IROC vs. ORNAX

Last updated Jun 27, 2026

IROC (Invesco Rochester High Yield Municipal ETF) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both High Yield Muni funds from Invesco. Over the past 3 years, IROC returned 5.21%/yr vs 3.86%/yr for ORNAX. A 0.69 correlation means they provide meaningful diversification when combined. IROC charges 0.39%/yr vs 0.72%/yr for ORNAX.

Performance

IROC vs. ORNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester High Yield Municipal ETF (IROC) and Invesco Rochester Municipal Opportunities Fund (ORNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IROC achieves a 3.53% return, which is significantly higher than ORNAX's 2.14% return.

IROC

• 1D: 0.04%
• 1M: 1.31%
• YTD: 3.53%
• 6M: 3.64%
• 1Y: 7.49%
• 3Y*: 5.21%
• 5Y*: —
• 10Y*: —

ORNAX

• 1D: 0.15%
• 1M: 1.68%
• YTD: 2.14%
• 6M: 2.76%
• 1Y: 5.96%
• 3Y*: 3.86%
• 5Y*: 0.43%
• 10Y*: 3.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IROC vs. ORNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IROC Invesco Rochester High Yield Municipal ETF	3.53%	4.13%	4.69%	5.97%	-0.88%
ORNAX Invesco Rochester Municipal Opportunities Fund	2.14%	2.32%	4.76%	7.66%	-2.04%

Correlation

The correlation between IROC and ORNAX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 9, 2022	0.69

The correlation between IROC and ORNAX shifts across timeframes, from 0.58 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IROC vs. ORNAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IROC

IROC Risk / Return Rank: 81
IROC Sharpe Ratio Rank: 88
IROC Sortino Ratio Rank: 92
IROC Omega Ratio Rank: 92
IROC Calmar Ratio Rank: 67
IROC Martin Ratio Rank: 66

ORNAX

ORNAX Risk / Return Rank: 53
ORNAX Sharpe Ratio Rank: 50
ORNAX Sortino Ratio Rank: 65
ORNAX Omega Ratio Rank: 69
ORNAX Calmar Ratio Rank: 48
ORNAX Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IROC vs. ORNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester High Yield Municipal ETF (IROC) 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.

	IROC	ORNAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.68	+0.80
Sortino ratio: Return per unit of downside risk	3.76	2.70	+1.05
Omega ratio: Gain probability vs. loss probability	1.54	1.37	+0.17
Calmar ratio: Return relative to maximum drawdown	2.85	2.27	+0.58
Martin ratio: Return relative to average drawdown	10.22	6.47	+3.75

IROC vs. ORNAX - Sharpe Ratio Comparison

The current IROC Sharpe Ratio is 2.48, which is higher than the ORNAX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IROC and ORNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IROC vs. ORNAX - Drawdown Comparison

The maximum IROC drawdown since its inception was -4.79%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for IROC and ORNAX.

Drawdown Indicators

	IROC	ORNAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.79%	-55.48%	+50.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.92%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-9.79%	+5.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.16%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.83%	-7.06%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.98%	-0.25%

Volatility

IROC vs. ORNAX - Volatility Comparison

The current volatility for Invesco Rochester High Yield Municipal ETF (IROC) is 0.71%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 0.84%. This indicates that IROC 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.

Volatility by Period

	IROC	ORNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.84%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	2.65%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	3.93%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	6.04%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	6.00%	-2.52%

IROC vs. ORNAX - Expense Ratio Comparison

IROC has a 0.39% expense ratio, which is lower than ORNAX's 0.72% expense ratio.

Dividends

IROC vs. ORNAX - Dividend Comparison

IROC's dividend yield for the trailing twelve months is around 5.11%, more than ORNAX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IROC Invesco Rochester High Yield Municipal ETF	5.11%	4.79%	4.08%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ORNAX Invesco Rochester Municipal Opportunities Fund	3.58%	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

Can I hold both IROC and ORNAX in my portfolio?

IROC and ORNAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IROC or ORNAX?

ORNAX has higher volatility (0.84%) compared to IROC (0.71%). In terms of maximum drawdown, IROC dropped -4.79% vs ORNAX's -55.48%.

Which has better risk-adjusted returns?

IROC currently has the higher Sharpe Ratio (2.48 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.