OPCAX vs. CMF
OPCAX (Invesco California Municipal Fund) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, OPCAX returned 2.67%/yr vs 1.55%/yr for CMF. Their 0.46 correlation means their historical movements had little consistent relationship. OPCAX charges 0.75%/yr vs 0.08%/yr for CMF.
Performance
OPCAX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, OPCAX achieves a 0.39% return, which is significantly higher than CMF's -0.17% return. Over the past 10 years, OPCAX has outperformed CMF with an annualized return of 2.67%, while CMF has yielded a comparatively lower 1.55% annualized return.
OPCAX
- 1D
- -0.38%
- 1M
- -2.26%
- 6M
- 0.39%
- YTD
- 0.39%
- 1Y
- 5.62%
- 3Y*
- 2.99%
- 5Y*
- -0.09%
- 10Y*
- 2.67%
- ALL TIME*
- 4.68%
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $0.00 | $0.00 | $0.00 |
OPCAX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 0.39% | 2.59% | 2.86% | 6.86% | -12.10% | 3.56% | 6.07% | 10.31% | 6.59% | 4.47% |
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between OPCAX and CMF is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.46 |
Over the past year, OPCAX and CMF have become more correlated (0.68) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
OPCAX vs. CMF — Risk / Return Rank
OPCAX
CMF
OPCAX vs. CMF - Risk-Adjusted Trends 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.
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.
| OPCAX | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.38 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.73 | +0.61 |
| Martin ratioReturn relative to average drawdown | 8.19 | 5.29 | +2.89 |
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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.
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Drawdown Indicators
| OPCAX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -16.45% | -30.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -2.91% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.37% | -5.22% | -2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | -12.40% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -18.53% | -14.57% | -3.96% |
Current DrawdownCurrent decline from peak | -2.26% | -2.03% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -4.74% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.95% | +0.08% |
Volatility
OPCAX vs. CMF - Volatility Comparison
Invesco California Municipal Fund (OPCAX) has a higher volatility of 1.20% compared to iShares California Muni Bond ETF (CMF) at 0.86%. This indicates that OPCAX's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPCAX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.86% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 2.28% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 2.86% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 4.21% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 5.08% | +0.05% |
OPCAX vs. CMF - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is higher than CMF's 0.08% expense ratio.
Dividends
OPCAX vs. CMF - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 2.48%, less than CMF's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
OPCAX Invesco California Municipal Fund | 2.48% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
Frequently Asked Questions
OPCAX and CMF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPCAX has higher volatility (1.20%) compared to CMF (0.86%). In terms of maximum drawdown, OPCAX dropped -47.36% vs CMF's -16.45%.
OPCAX currently has the higher Sharpe Ratio (1.95 vs 1.77), 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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