OLCAX vs. DMREX
Compare and contrast key facts about Invesco Limited Term California Municipal Fund (OLCAX) and DFA Municipal Real Return Portfolio (DMREX).
OLCAX is managed by Invesco. It was launched on Feb 24, 2004. DMREX is managed by Dimensional. It was launched on Nov 3, 2014.
Performance
OLCAX vs. DMREX - Performance Comparison
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OLCAX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OLCAX Invesco Limited Term California Municipal Fund | -0.64% | 4.22% | 2.70% | 3.60% | -6.16% | 1.76% | 3.78% | 7.51% | 7.27% | -1.08% |
DMREX DFA Municipal Real Return Portfolio | 1.10% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Returns By Period
In the year-to-date period, OLCAX achieves a -0.64% return, which is significantly lower than DMREX's 1.10% return. Over the past 10 years, OLCAX has underperformed DMREX with an annualized return of 2.33%, while DMREX has yielded a comparatively higher 2.77% annualized return.
OLCAX
- 1D
- 0.00%
- 1M
- -1.59%
- YTD
- -0.64%
- 6M
- 0.27%
- 1Y
- 2.54%
- 3Y*
- 2.84%
- 5Y*
- 1.08%
- 10Y*
- 2.33%
DMREX
- 1D
- -0.04%
- 1M
- 0.33%
- YTD
- 1.10%
- 6M
- 1.08%
- 1Y
- 2.48%
- 3Y*
- 2.54%
- 5Y*
- 2.70%
- 10Y*
- 2.77%
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OLCAX vs. DMREX - Expense Ratio Comparison
OLCAX has a 0.83% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Return for Risk
OLCAX vs. DMREX — Risk / Return Rank
OLCAX
DMREX
OLCAX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term California Municipal Fund (OLCAX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| OLCAX | DMREX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 2.31 | -1.18 |
Sortino ratioReturn per unit of downside risk | 1.64 | 3.35 | -1.71 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.62 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | 1.03 | 2.90 | -1.87 |
Martin ratioReturn relative to average drawdown | 3.86 | 9.38 | -5.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OLCAX | DMREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 2.31 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 1.10 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.88 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.96 | 0.86 | +0.11 |
Correlation
The correlation between OLCAX and DMREX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
OLCAX vs. DMREX - Dividend Comparison
OLCAX's dividend yield for the trailing twelve months is around 2.16%, less than DMREX's 3.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OLCAX Invesco Limited Term California Municipal Fund | 2.16% | 3.76% | 3.32% | 2.54% | 1.71% | 2.35% | 2.46% | 2.61% | 2.48% | 3.51% | 3.57% | 3.75% |
DMREX DFA Municipal Real Return Portfolio | 3.30% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
Drawdowns
OLCAX vs. DMREX - Drawdown Comparison
The maximum OLCAX drawdown since its inception was -14.66%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for OLCAX and DMREX.
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Drawdown Indicators
| OLCAX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -13.22% | -1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.92% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -10.04% | -5.33% | -4.71% |
Max Drawdown (10Y)Largest decline over 10 years | -10.04% | -13.22% | +3.18% |
Current DrawdownCurrent decline from peak | -1.59% | -0.32% | -1.27% |
Average DrawdownAverage peak-to-trough decline | -1.69% | -0.89% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.29% | +0.49% |
Volatility
OLCAX vs. DMREX - Volatility Comparison
Invesco Limited Term California Municipal Fund (OLCAX) has a higher volatility of 0.79% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.49%. This indicates that OLCAX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OLCAX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.49% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 0.71% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 1.17% | +2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 2.47% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 3.14% | +0.16% |