OPTAX vs. ORNAX
Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Rochester Municipal Opportunities Fund (ORNAX).
OPTAX is managed by Invesco. It was launched on Oct 26, 1976. ORNAX is managed by Invesco. It was launched on Sep 30, 1993.
Performance
OPTAX vs. ORNAX - Performance Comparison
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OPTAX vs. ORNAX - 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% |
ORNAX Invesco Rochester Municipal Opportunities Fund | -1.21% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 9.16% | 6.88% |
Returns By Period
In the year-to-date period, OPTAX achieves a -1.04% return, which is significantly higher than ORNAX's -1.21% return. Over the past 10 years, OPTAX has underperformed ORNAX with an annualized return of 3.42%, while ORNAX has yielded a comparatively higher 4.09% 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%
ORNAX
- 1D
- 0.31%
- 1M
- -2.11%
- YTD
- -1.21%
- 6M
- -0.77%
- 1Y
- 0.34%
- 3Y*
- 3.16%
- 5Y*
- 0.37%
- 10Y*
- 4.09%
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OPTAX vs. ORNAX - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is higher than ORNAX's 0.72% expense ratio.
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.
| OPTAX | ORNAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.32 | 0.13 | +0.20 |
Sortino ratioReturn per unit of downside risk | 0.47 | 0.21 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.04 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 0.07 | +0.12 |
Martin ratioReturn relative to average drawdown | 0.50 | 0.19 | +0.31 |
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 | ORNAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.13 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.06 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.69 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.77 | -0.01 |
Correlation
The correlation between OPTAX and ORNAX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
OPTAX vs. ORNAX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.64%, less than ORNAX's 3.65% 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% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.65% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
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 | -5.71% | -6.48% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -17.30% | -21.16% | +3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -21.16% | +3.86% |
Current DrawdownCurrent decline from peak | -2.87% | -2.87% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -7.11% | +0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.61% | -0.29% |
Volatility
OPTAX vs. ORNAX - Volatility Comparison
Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Rochester Municipal Opportunities Fund (ORNAX) have volatilities of 1.35% and 1.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 1.35% | 1.42% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 2.65% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 7.12% | -0.87% |
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% | 5.98% | -1.14% |