OPTAX vs. DMREX
Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and DFA Municipal Real Return Portfolio (DMREX).
OPTAX is managed by Invesco. It was launched on Oct 26, 1976. DMREX is managed by Dimensional. It was launched on Nov 3, 2014.
Performance
OPTAX vs. DMREX - Performance Comparison
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OPTAX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | -1.34% | 2.70% | 2.13% | 6.64% | -12.15% | 4.16% | 7.57% | 12.33% | 7.43% | 5.98% |
DMREX DFA Municipal Real Return Portfolio | 1.10% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Returns By Period
In the year-to-date period, OPTAX achieves a -1.34% return, which is significantly lower than DMREX's 1.10% return. Over the past 10 years, OPTAX has outperformed DMREX with an annualized return of 3.39%, while DMREX has yielded a comparatively lower 2.77% annualized 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%
DMREX
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.10%
- 6M
- 1.08%
- 1Y
- 2.58%
- 3Y*
- 2.54%
- 5Y*
- 2.70%
- 10Y*
- 2.77%
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OPTAX vs. DMREX - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Return for Risk
OPTAX vs. DMREX — Risk / Return Rank
OPTAX
DMREX
OPTAX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and DFA Municipal Real Return Portfolio (DMREX). 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 | DMREX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.41 | 2.31 | -1.90 |
Sortino ratioReturn per unit of downside risk | 0.59 | 3.35 | -2.77 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.62 | -0.51 |
Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.90 | -2.76 |
Martin ratioReturn relative to average drawdown | 0.37 | 9.38 | -9.01 |
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 | DMREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.41 | 2.31 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 1.10 | -1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.88 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.86 | -0.10 |
Correlation
The correlation between OPTAX and DMREX is 0.25, 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. DMREX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.65%, less than DMREX's 3.30% 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% |
DMREX DFA Municipal Real Return Portfolio | 3.30% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
Drawdowns
OPTAX vs. DMREX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.56%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for OPTAX and DMREX.
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Drawdown Indicators
| OPTAX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.56% | -13.22% | -35.34% |
Max Drawdown (1Y)Largest decline over 1 year | -5.71% | -0.92% | -4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -17.30% | -5.33% | -11.97% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -13.22% | -4.08% |
Current DrawdownCurrent decline from peak | -3.16% | -0.32% | -2.84% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -0.89% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 0.29% | +2.02% |
Volatility
OPTAX vs. DMREX - Volatility Comparison
Invesco AMT-Free Municipal Fund (OPTAX) has a higher volatility of 1.30% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.49%. This indicates that OPTAX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPTAX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 0.49% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 0.71% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 1.17% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 2.47% | +2.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 3.14% | +1.70% |