OPATX vs. SWNTX
OPATX (Invesco Pennsylvania Municipal Fund) and SWNTX (Schwab Tax-Free Bond Fund™) are both Municipal Bonds funds. Over the past 10 years, OPATX returned 3.34%/yr vs 1.64%/yr for SWNTX. A 0.67 correlation means they provide meaningful diversification when combined. OPATX charges 0.89%/yr vs 0.48%/yr for SWNTX.
Performance
OPATX vs. SWNTX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OPATX having a 1.36% return and SWNTX slightly higher at 1.42%. Over the past 10 years, OPATX has outperformed SWNTX with an annualized return of 3.34%, while SWNTX has yielded a comparatively lower 1.64% 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%
SWNTX
- 1D
- 0.09%
- 1M
- 1.48%
- YTD
- 1.42%
- 6M
- 1.82%
- 1Y
- 6.36%
- 3Y*
- 3.39%
- 5Y*
- 0.60%
- 10Y*
- 1.64%
OPATX vs. SWNTX - 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% |
SWNTX Schwab Tax-Free Bond Fund™ | 1.42% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 4.29% |
Correlation
The correlation between OPATX and SWNTX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1993 | 0.67 |
The correlation between OPATX and SWNTX shifts across timeframes, from 0.67 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
OPATX vs. SWNTX — Risk / Return Rank
OPATX
SWNTX
OPATX vs. SWNTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Pennsylvania Municipal Fund (OPATX) 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.
| OPATX | SWNTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.69 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.22 | -0.16 |
| Martin ratioReturn relative to average drawdown | 6.75 | 7.25 | -0.50 |
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Drawdowns
OPATX vs. SWNTX - Drawdown Comparison
The maximum OPATX drawdown since its inception was -38.22%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for OPATX and SWNTX.
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Drawdown Indicators
| OPATX | SWNTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.22% | -13.26% | -24.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.14% | -2.88% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -4.85% | -2.90% |
Max Drawdown (5Y)Largest decline over 5 years | -15.53% | -13.26% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -15.53% | -13.26% | -2.27% |
Current DrawdownCurrent decline from peak | 0.00% | -0.70% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -1.89% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.88% | +0.14% |
Volatility
OPATX vs. SWNTX - Volatility Comparison
Invesco Pennsylvania Municipal Fund (OPATX) has a higher volatility of 1.04% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 0.74%. This indicates that OPATX'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
| OPATX | SWNTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.74% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 1.85% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 2.42% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 3.49% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.78% | 3.57% | +1.21% |
OPATX vs. SWNTX - Expense Ratio Comparison
OPATX has a 0.89% expense ratio, which is higher than SWNTX's 0.48% expense ratio.
Dividends
OPATX vs. SWNTX - Dividend Comparison
OPATX's dividend yield for the trailing twelve months is around 2.90%, less than SWNTX's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.45% | 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
OPATX and SWNTX have a correlation of 0.79, 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 SWNTX (0.74%). In terms of maximum drawdown, OPATX dropped -38.22% vs SWNTX's -13.26%.
SWNTX currently has the higher Sharpe Ratio (2.64 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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