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OPTAX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OPTAX vs. BATVX

Last updated Jun 6, 2026

OPTAX (Invesco AMT-Free Municipal Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, OPTAX returned 0.19%/yr vs 1.51%/yr for BATVX. At a 0.17 correlation, their price movements are largely independent. OPTAX charges 0.75%/yr vs 0.00%/yr for BATVX.

Performance

OPTAX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AMT-Free Municipal Fund (OPTAX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, OPTAX achieves a 1.51% return, which is significantly higher than BATVX's 0.97% return.

OPTAX

1D
0.00%
1M
0.65%
YTD
1.51%
6M
1.71%
1Y
6.07%
3Y*
3.19%
5Y*
0.19%
10Y*
3.54%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

OPTAX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
OPTAX
Invesco AMT-Free Municipal Fund		1.51%2.70%2.13%6.64%-12.15%1.89%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between OPTAX and BATVX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.17

Compare stocks, funds, or ETFs

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Invesco AMT-Free Municipal Fund

BlackRock Allocation Target Shares

Often compared with OPTAX:
OPTAX vs. ORNAXOPTAX vs. VWALXOPTAX vs. BNDOPTAX vs. VWSUXOPTAX vs. NPVOPTAX vs. SWNTXOPTAX vs. FHMIX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. FOHFXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

OPTAX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OPTAX
OPTAX Risk / Return Rank: 4747
Overall Rank
OPTAX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
OPTAX Sortino Ratio Rank: 5050
Sortino Ratio Rank
OPTAX Omega Ratio Rank: 6565
Omega Ratio Rank
OPTAX Calmar Ratio Rank: 3939
Calmar Ratio Rank
OPTAX Martin Ratio Rank: 3434
Martin Ratio Rank
BATVX
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OPTAX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and BlackRock Allocation Target Shares (BATVX). 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.

OPTAXBATVXDifference
Sharpe ratioReturn per unit of total volatility
1.87
3.57

-1.70

Sortino ratioReturn per unit of downside risk
2.87

—

—

Omega ratioGain probability vs. loss probability

1.43

—

—

Calmar ratioReturn relative to maximum drawdown

2.30

—

—

Martin ratioReturn relative to average drawdown

7.40

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPTAX vs. BATVX - Sharpe Ratio Comparison

The current OPTAX Sharpe Ratio is 1.87, which is lower than the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of OPTAX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

OPTAXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

3.57

-1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

2.38

-2.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

2.38

-1.61

Drawdowns

OPTAX vs. BATVX - Drawdown Comparison

The maximum OPTAX drawdown since its inception was -48.56%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for OPTAX and BATVX.

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Drawdown Indicators

OPTAXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-48.56%

-0.20%

-48.36%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

0.00%

-2.93%

Max Drawdown (3Y)

Largest decline over 3 years

-7.93%

-0.10%

-7.83%

Max Drawdown (5Y)

Largest decline over 5 years

-17.30%

-0.20%

-17.10%

Max Drawdown (10Y)

Largest decline over 10 years

-17.30%

—

—

Current Drawdown

Current decline from peak

-0.37%

0.00%

-0.37%

Average Drawdown

Average peak-to-trough decline

-6.37%

-0.03%

-6.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.96%

0.00%

+0.96%

Volatility

OPTAX vs. BATVX - Volatility Comparison

Invesco AMT-Free Municipal Fund (OPTAX) has a higher volatility of 1.41% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that OPTAX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OPTAXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.41%

0.20%

+1.21%

Volatility (6M)

Calculated over the trailing 6-month period

2.54%

0.49%

+2.05%

Volatility (1Y)

Calculated over the trailing 1-year period

3.62%

0.73%

+2.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.03%

0.64%

+4.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.87%

0.63%

+4.24%

OPTAX vs. BATVX - Expense Ratio Comparison

OPTAX has a 0.75% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

OPTAX vs. BATVX - Dividend Comparison

OPTAX's dividend yield for the trailing twelve months is around 2.68%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
OPTAX
Invesco AMT-Free Municipal Fund		2.68%4.23%4.16%3.02%2.99%3.43%3.80%3.75%3.82%4.71%5.77%6.05%

Frequently Asked Questions

OPTAX and BATVX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OPTAX has higher volatility (1.41%) compared to BATVX (0.20%). In terms of maximum drawdown, OPTAX dropped -48.56% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 1.87), 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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