OPCAX vs. SWNTX
Compare and contrast key facts about Invesco California Municipal Fund (OPCAX) and Schwab Tax-Free Bond Fund™ (SWNTX).
OPCAX is managed by Invesco. It was launched on Nov 2, 1988. SWNTX is managed by Charles Schwab. It was launched on Sep 10, 1992.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPCAX or SWNTX.
Performance
OPCAX vs. SWNTX - Performance Comparison
Returns By Period
In the year-to-date period, OPCAX achieves a 2.76% return, which is significantly higher than SWNTX's 1.86% return. Over the past 10 years, OPCAX has outperformed SWNTX with an annualized return of 3.66%, while SWNTX has yielded a comparatively lower 1.53% annualized return.
OPCAX
2.76%
0.32%
3.47%
8.20%
1.60%
3.66%
SWNTX
1.86%
0.20%
2.78%
5.48%
0.74%
1.53%
Key characteristics
| OPCAX | SWNTX | |
|---|---|---|
| Sharpe Ratio | 2.06 | 1.92 |
| Sortino Ratio | 3.10 | 2.88 |
| Omega Ratio | 1.48 | 1.44 |
| Calmar Ratio | 0.87 | 0.79 |
| Martin Ratio | 9.34 | 7.68 |
| Ulcer Index | 0.91% | 0.74% |
| Daily Std Dev | 4.12% | 2.96% |
| Max Drawdown | -47.36% | -12.93% |
| Current Drawdown | -2.29% | -2.11% |
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OPCAX vs. SWNTX - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is higher than SWNTX's 0.48% expense ratio.
Correlation
The correlation between OPCAX and SWNTX is 0.71, 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.
Risk-Adjusted Performance
OPCAX vs. SWNTX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and Schwab Tax-Free Bond Fund™ (SWNTX). 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. SWNTX - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 3.84%, more than SWNTX's 3.41% 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% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.41% | 3.06% | 2.33% | 1.67% | 1.97% | 2.31% | 2.42% | 2.34% | 2.24% | 2.22% | 2.30% | 2.38% |
Drawdowns
OPCAX vs. SWNTX - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.36%, which is greater than SWNTX's maximum drawdown of -12.93%. Use the drawdown chart below to compare losses from any high point for OPCAX and SWNTX. For additional features, visit the drawdowns tool.
Volatility
OPCAX vs. SWNTX - Volatility Comparison
Invesco California Municipal Fund (OPCAX) has a higher volatility of 1.78% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 1.28%. This indicates that OPCAX's price experiences larger fluctuations and is considered to be riskier than SWNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.