ONJAX vs. SWNTX
ONJAX (Invesco New Jersey Municipal Fund) and SWNTX (Schwab Tax-Free Bond Fund™) are both Municipal Bonds funds. Over the past 10 years, ONJAX returned 2.87%/yr vs 1.58%/yr for SWNTX. A 0.65 correlation means they provide meaningful diversification when combined. ONJAX charges 1.08%/yr vs 0.48%/yr for SWNTX.
Performance
ONJAX vs. SWNTX - Performance Comparison
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Returns By Period
In the year-to-date period, ONJAX achieves a 1.63% return, which is significantly higher than SWNTX's 1.33% return. Over the past 10 years, ONJAX has outperformed SWNTX with an annualized return of 2.87%, while SWNTX has yielded a comparatively lower 1.58% annualized return.
ONJAX
- 1D
- 0.11%
- 1M
- 1.91%
- YTD
- 1.63%
- 6M
- 2.06%
- 1Y
- 6.25%
- 3Y*
- 3.57%
- 5Y*
- 0.92%
- 10Y*
- 2.87%
SWNTX
- 1D
- -0.09%
- 1M
- 1.39%
- YTD
- 1.33%
- 6M
- 1.72%
- 1Y
- 6.16%
- 3Y*
- 3.30%
- 5Y*
- 0.61%
- 10Y*
- 1.58%
ONJAX vs. SWNTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONJAX Invesco New Jersey Municipal Fund | 1.63% | 3.35% | 3.02% | 6.33% | -10.45% | 5.34% | 4.12% | 10.84% | 14.13% | -6.45% |
SWNTX Schwab Tax-Free Bond Fund™ | 1.33% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 4.29% |
Correlation
The correlation between ONJAX and SWNTX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 1994 | 0.65 |
The correlation between ONJAX and SWNTX shifts across timeframes, from 0.65 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ONJAX vs. SWNTX — Risk / Return Rank
ONJAX
SWNTX
ONJAX vs. SWNTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco New Jersey Municipal Fund (ONJAX) and Schwab Tax-Free Bond Fund™ (SWNTX). 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.
| ONJAX | SWNTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.67 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.19 | +0.41 |
| Martin ratioReturn relative to average drawdown | 9.11 | 7.13 | +1.98 |
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Drawdowns
ONJAX vs. SWNTX - Drawdown Comparison
The maximum ONJAX drawdown since its inception was -40.71%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for ONJAX and SWNTX.
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Drawdown Indicators
| ONJAX | SWNTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.71% | -13.26% | -27.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -2.88% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -6.58% | -4.85% | -1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -14.76% | -13.26% | -1.50% |
Max Drawdown (10Y)Largest decline over 10 years | -14.76% | -13.26% | -1.50% |
Current DrawdownCurrent decline from peak | 0.00% | -0.79% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -1.89% | -1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.88% | -0.13% |
Volatility
ONJAX vs. SWNTX - Volatility Comparison
Invesco New Jersey Municipal Fund (ONJAX) has a higher volatility of 0.82% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 0.76%. This indicates that ONJAX's price experiences larger fluctuations and is considered to be riskier than SWNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONJAX | SWNTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.76% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 1.86% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 2.42% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.32% | 3.49% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.51% | 3.57% | +0.94% |
ONJAX vs. SWNTX - Expense Ratio Comparison
ONJAX has a 1.08% expense ratio, which is higher than SWNTX's 0.48% expense ratio.
Dividends
ONJAX vs. SWNTX - Dividend Comparison
ONJAX's dividend yield for the trailing twelve months is around 2.36%, less than SWNTX's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONJAX Invesco New Jersey Municipal Fund | 2.36% | 3.91% | 3.53% | 3.14% | 3.59% | 3.60% | 4.19% | 3.04% | 2.79% | 4.30% | 4.78% | 5.20% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.46% | 3.78% | 3.20% | 2.54% | 1.73% | 1.62% | 2.34% | 2.58% | 2.41% | 2.21% | 3.14% | 2.71% |
Frequently Asked Questions
ONJAX and SWNTX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONJAX has higher volatility (0.82%) compared to SWNTX (0.76%). In terms of maximum drawdown, ONJAX dropped -40.71% vs SWNTX's -13.26%.
SWNTX currently has the higher Sharpe Ratio (2.60 vs 2.13), 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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