OPTAX vs. ORNAX
OPTAX (Invesco AMT-Free Municipal Fund) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both mutual funds - OPTAX is a Municipal Bonds fund managed by Invesco, while ORNAX is a High Yield Muni fund managed by Invesco. Over the past 10 years, OPTAX returned 3.15%/yr vs 3.66%/yr for ORNAX. Their correlation of 0.85 means they have usually moved in the same direction. OPTAX charges 0.75%/yr vs 0.72%/yr for ORNAX.
Performance
OPTAX vs. ORNAX - Performance Comparison
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Returns By Period
In the year-to-date period, OPTAX achieves a 0.22% return, which is significantly lower than ORNAX's 0.59% return. Over the past 10 years, OPTAX has underperformed ORNAX with an annualized return of 3.15%, while ORNAX has yielded a comparatively higher 3.66% annualized return.
OPTAX
- 1D
- -0.30%
- 1M
- -2.06%
- 6M
- 0.22%
- YTD
- 0.22%
- 1Y
- 4.81%
- 3Y*
- 2.49%
- 5Y*
- -0.31%
- 10Y*
- 3.15%
- ALL TIME*
- 3.79%
ORNAX
- 1D
- -0.46%
- 1M
- -2.25%
- 6M
- 0.59%
- YTD
- 0.59%
- 1Y
- 5.01%
- 3Y*
- 3.39%
- 5Y*
- -0.16%
- 10Y*
- 3.66%
- ALL TIME*
- 4.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
OPTAX vs. ORNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | 0.22% | 2.70% | 2.13% | 6.64% | -12.15% | 4.16% | 7.57% | 12.33% | 7.43% | 5.98% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 0.59% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 9.16% | 6.88% |
Correlation
The correlation between OPTAX and ORNAX is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1993 | 0.85 |
The correlation between OPTAX and ORNAX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
OPTAX vs. ORNAX — Risk / Return Rank
OPTAX
ORNAX
OPTAX vs. ORNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). 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.
| OPTAX | ORNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.40 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.47 | -0.26 |
| Martin ratioReturn relative to average drawdown | 7.33 | 8.65 | -1.33 |
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Drawdowns
OPTAX vs. ORNAX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.56%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for OPTAX and ORNAX.
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Drawdown Indicators
| OPTAX | ORNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.56% | -55.48% | +6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.85% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -8.45% | +1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -17.20% | -21.16% | +3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -21.16% | +3.86% |
Current DrawdownCurrent decline from peak | -2.06% | -2.25% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -6.35% | -7.04% | +0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.04% | -0.10% |
Volatility
OPTAX vs. ORNAX - Volatility Comparison
The current volatility for Invesco AMT-Free Municipal Fund (OPTAX) is 1.07%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 1.13%. This indicates that OPTAX experiences smaller price fluctuations and is considered to be less risky than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPTAX | ORNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.13% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.90% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 3.90% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.06% | 6.07% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.87% | 6.01% | -1.14% |
OPTAX vs. ORNAX - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is higher than ORNAX's 0.72% expense ratio.
Dividends
OPTAX vs. ORNAX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.43%, less than ORNAX's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | 2.43% | 4.23% | 4.16% | 3.02% | 2.99% | 3.43% | 3.80% | 3.75% | 3.82% | 4.71% | 5.77% | 6.05% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.19% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
Frequently Asked Questions
OPTAX and ORNAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ORNAX has higher volatility (1.13%) compared to OPTAX (1.07%). In terms of maximum drawdown, OPTAX dropped -48.56% vs ORNAX's -55.48%.
ORNAX currently has the higher Sharpe Ratio (1.81 vs 1.80), 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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