OPCAX vs. HYMB
Compare and contrast key facts about Invesco California Municipal Fund (OPCAX) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB).
OPCAX is managed by Invesco. It was launched on Nov 2, 1988. HYMB is a passively managed fund by State Street that tracks the performance of the Bloomberg Municipal Yield. It was launched on Apr 13, 2011.
Performance
OPCAX vs. HYMB - Performance Comparison
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OPCAX vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | -1.27% | 2.59% | 2.86% | 6.86% | -12.10% | 3.56% | 6.07% | 10.31% | 6.59% | 4.47% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 0.82% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Returns By Period
In the year-to-date period, OPCAX achieves a -1.27% return, which is significantly lower than HYMB's 0.82% return. Over the past 10 years, OPCAX has outperformed HYMB with an annualized return of 2.95%, while HYMB has yielded a comparatively lower 2.52% annualized return.
OPCAX
- 1D
- 0.39%
- 1M
- -2.38%
- YTD
- -1.27%
- 6M
- -0.54%
- 1Y
- 1.04%
- 3Y*
- 2.60%
- 5Y*
- 0.21%
- 10Y*
- 2.95%
HYMB
- 1D
- 0.64%
- 1M
- -1.35%
- YTD
- 0.82%
- 6M
- 2.23%
- 1Y
- 2.88%
- 3Y*
- 4.34%
- 5Y*
- 0.49%
- 10Y*
- 2.52%
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OPCAX vs. HYMB - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Return for Risk
OPCAX vs. HYMB — Risk / Return Rank
OPCAX
HYMB
OPCAX vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.25 | 0.49 | -0.24 |
Sortino ratioReturn per unit of downside risk | 0.38 | 0.61 | -0.23 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.71 | -0.60 |
Martin ratioReturn relative to average drawdown | 0.27 | 1.74 | -1.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OPCAX | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.25 | 0.49 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.07 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.22 | +0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.44 | +0.52 |
Correlation
The correlation between OPCAX and HYMB is 0.46, 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.
Dividends
OPCAX vs. HYMB - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 2.78%, less than HYMB's 4.59% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 2.78% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.59% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Drawdowns
OPCAX vs. HYMB - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.36%, which is greater than HYMB's maximum drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for OPCAX and HYMB.
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Drawdown Indicators
| OPCAX | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -29.57% | -17.79% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -5.07% | -1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | -20.15% | +1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -18.53% | -29.57% | +11.04% |
Current DrawdownCurrent decline from peak | -2.63% | -1.57% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -3.84% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.81% | 2.06% | +0.75% |
Volatility
OPCAX vs. HYMB - Volatility Comparison
The current volatility for Invesco California Municipal Fund (OPCAX) is 1.49%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 2.21%. This indicates that OPCAX experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPCAX | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 2.21% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.95% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.95% | 5.95% | +1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.40% | 6.63% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 11.34% | -6.24% |