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OPCAX vs. BCHYX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Key characteristics


OPCAXBCHYX
YTD Return2.51%3.83%
1Y Return10.48%11.08%
3Y Return (Ann)-0.69%-0.83%
5Y Return (Ann)1.66%1.28%
10Y Return (Ann)3.63%3.01%
Sharpe Ratio2.452.76
Sortino Ratio3.794.22
Omega Ratio1.581.67
Calmar Ratio0.890.87
Martin Ratio12.0613.64
Ulcer Index0.87%0.81%
Daily Std Dev4.28%4.01%
Max Drawdown-47.36%-17.63%
Current Drawdown-2.53%-3.03%

Correlation

-0.50.00.51.00.8

The correlation between OPCAX and BCHYX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Performance

OPCAX vs. BCHYX - Performance Comparison

In the year-to-date period, OPCAX achieves a 2.51% return, which is significantly lower than BCHYX's 3.83% return. Over the past 10 years, OPCAX has outperformed BCHYX with an annualized return of 3.63%, while BCHYX has yielded a comparatively lower 3.01% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.


-1.00%0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
2.45%
3.03%
OPCAX
BCHYX

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OPCAX vs. BCHYX - Expense Ratio Comparison

OPCAX has a 0.75% expense ratio, which is higher than BCHYX's 0.49% expense ratio.


OPCAX
Invesco California Municipal Fund
Expense ratio chart for OPCAX: current value at 0.75% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.75%
Expense ratio chart for BCHYX: current value at 0.49% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.49%

Risk-Adjusted Performance

OPCAX vs. BCHYX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and American Century California High Yield Municipal Fund (BCHYX). 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.


OPCAX
Sharpe ratio
The chart of Sharpe ratio for OPCAX, currently valued at 2.45, compared to the broader market0.002.004.002.45
Sortino ratio
The chart of Sortino ratio for OPCAX, currently valued at 3.79, compared to the broader market0.005.0010.003.79
Omega ratio
The chart of Omega ratio for OPCAX, currently valued at 1.58, compared to the broader market1.002.003.004.001.58
Calmar ratio
The chart of Calmar ratio for OPCAX, currently valued at 0.89, compared to the broader market0.005.0010.0015.0020.0025.000.89
Martin ratio
The chart of Martin ratio for OPCAX, currently valued at 12.06, compared to the broader market0.0020.0040.0060.0080.00100.0012.06
BCHYX
Sharpe ratio
The chart of Sharpe ratio for BCHYX, currently valued at 2.76, compared to the broader market0.002.004.002.76
Sortino ratio
The chart of Sortino ratio for BCHYX, currently valued at 4.22, compared to the broader market0.005.0010.004.22
Omega ratio
The chart of Omega ratio for BCHYX, currently valued at 1.67, compared to the broader market1.002.003.004.001.67
Calmar ratio
The chart of Calmar ratio for BCHYX, currently valued at 0.87, compared to the broader market0.005.0010.0015.0020.0025.000.87
Martin ratio
The chart of Martin ratio for BCHYX, currently valued at 13.64, compared to the broader market0.0020.0040.0060.0080.00100.0013.64

OPCAX vs. BCHYX - Sharpe Ratio Comparison

The current OPCAX Sharpe Ratio is 2.45, which is comparable to the BCHYX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of OPCAX and BCHYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio1.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
2.45
2.76
OPCAX
BCHYX

Dividends

OPCAX vs. BCHYX - Dividend Comparison

OPCAX's dividend yield for the trailing twelve months is around 3.85%, more than BCHYX's 3.75% yield.


TTM20232022202120202019201820172016201520142013
OPCAX
Invesco California Municipal Fund
3.85%3.67%3.45%3.06%3.12%3.44%3.71%4.59%5.37%5.48%6.17%6.56%
BCHYX
American Century California High Yield Municipal Fund
3.75%3.67%3.43%2.94%3.07%3.24%3.50%3.48%3.61%3.70%3.87%4.23%

Drawdowns

OPCAX vs. BCHYX - Drawdown Comparison

The maximum OPCAX drawdown since its inception was -47.36%, which is greater than BCHYX's maximum drawdown of -17.63%. Use the drawdown chart below to compare losses from any high point for OPCAX and BCHYX. For additional features, visit the drawdowns tool.


-7.00%-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%JuneJulyAugustSeptemberOctoberNovember
-2.53%
-3.03%
OPCAX
BCHYX

Volatility

OPCAX vs. BCHYX - Volatility Comparison

Invesco California Municipal Fund (OPCAX) and American Century California High Yield Municipal Fund (BCHYX) have volatilities of 2.03% and 1.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
2.03%
1.96%
OPCAX
BCHYX