OPNYX vs. NRK
OPNYX (Invesco Rochester AMT-Free New York Municipal Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Over the past 10 years, OPNYX returned 2.43%/yr vs 2.33%/yr for NRK. At a 0.24 correlation, their price movements are largely independent. OPNYX charges 0.84%/yr vs 2.16%/yr for NRK.
Performance
OPNYX vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, OPNYX achieves a 2.06% return, which is significantly lower than NRK's 9.28% return. Both investments have delivered pretty close results over the past 10 years, with OPNYX having a 2.43% annualized return and NRK not far behind at 2.33%.
OPNYX
- 1D
- 0.10%
- 1M
- 2.39%
- YTD
- 2.06%
- 6M
- 2.56%
- 1Y
- 6.78%
- 3Y*
- 3.11%
- 5Y*
- -0.11%
- 10Y*
- 2.43%
NRK
- 1D
- -0.66%
- 1M
- 3.55%
- YTD
- 9.28%
- 6M
- 10.16%
- 1Y
- 17.79%
- 3Y*
- 7.88%
- 5Y*
- 0.25%
- 10Y*
- 2.33%
OPNYX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPNYX Invesco Rochester AMT-Free New York Municipal Fund | 2.06% | 2.09% | 2.10% | 7.23% | -13.74% | 4.88% | 3.75% | 10.28% | 6.62% | 1.45% |
NRK Nuveen New York AMT Free Quality Municipal Income | 9.28% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between OPNYX and NRK is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.25 |
Over the past year, OPNYX and NRK have become more correlated (0.46) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
OPNYX vs. NRK — Risk / Return Rank
OPNYX
NRK
OPNYX vs. NRK - 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 Nuveen New York AMT Free Quality Municipal Income (NRK). 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 | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.36 | -0.87 |
| Martin ratioReturn relative to average drawdown | 7.98 | 8.96 | -0.99 |
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Drawdowns
OPNYX vs. NRK - Drawdown Comparison
The maximum OPNYX drawdown since its inception was -34.59%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for OPNYX and NRK.
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Drawdown Indicators
| OPNYX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.59% | -40.18% | +5.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -5.32% | +2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -9.15% | -12.67% | +3.52% |
Max Drawdown (5Y)Largest decline over 5 years | -19.51% | -31.06% | +11.55% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | -31.06% | +11.55% |
Current DrawdownCurrent decline from peak | -1.68% | -1.38% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -8.17% | +4.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.99% | -1.02% |
Volatility
OPNYX vs. NRK - Volatility Comparison
The current volatility for Invesco Rochester AMT-Free New York Municipal Fund (OPNYX) is 1.04%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 3.35%. This indicates that OPNYX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPNYX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 3.35% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 6.67% | -3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 8.52% | -4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 9.95% | -4.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 10.35% | -5.03% |
OPNYX vs. NRK - Expense Ratio Comparison
OPNYX has a 0.84% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
OPNYX vs. NRK - Dividend Comparison
OPNYX's dividend yield for the trailing twelve months is around 3.00%, less than NRK's 7.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NRK Nuveen New York AMT Free Quality Municipal Income | 7.78% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
OPNYX Invesco Rochester AMT-Free New York Municipal Fund | 3.00% | 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 NRK have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (3.35%) compared to OPNYX (1.04%). In terms of maximum drawdown, OPNYX dropped -34.59% vs NRK's -40.18%.
NRK currently has the higher Sharpe Ratio (2.10 vs 1.88), 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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