OPATX vs. FSMUX

Last updated Jun 3, 2026

OPATX (Invesco Pennsylvania Municipal Fund) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds. Over the past 3 years, OPATX returned 3.53%/yr vs 3.78%/yr for FSMUX. Their correlation of 0.87 suggests significant overlap in exposure. OPATX charges 0.89%/yr vs 0.06%/yr for FSMUX.

Performance

OPATX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Pennsylvania Municipal Fund (OPATX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPATX achieves a 1.06% return, which is significantly lower than FSMUX's 1.25% return.

OPATX

• 1D: 0.00%
• 1M: 0.58%
• YTD: 1.06%
• 6M: 1.54%
• 1Y: 5.62%
• 3Y*: 3.53%
• 5Y*: 0.67%
• 10Y*: 3.41%

FSMUX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.25%
• 6M: 1.72%
• 1Y: 6.83%
• 3Y*: 3.78%
• 5Y*: —
• 10Y*: —

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

OPATX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OPATX Invesco Pennsylvania Municipal Fund	1.06%	2.66%	3.25%	5.69%	-10.34%	1.57%
FSMUX Strategic Advisers Municipal Bond Fund	1.25%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between OPATX and FSMUX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.87

The correlation between OPATX and FSMUX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

OPATX vs. FSMUX — Risk / Return Rank

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

OPATX

OPATX Risk / Return Rank: 27
OPATX Sharpe Ratio Rank: 27
OPATX Sortino Ratio Rank: 28
OPATX Omega Ratio Rank: 37
OPATX Calmar Ratio Rank: 23
OPATX Martin Ratio Rank: 18

FSMUX

FSMUX Risk / Return Rank: 52
FSMUX Sharpe Ratio Rank: 70
FSMUX Sortino Ratio Rank: 87
FSMUX Omega Ratio Rank: 89
FSMUX Calmar Ratio Rank: 8
FSMUX Martin Ratio Rank: 8

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.

OPATX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Pennsylvania Municipal Fund (OPATX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.

	OPATX	FSMUX	Difference
Sharpe ratio Return per unit of total volatility	1.47	2.43	-0.97
Sortino ratio Return per unit of downside risk	2.20	4.15	-1.95
Omega ratio Gain probability vs. loss probability	1.32	1.63	-0.31
Calmar ratio Return relative to maximum drawdown	1.80	0.85	+0.95
Martin ratio Return relative to average drawdown	5.05	2.46	+2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPATX vs. FSMUX - Sharpe Ratio Comparison

The current OPATX Sharpe Ratio is 1.47, which is lower than the FSMUX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of OPATX and FSMUX, 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

	OPATX	FSMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.43	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.10	+1.02

Drawdowns

OPATX vs. FSMUX - Drawdown Comparison

The maximum OPATX drawdown since its inception was -38.22%, which is greater than FSMUX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for OPATX and FSMUX.

Drawdown Indicators

	OPATX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-38.22%	-16.27%	-21.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-2.68%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-7.75%	-5.95%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-15.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.53%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.22%	+0.09%
Average Drawdown Average peak-to-trough decline	-2.91%	-5.47%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.83%	-0.71%

Volatility

OPATX vs. FSMUX - Volatility Comparison

Invesco Pennsylvania Municipal Fund (OPATX) has a higher volatility of 1.47% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 1.19%. This indicates that OPATX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPATX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.19%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.08%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.16%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	4.64%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.78%	4.64%	+0.14%

OPATX vs. FSMUX - Expense Ratio Comparison

OPATX has a 0.89% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

OPATX vs. FSMUX - Dividend Comparison

OPATX's dividend yield for the trailing twelve months is around 2.91%, less than FSMUX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMUX Strategic Advisers Municipal Bond Fund	2.99%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPATX Invesco Pennsylvania Municipal Fund	2.91%	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

Can I hold both OPATX and FSMUX in my portfolio?

OPATX and FSMUX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPATX or FSMUX?

OPATX has higher volatility (1.47%) compared to FSMUX (1.19%). In terms of maximum drawdown, OPATX dropped -38.22% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

FSMUX currently has the higher Sharpe Ratio (2.43 vs 1.47), 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.