MSIGX vs. OPTAX

Last updated Jun 4, 2026

MSIGX (Invesco Main Street Fund) and OPTAX (Invesco AMT-Free Municipal Fund) are both mutual funds - MSIGX is a Large Cap Blend Equities fund managed by Invesco, while OPTAX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, MSIGX returned 11.85%/yr vs 3.54%/yr for OPTAX. At a 0.01 correlation, their price movements are largely independent. MSIGX charges 0.82%/yr vs 0.75%/yr for OPTAX.

Performance

MSIGX vs. OPTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Main Street Fund (MSIGX) and Invesco AMT-Free Municipal Fund (OPTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSIGX achieves a 6.01% return, which is significantly higher than OPTAX's 1.51% return. Over the past 10 years, MSIGX has outperformed OPTAX with an annualized return of 11.85%, while OPTAX has yielded a comparatively lower 3.54% annualized return.

MSIGX

• 1D: 0.03%
• 1M: 3.56%
• YTD: 6.01%
• 6M: 6.04%
• 1Y: 20.28%
• 3Y*: 18.12%
• 5Y*: 10.75%
• 10Y*: 11.85%

OPTAX

• 1D: 0.30%
• 1M: 0.95%
• YTD: 1.51%
• 6M: 1.71%
• 1Y: 6.39%
• 3Y*: 3.19%
• 5Y*: 0.22%
• 10Y*: 3.54%

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

MSIGX vs. OPTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSIGX Invesco Main Street Fund	6.01%	16.02%	23.66%	23.06%	-20.21%	27.37%	14.41%	22.49%	-8.25%	16.79%
OPTAX Invesco AMT-Free Municipal Fund	1.51%	2.70%	2.13%	6.64%	-12.15%	4.16%	7.57%	12.33%	7.43%	5.98%

Correlation

The correlation between MSIGX and OPTAX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 4, 1988	0.01

The correlation between MSIGX and OPTAX shifts across timeframes, from 0.01 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSIGX vs. OPTAX — Risk / Return Rank

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

MSIGX

MSIGX Risk / Return Rank: 41
MSIGX Sharpe Ratio Rank: 43
MSIGX Sortino Ratio Rank: 44
MSIGX Omega Ratio Rank: 42
MSIGX Calmar Ratio Rank: 32
MSIGX Martin Ratio Rank: 41

OPTAX

OPTAX Risk / Return Rank: 48
OPTAX Sharpe Ratio Rank: 45
OPTAX Sortino Ratio Rank: 51
OPTAX Omega Ratio Rank: 66
OPTAX Calmar Ratio Rank: 41
OPTAX Martin Ratio Rank: 35

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.

MSIGX vs. OPTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Main Street Fund (MSIGX) and Invesco AMT-Free Municipal Fund (OPTAX). 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.

	MSIGX	OPTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.96	-0.04
Sortino ratio: Return per unit of downside risk	2.78	3.02	-0.24
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	2.13	2.42	-0.29
Martin ratio: Return relative to average drawdown	8.73	7.80	+0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSIGX vs. OPTAX - Sharpe Ratio Comparison

The current MSIGX Sharpe Ratio is 1.92, which is comparable to the OPTAX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of MSIGX and OPTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSIGX	OPTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.96	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.04	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.74	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.77	-0.13

Drawdowns

MSIGX vs. OPTAX - Drawdown Comparison

The maximum MSIGX drawdown since its inception was -57.22%, which is greater than OPTAX's maximum drawdown of -48.56%. Use the drawdown chart below to compare losses from any high point for MSIGX and OPTAX.

Drawdown Indicators

	MSIGX	OPTAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.22%	-48.56%	-8.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-2.93%	-8.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.91%	-7.93%	-11.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-17.30%	-9.43%
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	-17.30%	-18.11%
Current Drawdown Current decline from peak	-0.39%	-0.37%	-0.02%
Average Drawdown Average peak-to-trough decline	-8.99%	-6.37%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	0.96%	+1.60%

Volatility

MSIGX vs. OPTAX - Volatility Comparison

Invesco Main Street Fund (MSIGX) has a higher volatility of 2.66% compared to Invesco AMT-Free Municipal Fund (OPTAX) at 1.42%. This indicates that MSIGX's price experiences larger fluctuations and is considered to be riskier than OPTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSIGX	OPTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	1.42%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	2.54%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	3.65%	+8.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	5.03%	+11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	4.87%	+13.02%

MSIGX vs. OPTAX - Expense Ratio Comparison

MSIGX has a 0.82% expense ratio, which is higher than OPTAX's 0.75% expense ratio.

Dividends

MSIGX vs. OPTAX - Dividend Comparison

MSIGX's dividend yield for the trailing twelve months is around 7.07%, more than OPTAX's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSIGX Invesco Main Street Fund	7.07%	7.50%	6.06%	7.40%	4.68%	19.19%	3.17%	0.89%	19.62%	7.50%	2.96%	13.79%
OPTAX Invesco AMT-Free Municipal Fund	2.68%	4.23%	4.16%	3.02%	2.99%	3.43%	3.80%	3.75%	3.82%	4.71%	5.77%	6.05%

Frequently Asked Questions

Can I hold both MSIGX and OPTAX in my portfolio?

MSIGX and OPTAX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSIGX or OPTAX?

MSIGX has higher volatility (2.66%) compared to OPTAX (1.42%). In terms of maximum drawdown, MSIGX dropped -57.22% vs OPTAX's -48.56%.

Which has better risk-adjusted returns?

OPTAX currently has the higher Sharpe Ratio (1.96 vs 1.92), 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.