OPCAX vs. CMF
Compare and contrast key facts about Invesco California Municipal Fund (OPCAX) and iShares California Muni Bond ETF (CMF).
OPCAX is managed by Invesco. It was launched on Nov 2, 1988. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPCAX or CMF.
Key characteristics
| OPCAX | CMF | |
|---|---|---|
| YTD Return | 2.51% | 1.46% |
| 1Y Return | 10.48% | 6.92% |
| 3Y Return (Ann) | -0.69% | -0.49% |
| 5Y Return (Ann) | 1.66% | 0.89% |
| 10Y Return (Ann) | 3.63% | 1.98% |
| Sharpe Ratio | 2.45 | 1.73 |
| Sortino Ratio | 3.79 | 2.48 |
| Omega Ratio | 1.58 | 1.34 |
| Calmar Ratio | 0.89 | 0.79 |
| Martin Ratio | 12.06 | 7.62 |
| Ulcer Index | 0.87% | 0.88% |
| Daily Std Dev | 4.28% | 3.86% |
| Max Drawdown | -47.36% | -16.45% |
| Current Drawdown | -2.53% | -2.06% |
Correlation
The correlation between OPCAX and CMF is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
OPCAX vs. CMF - Performance Comparison
In the year-to-date period, OPCAX achieves a 2.51% return, which is significantly higher than CMF's 1.46% return. Over the past 10 years, OPCAX has outperformed CMF with an annualized return of 3.63%, while CMF has yielded a comparatively lower 1.98% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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OPCAX vs. CMF - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is higher than CMF's 0.25% expense ratio.
Risk-Adjusted Performance
OPCAX vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and iShares California Muni Bond ETF (CMF). 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.
Dividends
OPCAX vs. CMF - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 3.85%, more than CMF's 2.74% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
Drawdowns
OPCAX vs. CMF - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.36%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for OPCAX and CMF. For additional features, visit the drawdowns tool.
Volatility
OPCAX vs. CMF - Volatility Comparison
Invesco California Municipal Fund (OPCAX) and iShares California Muni Bond ETF (CMF) have volatilities of 2.03% and 2.06%, 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.