IROC vs. XMPT

Last updated Jun 27, 2026

IROC (Invesco Rochester High Yield Municipal ETF) and XMPT (VanEck CEF Municipal Income ETF) are both High Yield Muni funds. IROC is actively managed, while XMPT is passively managed. Over the past 3 years, IROC returned 5.21%/yr vs 7.16%/yr for XMPT. A 0.58 correlation means they provide meaningful diversification when combined. IROC charges 0.39%/yr vs 1.97%/yr for XMPT.

Performance

IROC vs. XMPT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester High Yield Municipal ETF (IROC) and VanEck CEF Municipal Income ETF (XMPT). 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 lower than XMPT's 4.32% return.

IROC

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

XMPT

• 1D: 0.23%
• 1M: 1.94%
• YTD: 4.32%
• 6M: 5.35%
• 1Y: 13.54%
• 3Y*: 7.16%
• 5Y*: -0.93%
• 10Y*: 1.98%

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

IROC vs. XMPT - 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%
XMPT VanEck CEF Municipal Income ETF	4.32%	8.01%	7.01%	2.55%	-0.62%

Correlation

The correlation between IROC and XMPT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 9, 2022	0.58

The correlation between IROC and XMPT shifts across timeframes, from 0.47 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IROC vs. XMPT — 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

XMPT

XMPT Risk / Return Rank: 62
XMPT Sharpe Ratio Rank: 66
XMPT Sortino Ratio Rank: 71
XMPT Omega Ratio Rank: 73
XMPT Calmar Ratio Rank: 47
XMPT Martin Ratio Rank: 55

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. XMPT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester High Yield Municipal ETF (IROC) and VanEck CEF Municipal Income ETF (XMPT). 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	XMPT	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.87	+0.61
Sortino ratio: Return per unit of downside risk	3.76	2.78	+0.98
Omega ratio: Gain probability vs. loss probability	1.54	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	2.85	2.07	+0.78
Martin ratio: Return relative to average drawdown	10.22	8.39	+1.83

IROC vs. XMPT - Sharpe Ratio Comparison

The current IROC Sharpe Ratio is 2.48, which is higher than the XMPT Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of IROC and XMPT, 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. XMPT - Drawdown Comparison

The maximum IROC drawdown since its inception was -4.79%, smaller than the maximum XMPT drawdown of -35.24%. Use the drawdown chart below to compare losses from any high point for IROC and XMPT.

Drawdown Indicators

	IROC	XMPT	Difference
Max Drawdown Largest peak-to-trough decline	-4.79%	-35.24%	+30.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-6.57%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-15.04%	+10.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.24%	—
Current Drawdown Current decline from peak	0.00%	-7.18%	+7.18%
Average Drawdown Average peak-to-trough decline	-0.83%	-8.81%	+7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.62%	-0.89%

Volatility

IROC vs. XMPT - Volatility Comparison

The current volatility for Invesco Rochester High Yield Municipal ETF (IROC) is 0.71%, while VanEck CEF Municipal Income ETF (XMPT) has a volatility of 1.64%. This indicates that IROC experiences smaller price fluctuations and is considered to be less risky than XMPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IROC	XMPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	1.64%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	6.04%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	7.27%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	9.37%	-5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	10.36%	-6.88%

IROC vs. XMPT - Expense Ratio Comparison

IROC has a 0.39% expense ratio, which is lower than XMPT's 1.97% expense ratio.

Dividends

IROC vs. XMPT - Dividend Comparison

IROC's dividend yield for the trailing twelve months is around 5.11%, less than XMPT's 6.22% 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%
XMPT VanEck CEF Municipal Income ETF	6.22%	5.87%	5.35%	3.81%	5.12%	3.74%	3.79%	4.08%	5.05%	4.84%	5.35%	5.24%

Frequently Asked Questions

Can I hold both IROC and XMPT in my portfolio?

IROC and XMPT have a correlation of 0.47, 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 XMPT?

XMPT has higher volatility (1.64%) compared to IROC (0.71%). In terms of maximum drawdown, IROC dropped -4.79% vs XMPT's -35.24%.

Which ETF is better, IROC or XMPT?

On 3-year performance, XMPT leads with 7.16% vs 5.21% for IROC. On fees, IROC is cheaper at 0.39% per year. On volatility, IROC has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IROC or XMPT?

Over the 3-year period, XMPT has performed better with a 7.16% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IROC or XMPT?

IROC is cheaper with a 0.39% expense ratio, compared with 1.97% for XMPT.

Which ETF pays a higher dividend yield, IROC or XMPT?

XMPT has the higher dividend yield at 6.22%, compared with 5.11% for IROC.

What is the main difference between IROC and XMPT?

They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.39% for IROC and 1.97% for XMPT.

Which has better risk-adjusted returns?

IROC currently has the higher Sharpe Ratio (2.48 vs 1.87), 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.