HIMU vs. ORNAX
HIMU (iShares High Yield Muni Active ETF) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both High Yield Muni funds. Over the past year, HIMU returned 6.84% vs 5.01% for ORNAX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. HIMU charges 0.42%/yr vs 0.72%/yr for ORNAX.
Performance
HIMU vs. ORNAX - Performance Comparison
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Returns By Period
In the year-to-date period, HIMU achieves a 2.34% return, which is significantly higher than ORNAX's 0.59% return.
HIMU
- 1D
- -0.10%
- 1M
- -2.16%
- 6M
- 1.49%
- YTD
- 2.34%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.61%
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) |
|---|---|---|---|
| $15.56M | $15.88M | $18.31M | |
| $0.00 | $0.00 | $0.00 |
HIMU vs. ORNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HIMU iShares High Yield Muni Active ETF | 2.34% | 1.48% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 0.59% | 1.57% |
Correlation
The correlation between HIMU and ORNAX is 0.59, 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. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | 0.57 |
The correlation between HIMU and ORNAX has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.
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Return for Risk
HIMU vs. ORNAX — Risk / Return Rank
HIMU
ORNAX
HIMU vs. ORNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Muni Active ETF (HIMU) 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.
| HIMU | ORNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.40 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.47 | -0.13 |
| Martin ratioReturn relative to average drawdown | 8.96 | 8.65 | +0.30 |
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Drawdowns
HIMU vs. ORNAX - Drawdown Comparison
The maximum HIMU drawdown since its inception was -8.01%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for HIMU and ORNAX.
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Drawdown Indicators
| HIMU | ORNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.01% | -55.48% | +47.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -2.85% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.16% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.16% | — |
Current DrawdownCurrent decline from peak | -2.20% | -2.25% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -7.04% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.04% | -0.18% |
Volatility
HIMU vs. ORNAX - Volatility Comparison
iShares High Yield Muni Active ETF (HIMU) and Invesco Rochester Municipal Opportunities Fund (ORNAX) have volatilities of 1.09% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIMU | ORNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.13% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 2.90% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 3.90% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.12% | 6.07% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 6.01% | +1.11% |
HIMU vs. ORNAX - Expense Ratio Comparison
HIMU has a 0.42% expense ratio, which is lower than ORNAX's 0.72% expense ratio.
Dividends
HIMU vs. ORNAX - Dividend Comparison
HIMU's dividend yield for the trailing twelve months is around 5.19%, more than ORNAX's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIMU iShares High Yield Muni Active ETF | 4.80% | 4.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
HIMU and ORNAX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ORNAX has higher volatility (1.13%) compared to HIMU (1.09%). In terms of maximum drawdown, HIMU dropped -8.01% vs ORNAX's -55.48%.
HIMU currently has the higher Sharpe Ratio (1.81 vs 1.81), 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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