Correlation
The correlation between OPCAX and HYMB is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPCAX or HYMB.
Performance
OPCAX vs. HYMB - Performance Comparison
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Key characteristics
OPCAX:
0.01
HYMB:
0.27
OPCAX:
-0.01
HYMB:
0.32
OPCAX:
1.00
HYMB:
1.05
OPCAX:
-0.03
HYMB:
0.18
OPCAX:
-0.12
HYMB:
0.69
OPCAX:
2.42%
HYMB:
2.23%
OPCAX:
6.93%
HYMB:
6.71%
OPCAX:
-47.35%
HYMB:
-29.57%
OPCAX:
-6.08%
HYMB:
-6.11%
Returns By Period
In the year-to-date period, OPCAX achieves a -3.67% return, which is significantly lower than HYMB's -1.96% return. Over the past 10 years, OPCAX has outperformed HYMB with an annualized return of 3.02%, while HYMB has yielded a comparatively lower 2.54% annualized return.
OPCAX
-3.67%
-1.29%
-5.01%
-0.37%
1.02%
0.61%
3.02%
HYMB
-1.96%
0.20%
-3.71%
2.27%
1.63%
1.89%
2.54%
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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.
Risk-Adjusted Performance
OPCAX vs. HYMB — Risk-Adjusted Performance Rank
OPCAX
HYMB
OPCAX vs. HYMB - Risk-Adjusted Performance 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.
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Dividends
OPCAX vs. HYMB - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 3.75%, less than HYMB's 4.49% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 3.75% | 3.83% | 3.71% | 3.50% | 3.06% | 3.12% | 3.44% | 3.71% | 4.59% | 5.37% | 5.48% | 6.17% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.49% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% | 4.49% |
Drawdowns
OPCAX vs. HYMB - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.35%, 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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Volatility
OPCAX vs. HYMB - Volatility Comparison
The current volatility for Invesco California Municipal Fund (OPCAX) is 1.09%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.44%. 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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