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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPTAX or ORNAX.
Key characteristics
| OPTAX | ORNAX | |
|---|---|---|
| YTD Return | 1.91% | 4.32% |
| 1Y Return | 8.94% | 12.75% |
| 3Y Return (Ann) | -0.92% | -0.65% |
| 5Y Return (Ann) | 1.96% | 2.29% |
| 10Y Return (Ann) | 4.26% | 5.06% |
| Sharpe Ratio | 2.06 | 2.59 |
| Sortino Ratio | 3.06 | 4.02 |
| Omega Ratio | 1.49 | 1.60 |
| Calmar Ratio | 0.78 | 0.93 |
| Martin Ratio | 9.25 | 13.87 |
| Ulcer Index | 0.97% | 0.93% |
| Daily Std Dev | 4.33% | 4.99% |
| Max Drawdown | -48.54% | -55.48% |
| Current Drawdown | -3.48% | -2.71% |
Correlation
The correlation between OPTAX and ORNAX is 0.82, 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.
Performance
OPTAX vs. ORNAX - Performance Comparison
In the year-to-date period, OPTAX achieves a 1.91% return, which is significantly lower than ORNAX's 4.32% return. Over the past 10 years, OPTAX has underperformed ORNAX with an annualized return of 4.26%, while ORNAX has yielded a comparatively higher 5.06% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
OPTAX vs. ORNAX - Risk-Adjusted Performance 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.
Dividends
OPTAX vs. ORNAX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 3.81%, less than ORNAX's 5.20% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | 3.81% | 3.62% | 3.58% | 3.43% | 3.76% | 3.52% | 3.82% | 4.71% | 5.77% | 6.05% | 6.35% | 6.02% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 5.20% | 5.06% | 4.81% | 4.25% | 4.81% | 4.24% | 4.80% | 5.78% | 6.56% | 6.67% | 7.51% | 8.06% |
Drawdowns
OPTAX vs. ORNAX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.54%, 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. For additional features, visit the drawdowns tool.
Volatility
OPTAX vs. ORNAX - Volatility Comparison
Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Rochester Municipal Opportunities Fund (ORNAX) have volatilities of 2.12% and 2.23%, 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.