
- YTD
- 1.30%
- 6M
- 1.75%
- 1Y
- 6.44%
- 3Y*
- 4.05%
- 5Y*
- 0.84%
- 10Y*
- 1.95%
OPATX
- 1D
- -0.10%
- 1M
- 2.21%
- YTD
- 1.26%
- 6M
- 1.74%
- 1Y
- 5.62%
- 3Y*
- 3.43%
- 5Y*
- 0.67%
- 10Y*
- 3.24%
FPXTX vs. OPATX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPXTX Fidelity Pennsylvania Municipal Income Fund | 1.30% | 4.73% | 2.09% | 6.39% | -10.20% | 2.11% | 4.14% | 7.71% | 0.86% | 5.14% |
OPATX Invesco Pennsylvania Municipal Fund | 1.26% | 2.66% | 3.25% | 5.69% | -10.34% | 4.40% | 5.23% | 11.84% | 11.32% | 0.14% |
Correlation
The correlation between FPXTX and OPATX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 1989 | 0.66 |
The correlation between FPXTX and OPATX shifts across timeframes, from 0.66 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FPXTX vs. OPATX — Risk / Return Rank
FPXTX
OPATX
FPXTX vs. OPATX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Pennsylvania Municipal Income Fund (FPXTX) and Invesco Pennsylvania Municipal Fund (OPATX). 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.
| FPXTX | OPATX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.37 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.02 | +0.32 |
| Martin ratioReturn relative to average drawdown | 7.85 | 6.63 | +1.22 |
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Drawdowns
FPXTX vs. OPATX - Drawdown Comparison
The maximum FPXTX drawdown since its inception was -25.49%, smaller than the maximum OPATX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for FPXTX and OPATX.
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Drawdown Indicators
| FPXTX | OPATX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.49% | -38.22% | +12.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -3.14% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | -7.75% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.12% | -15.53% | +0.41% |
Max Drawdown (10Y)Largest decline over 10 years | -15.12% | -15.53% | +0.41% |
Current DrawdownCurrent decline from peak | -0.46% | -0.10% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -2.90% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 1.02% | -0.19% |
Volatility
FPXTX vs. OPATX - Volatility Comparison
The current volatility for Fidelity Pennsylvania Municipal Income Fund (FPXTX) is 0.63%, while Invesco Pennsylvania Municipal Fund (OPATX) has a volatility of 1.06%. This indicates that FPXTX experiences smaller price fluctuations and is considered to be less risky than OPATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPXTX | OPATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.06% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.73% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 3.78% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.73% | 5.14% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.83% | 4.78% | -0.95% |
FPXTX vs. OPATX - Expense Ratio Comparison
FPXTX has a 0.48% expense ratio, which is lower than OPATX's 0.89% expense ratio.
Dividends
FPXTX vs. OPATX - Dividend Comparison
FPXTX's dividend yield for the trailing twelve months is around 2.94%, more than OPATX's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPXTX Fidelity Pennsylvania Municipal Income Fund | 2.94% | 3.60% | 3.11% | 2.64% | 1.87% | 2.09% | 2.28% | 3.19% | 3.20% | 3.09% | 3.78% | 3.29% |
OPATX Invesco Pennsylvania Municipal Fund | 2.90% | 4.85% | 4.27% | 3.04% | 2.69% | 3.08% | 3.25% | 3.47% | 3.59% | 5.21% | 5.68% | 5.83% |
Frequently Asked Questions
FPXTX and OPATX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPATX has higher volatility (1.06%) compared to FPXTX (0.63%). In terms of maximum drawdown, FPXTX dropped -25.49% vs OPATX's -38.22%.
FPXTX currently has the higher Sharpe Ratio (2.58 vs 1.68), 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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