OPCAX vs. VSCAX
OPCAX (Invesco California Municipal Fund) and VSCAX (Invesco Small Cap Value Fund) are both mutual funds - OPCAX is a Municipal Bonds fund managed by Invesco, while VSCAX is a Small Cap Value Equities fund managed by Invesco. Over the past 10 years, OPCAX returned 2.86%/yr vs 18.60%/yr for VSCAX. At a correlation of -0.09, they often move in opposite directions. OPCAX charges 0.75%/yr vs 1.12%/yr for VSCAX.
Performance
OPCAX vs. VSCAX - Performance Comparison
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Returns By Period
In the year-to-date period, OPCAX achieves a 1.83% return, which is significantly lower than VSCAX's 32.95% return. Over the past 10 years, OPCAX has underperformed VSCAX with an annualized return of 2.86%, while VSCAX has yielded a comparatively higher 18.60% annualized return.
OPCAX
- 1D
- -0.13%
- 1M
- 2.28%
- YTD
- 1.83%
- 6M
- 2.32%
- 1Y
- 6.77%
- 3Y*
- 3.57%
- 5Y*
- 0.43%
- 10Y*
- 2.86%
VSCAX
- 1D
- 1.20%
- 1M
- 6.08%
- YTD
- 32.95%
- 6M
- 30.53%
- 1Y
- 61.22%
- 3Y*
- 32.76%
- 5Y*
- 20.72%
- 10Y*
- 18.60%
OPCAX vs. VSCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 1.83% | 2.59% | 2.86% | 6.86% | -12.10% | 3.56% | 6.07% | 10.31% | 6.59% | 4.47% |
VSCAX Invesco Small Cap Value Fund | 32.95% | 17.70% | 24.54% | 22.84% | 4.31% | 36.34% | 10.81% | 32.02% | -25.64% | 18.17% |
Correlation
The correlation between OPCAX and VSCAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 1999 | -0.09 |
The correlation between OPCAX and VSCAX shifts across timeframes, from -0.09 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OPCAX vs. VSCAX — Risk / Return Rank
OPCAX
VSCAX
OPCAX vs. VSCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Municipal Fund (OPCAX) and Invesco Small Cap Value Fund (VSCAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OPCAX | VSCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.47 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 5.48 | -3.12 |
| Martin ratioReturn relative to average drawdown | 7.65 | 19.08 | -11.42 |
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Drawdowns
OPCAX vs. VSCAX - Drawdown Comparison
The maximum OPCAX drawdown since its inception was -47.36%, smaller than the maximum VSCAX drawdown of -57.77%. Use the drawdown chart below to compare losses from any high point for OPCAX and VSCAX.
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Drawdown Indicators
| OPCAX | VSCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -57.77% | +10.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -11.43% | +8.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.46% | -25.29% | +16.83% |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | -25.29% | +6.76% |
Max Drawdown (10Y)Largest decline over 10 years | -18.53% | -57.77% | +39.24% |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -8.88% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 3.27% | -2.23% |
Volatility
OPCAX vs. VSCAX - Volatility Comparison
The current volatility for Invesco California Municipal Fund (OPCAX) is 1.02%, while Invesco Small Cap Value Fund (VSCAX) has a volatility of 8.83%. This indicates that OPCAX experiences smaller price fluctuations and is considered to be less risky than VSCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPCAX | VSCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 8.83% | -7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 17.02% | -14.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 21.78% | -17.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 23.31% | -17.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.12% | 26.80% | -21.68% |
OPCAX vs. VSCAX - Expense Ratio Comparison
OPCAX has a 0.75% expense ratio, which is lower than VSCAX's 1.12% expense ratio.
Dividends
OPCAX vs. VSCAX - Dividend Comparison
OPCAX's dividend yield for the trailing twelve months is around 2.76%, less than VSCAX's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 2.76% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
VSCAX Invesco Small Cap Value Fund | 6.93% | 9.22% | 7.90% | 4.93% | 10.12% | 16.90% | 0.30% | 2.53% | 28.45% | 16.65% | 1.71% | 11.08% |
Frequently Asked Questions
OPCAX and VSCAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSCAX has higher volatility (8.83%) compared to OPCAX (1.02%). In terms of maximum drawdown, OPCAX dropped -47.36% vs VSCAX's -57.77%.
VSCAX currently has the higher Sharpe Ratio (2.88 vs 1.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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