OPATX vs. DMREX
OPATX (Invesco Pennsylvania Municipal Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, OPATX returned 3.34%/yr vs 2.82%/yr for DMREX. At a 0.23 correlation, their price movements are largely independent. OPATX charges 0.89%/yr vs 0.24%/yr for DMREX.
Performance
OPATX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, OPATX achieves a 1.36% return, which is significantly lower than DMREX's 2.05% return. Over the past 10 years, OPATX has outperformed DMREX with an annualized return of 3.34%, while DMREX has yielded a comparatively lower 2.82% annualized return.
OPATX
- 1D
- 0.10%
- 1M
- 2.31%
- YTD
- 1.36%
- 6M
- 1.84%
- 1Y
- 5.83%
- 3Y*
- 3.60%
- 5Y*
- 0.67%
- 10Y*
- 3.34%
DMREX
- 1D
- 0.00%
- 1M
- 0.10%
- YTD
- 2.05%
- 6M
- 2.14%
- 1Y
- 3.21%
- 3Y*
- 3.24%
- 5Y*
- 2.59%
- 10Y*
- 2.82%
OPATX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPATX Invesco Pennsylvania Municipal Fund | 1.36% | 2.66% | 3.25% | 5.69% | -10.34% | 4.40% | 5.23% | 11.84% | 11.32% | 0.14% |
DMREX DFA Municipal Real Return Portfolio | 2.05% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between OPATX and DMREX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.23 |
Over the past year, the correlation between OPATX and DMREX has dropped to 0.00 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.
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Return for Risk
OPATX vs. DMREX — Risk / Return Rank
OPATX
DMREX
OPATX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Pennsylvania Municipal Fund (OPATX) 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.
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.
| OPATX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.95 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 6.34 | -4.28 |
| Martin ratioReturn relative to average drawdown | 6.75 | 14.61 | -7.86 |
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Drawdowns
OPATX vs. DMREX - Drawdown Comparison
The maximum OPATX drawdown since its inception was -38.22%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for OPATX and DMREX.
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Drawdown Indicators
| OPATX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.22% | -13.22% | -25.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.14% | -0.51% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -2.48% | -5.27% |
Max Drawdown (5Y)Largest decline over 5 years | -15.53% | -5.33% | -10.20% |
Max Drawdown (10Y)Largest decline over 10 years | -15.53% | -13.22% | -2.31% |
Current DrawdownCurrent decline from peak | 0.00% | -0.28% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -0.88% | -2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.22% | +0.80% |
Volatility
OPATX vs. DMREX - Volatility Comparison
Invesco Pennsylvania Municipal Fund (OPATX) has a higher volatility of 1.04% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.27%. This indicates that OPATX'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
| OPATX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.27% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 0.78% | +1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 1.00% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 2.45% | +2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.78% | 3.14% | +1.64% |
OPATX vs. DMREX - Expense Ratio Comparison
OPATX has a 0.89% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Dividends
OPATX vs. DMREX - Dividend Comparison
OPATX's dividend yield for the trailing twelve months is around 2.90%, less than DMREX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.25% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
OPATX Invesco Pennsylvania Municipal Fund | 2.90% | 4.85% | 4.27% | 3.04% | 2.69% | 3.08% | 3.25% | 3.47% | 3.59% | 5.21% | 5.68% | 5.83% |
Frequently Asked Questions
OPATX and DMREX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPATX has higher volatility (1.04%) compared to DMREX (0.27%). In terms of maximum drawdown, OPATX dropped -38.22% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (3.26 vs 1.71), 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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