OPTAX vs. BND
Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and Vanguard Total Bond Market ETF (BND).
OPTAX is managed by Invesco. It was launched on Oct 26, 1976. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007.
Performance
OPTAX vs. BND - Performance Comparison
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OPTAX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | -1.04% | 2.70% | 2.13% | 6.64% | -12.15% | 4.16% | 7.57% | 12.33% | 7.43% | 5.98% |
BND Vanguard Total Bond Market ETF | 0.09% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Returns By Period
In the year-to-date period, OPTAX achieves a -1.04% return, which is significantly lower than BND's 0.09% return. Over the past 10 years, OPTAX has outperformed BND with an annualized return of 3.42%, while BND has yielded a comparatively lower 1.68% annualized return.
OPTAX
- 1D
- 0.30%
- 1M
- -2.20%
- YTD
- -1.04%
- 6M
- -0.55%
- 1Y
- 1.34%
- 3Y*
- 2.28%
- 5Y*
- 0.15%
- 10Y*
- 3.42%
BND
- 1D
- 0.04%
- 1M
- -1.30%
- YTD
- 0.09%
- 6M
- 0.74%
- 1Y
- 3.96%
- 3Y*
- 3.60%
- 5Y*
- 0.25%
- 10Y*
- 1.68%
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OPTAX vs. BND - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is higher than BND's 0.03% expense ratio.
Return for Risk
OPTAX vs. BND — Risk / Return Rank
OPTAX
BND
OPTAX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and Vanguard Total Bond Market ETF (BND). 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.
| OPTAX | BND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.32 | 0.93 | -0.61 |
Sortino ratioReturn per unit of downside risk | 0.47 | 1.32 | -0.85 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.16 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 1.75 | -1.56 |
Martin ratioReturn relative to average drawdown | 0.50 | 4.78 | -4.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OPTAX | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.93 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.04 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.30 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.59 | +0.17 |
Correlation
The correlation between OPTAX and BND is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
OPTAX vs. BND - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.64%, less than BND's 3.93% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | 2.64% | 4.23% | 4.16% | 3.02% | 2.99% | 3.43% | 3.80% | 3.75% | 3.82% | 4.71% | 5.77% | 6.05% |
BND Vanguard Total Bond Market ETF | 3.93% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Drawdowns
OPTAX vs. BND - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.56%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for OPTAX and BND.
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Drawdown Indicators
| OPTAX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.56% | -18.58% | -29.98% |
Max Drawdown (1Y)Largest decline over 1 year | -5.71% | -2.44% | -3.27% |
Max Drawdown (5Y)Largest decline over 5 years | -17.30% | -17.91% | +0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -18.58% | +1.28% |
Current DrawdownCurrent decline from peak | -2.87% | -2.54% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -3.07% | -3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 0.90% | +1.42% |
Volatility
OPTAX vs. BND - Volatility Comparison
The current volatility for Invesco AMT-Free Municipal Fund (OPTAX) is 1.35%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.63%. This indicates that OPTAX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPTAX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.63% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 2.52% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 4.30% | +1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 6.00% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 5.52% | -0.68% |