OPNYX vs. MIY
OPNYX (Invesco Rochester AMT-Free New York Municipal Fund) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Over the past 10 years, OPNYX returned 2.02%/yr vs 2.67%/yr for MIY. Their 0.25 correlation means their historical movements had little consistent relationship. OPNYX charges 0.84%/yr vs 2.25%/yr for MIY.
Performance
OPNYX vs. MIY - Performance Comparison
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Returns By Period
In the year-to-date period, OPNYX achieves a 0.35% return, which is significantly lower than MIY's 7.21% return. Over the past 10 years, OPNYX has underperformed MIY with an annualized return of 2.02%, while MIY has yielded a comparatively higher 2.67% annualized return.
OPNYX
- 1D
- -0.30%
- 1M
- -2.44%
- 6M
- 0.45%
- YTD
- 0.35%
- 1Y
- 5.03%
- 3Y*
- 2.28%
- 5Y*
- -0.68%
- 10Y*
- 2.02%
- ALL TIME*
- 4.49%
MIY
- 1D
- 0.16%
- 1M
- -0.05%
- 6M
- 3.39%
- YTD
- 7.21%
- 1Y
- 16.86%
- 3Y*
- 8.73%
- 5Y*
- -0.26%
- 10Y*
- 2.67%
- ALL TIME*
- 4.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $895.54K | $693.30K | $727.08K | |
| $0.00 | $0.00 | $0.00 |
OPNYX vs. MIY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPNYX Invesco Rochester AMT-Free New York Municipal Fund | 0.35% | 2.09% | 2.10% | 7.23% | -13.74% | 4.88% | 3.75% | 10.28% | 6.62% | 1.45% |
MIY BlackRock MuniYield Michigan Quality Fund | 7.21% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 19.51% | -6.71% | 8.86% |
Correlation
The correlation between OPNYX and MIY is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.25 |
The correlation between OPNYX and MIY shifts across timeframes, from 0.25 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
OPNYX vs. MIY — Risk / Return Rank
OPNYX
MIY
OPNYX vs. MIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester AMT-Free New York Municipal Fund (OPNYX) and BlackRock MuniYield Michigan Quality Fund (MIY). 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.
| OPNYX | MIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.81 | +0.48 |
| Martin ratioReturn relative to average drawdown | 7.50 | 5.87 | +1.64 |
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Drawdowns
OPNYX vs. MIY - Drawdown Comparison
The maximum OPNYX drawdown since its inception was -34.59%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for OPNYX and MIY.
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Drawdown Indicators
| OPNYX | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.59% | -42.19% | +7.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -10.08% | +7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.89% | -12.46% | +4.57% |
Max Drawdown (5Y)Largest decline over 5 years | -19.51% | -34.43% | +14.92% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | -34.59% | +15.08% |
Current DrawdownCurrent decline from peak | -3.33% | -2.46% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -8.29% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 3.10% | -2.10% |
Volatility
OPNYX vs. MIY - Volatility Comparison
The current volatility for Invesco Rochester AMT-Free New York Municipal Fund (OPNYX) is 1.23%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 2.26%. This indicates that OPNYX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPNYX | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 2.26% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 9.81% | -6.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 11.76% | -7.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.72% | 11.68% | -5.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 11.96% | -6.64% |
OPNYX vs. MIY - Expense Ratio Comparison
OPNYX has a 0.84% expense ratio, which is lower than MIY's 2.25% expense ratio.
Dividends
OPNYX vs. MIY - Dividend Comparison
OPNYX's dividend yield for the trailing twelve months is around 2.70%, less than MIY's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MIY BlackRock MuniYield Michigan Quality Fund | 5.36% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
OPNYX Invesco Rochester AMT-Free New York Municipal Fund | 2.70% | 4.85% | 4.59% | 3.18% | 2.84% | 2.85% | 3.00% | 2.98% | 2.92% | 3.56% | 4.85% | 5.38% |
Frequently Asked Questions
OPNYX and MIY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIY has higher volatility (2.26%) compared to OPNYX (1.23%). In terms of maximum drawdown, OPNYX dropped -34.59% vs MIY's -42.19%.
OPNYX currently has the higher Sharpe Ratio (1.70 vs 1.55), 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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