OPCAX vs. SCMB
Compare and contrast key facts about Invesco California Municipal Fund (OPCAX) and Schwab Municipal Bond ETF (SCMB).
OPCAX is managed by Invesco. It was launched on Nov 2, 1988. SCMB is a passively managed fund by Schwab that tracks the performance of the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. It was launched on Oct 11, 2022.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPCAX or SCMB.
Key characteristics
| OPCAX | SCMB | |
|---|---|---|
| YTD Return | 2.51% | 2.77% |
| 1Y Return | 10.48% | 9.07% |
| Sharpe Ratio | 2.45 | 2.07 |
| Sortino Ratio | 3.79 | 3.03 |
| Omega Ratio | 1.58 | 1.41 |
| Calmar Ratio | 0.89 | 2.76 |
| Martin Ratio | 12.06 | 11.39 |
| Ulcer Index | 0.87% | 0.76% |
| Daily Std Dev | 4.28% | 4.19% |
| Max Drawdown | -47.36% | -5.62% |
| Current Drawdown | -2.53% | -1.22% |
Correlation
The correlation between OPCAX and SCMB is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
OPCAX vs. SCMB - Performance Comparison
In the year-to-date period, OPCAX achieves a 2.51% return, which is significantly lower than SCMB's 2.77% 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. SCMB - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is higher than SCMB's 0.03% expense ratio.
Risk-Adjusted Performance
OPCAX vs. SCMB - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and Schwab Municipal Bond ETF (SCMB). 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. SCMB - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 3.85%, less than SCMB's 5.02% 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% |
SCMB Schwab Municipal Bond ETF | 5.02% | 4.13% | 0.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
OPCAX vs. SCMB - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.36%, which is greater than SCMB's maximum drawdown of -5.62%. Use the drawdown chart below to compare losses from any high point for OPCAX and SCMB. For additional features, visit the drawdowns tool.
Volatility
OPCAX vs. SCMB - Volatility Comparison
Invesco California Municipal Fund (OPCAX) and Schwab Municipal Bond ETF (SCMB) have volatilities of 2.03% and 2.09%, 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.