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 Charles 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.
Performance
OPCAX vs. SCMB - Performance Comparison
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OPCAX vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | -1.65% | 2.59% | 2.86% | 6.86% | 3.67% |
SCMB Schwab Municipal Bond ETF | -0.51% | 3.78% | 0.91% | 5.86% | 3.05% |
Returns By Period
In the year-to-date period, OPCAX achieves a -1.65% return, which is significantly lower than SCMB's -0.51% return.
OPCAX
- 1D
- 0.26%
- 1M
- -3.00%
- YTD
- -1.65%
- 6M
- -0.80%
- 1Y
- 1.16%
- 3Y*
- 2.46%
- 5Y*
- 0.16%
- 10Y*
- 2.91%
SCMB
- 1D
- 0.24%
- 1M
- -2.42%
- YTD
- -0.51%
- 6M
- 1.25%
- 1Y
- 3.88%
- 3Y*
- 2.44%
- 5Y*
- —
- 10Y*
- —
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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.
Return for Risk
OPCAX vs. SCMB — Risk / Return Rank
OPCAX
SCMB
OPCAX vs. SCMB - Risk-Adjusted Trends 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.
| OPCAX | SCMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.34 | 0.94 | -0.60 |
Sortino ratioReturn per unit of downside risk | 0.50 | 1.22 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.21 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.07 | 1.05 | -0.98 |
Martin ratioReturn relative to average drawdown | 0.18 | 2.98 | -2.80 |
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 | SCMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.34 | 0.94 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.90 | +0.05 |
Correlation
The correlation between OPCAX and SCMB is 0.73, 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.
Dividends
OPCAX vs. SCMB - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 2.79%, less than SCMB's 3.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 2.79% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
SCMB Schwab Municipal Bond ETF | 3.38% | 3.36% | 3.34% | 3.10% | 0.59% | 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 -6.13%. Use the drawdown chart below to compare losses from any high point for OPCAX and SCMB.
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Drawdown Indicators
| OPCAX | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -6.13% | -41.23% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -3.79% | -2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.53% | — | — |
Current DrawdownCurrent decline from peak | -3.00% | -2.42% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -1.32% | -3.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 1.34% | +1.46% |
Volatility
OPCAX vs. SCMB - Volatility Comparison
Invesco California Municipal Fund (OPCAX) and Schwab Municipal Bond ETF (SCMB) have volatilities of 1.45% and 1.47%, 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.
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Volatility by Period
| OPCAX | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.47% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 2.02% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.96% | 4.15% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.40% | 4.22% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 4.22% | +0.87% |