OPTAX vs. DFABX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX).

OPTAX is managed by Invesco. It was launched on Oct 26, 1976. DFABX is managed by Dimensional. It was launched on Apr 11, 2022.

Performance

OPTAX vs. DFABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AMT-Free Municipal Fund (OPTAX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). The values are adjusted to include any dividend payments, if applicable.

OPTAX vs. DFABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OPTAX Invesco AMT-Free Municipal Fund	-1.34%	2.70%	2.13%	6.64%	-4.14%
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	0.58%	2.46%	2.90%	2.87%	0.55%

Returns By Period

In the year-to-date period, OPTAX achieves a -1.34% return, which is significantly lower than DFABX's 0.58% return.

OPTAX

• 1D: 0.30%
• 1M: -2.64%
• YTD: -1.34%
• 6M: -0.70%
• 1Y: 1.49%
• 3Y*: 2.18%
• 5Y*: 0.12%
• 10Y*: 3.39%

DFABX

• 1D: 0.05%
• 1M: -0.05%
• YTD: 0.58%
• 6M: 1.12%
• 1Y: 2.73%
• 3Y*: 2.60%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

OPTAX vs. DFABX - Expense Ratio Comparison

OPTAX has a 0.75% expense ratio, which is higher than DFABX's 0.25% expense ratio.

OPTAX

Invesco AMT-Free Municipal Fund

DFABX

DFA Short-Term Selective State Municipal Bond Portfolio

Return for Risk

OPTAX vs. DFABX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OPTAX

OPTAX Risk / Return Rank: 13
OPTAX Sharpe Ratio Rank: 16
OPTAX Sortino Ratio Rank: 13
OPTAX Omega Ratio Rank: 19
OPTAX Calmar Ratio Rank: 9
OPTAX Martin Ratio Rank: 8

DFABX

DFABX Risk / Return Rank: 99
DFABX Sharpe Ratio Rank: 99
DFABX Sortino Ratio Rank: 99
DFABX Omega Ratio Rank: 99
DFABX Calmar Ratio Rank: 98
DFABX Martin Ratio Rank: 99

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. DFABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). 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	DFABX	Difference
Sharpe ratio Return per unit of total volatility	0.41	3.90	-3.49
Sortino ratio Return per unit of downside risk	0.59	7.13	-6.55
Omega ratio Gain probability vs. loss probability	1.11	3.50	-2.39
Calmar ratio Return relative to maximum drawdown	0.14	4.84	-4.69
Martin ratio Return relative to average drawdown	0.37	26.76	-26.39
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. DFABX - Sharpe Ratio Comparison

The current OPTAX Sharpe Ratio is 0.41, which is lower than the DFABX Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of OPTAX and DFABX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OPTAX	DFABX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	3.90	-3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	2.44	-1.68

Correlation

The correlation between OPTAX and DFABX is 0.38, 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. DFABX - Dividend Comparison

OPTAX's dividend yield for the trailing twelve months is around 2.65%, less than DFABX's 2.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPTAX Invesco AMT-Free Municipal Fund	2.65%	4.23%	4.16%	3.02%	2.99%	3.43%	3.80%	3.75%	3.82%	4.71%	5.77%	6.05%
DFABX DFA Short-Term Selective State Municipal Bond Portfolio	2.70%	2.33%	2.86%	2.52%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

OPTAX vs. DFABX - Drawdown Comparison

The maximum OPTAX drawdown since its inception was -48.56%, which is greater than DFABX's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for OPTAX and DFABX.

Drawdown Indicators

	OPTAX	DFABX	Difference
Max Drawdown Largest peak-to-trough decline	-48.56%	-2.46%	-46.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-0.50%	-5.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.30%	—	—
Current Drawdown Current decline from peak	-3.16%	-0.06%	-3.10%
Average Drawdown Average peak-to-trough decline	-6.39%	-0.25%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	0.09%	+2.22%

Volatility

OPTAX vs. DFABX - Volatility Comparison

Invesco AMT-Free Municipal Fund (OPTAX) has a higher volatility of 1.30% compared to DFA Short-Term Selective State Municipal Bond Portfolio (DFABX) at 0.18%. This indicates that OPTAX's price experiences larger fluctuations and is considered to be riskier than DFABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPTAX	DFABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.18%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	0.40%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.26%	0.71%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	0.97%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	0.97%	+3.87%