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
Returns By Period
In the year-to-date period, OPCAX achieves a 2.76% return, which is significantly lower than HYMB's 6.53% return. Over the past 10 years, OPCAX has outperformed HYMB with an annualized return of 3.66%, while HYMB has yielded a comparatively lower 3.09% annualized return.
OPCAX
2.76%
-0.41%
2.96%
8.75%
1.60%
3.66%
HYMB
6.53%
-0.34%
4.20%
11.69%
1.25%
3.09%
Key characteristics
| OPCAX | HYMB | |
|---|---|---|
| Sharpe Ratio | 2.19 | 2.22 |
| Sortino Ratio | 3.29 | 3.10 |
| Omega Ratio | 1.51 | 1.44 |
| Calmar Ratio | 0.89 | 0.90 |
| Martin Ratio | 10.04 | 13.86 |
| Ulcer Index | 0.90% | 0.87% |
| Daily Std Dev | 4.13% | 5.43% |
| Max Drawdown | -47.36% | -29.57% |
| Current Drawdown | -2.29% | -3.32% |
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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.
Correlation
The correlation between OPCAX and HYMB 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.
Risk-Adjusted Performance
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.
Dividends
OPCAX vs. HYMB - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 3.84%, less than HYMB's 4.17% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 3.84% | 3.67% | 3.45% | 3.06% | 3.12% | 3.44% | 3.71% | 4.59% | 5.37% | 5.48% | 6.17% | 6.56% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.17% | 4.06% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% | 4.49% | 5.17% |
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. For additional features, visit the drawdowns tool.
Volatility
OPCAX vs. HYMB - Volatility Comparison
The current volatility for Invesco California Municipal Fund (OPCAX) is 2.02%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 2.26%. 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.