OPTAX vs. VADAX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Equally-Weighted S&P 500 Fund Class A (VADAX).

OPTAX is managed by Invesco. It was launched on Oct 26, 1976. VADAX is managed by Invesco.

Performance

OPTAX vs. VADAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Equally-Weighted S&P 500 Fund Class A (VADAX). The values are adjusted to include any dividend payments, if applicable.

OPTAX vs. VADAX - 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%
VADAX Invesco Equally-Weighted S&P 500 Fund Class A	-1.47%	10.89%	12.40%	13.29%	-12.07%	28.93%	12.30%	28.59%	-8.19%	18.26%

Returns By Period

In the year-to-date period, OPTAX achieves a -1.34% return, which is significantly higher than VADAX's -1.47% return. Over the past 10 years, OPTAX has underperformed VADAX with an annualized return of 3.39%, while VADAX has yielded a comparatively higher 10.47% 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%

VADAX

• 1D: -0.23%
• 1M: -7.89%
• YTD: -1.47%
• 6M: -0.21%
• 1Y: 10.07%
• 3Y*: 10.61%
• 5Y*: 7.23%
• 10Y*: 10.47%

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

OPTAX vs. VADAX - Expense Ratio Comparison

OPTAX has a 0.75% expense ratio, which is higher than VADAX's 0.52% expense ratio.

OPTAX

Invesco AMT-Free Municipal Fund

VADAX

Invesco Equally-Weighted S&P 500 Fund Class A

Return for Risk

OPTAX vs. VADAX — 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

VADAX

VADAX Risk / Return Rank: 28
VADAX Sharpe Ratio Rank: 28
VADAX Sortino Ratio Rank: 29
VADAX Omega Ratio Rank: 28
VADAX Calmar Ratio Rank: 25
VADAX Martin Ratio Rank: 30

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. VADAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and Invesco Equally-Weighted S&P 500 Fund Class A (VADAX). 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	VADAX	Difference
Sharpe ratio Return per unit of total volatility	0.41	0.64	-0.23
Sortino ratio Return per unit of downside risk	0.59	1.02	-0.43
Omega ratio Gain probability vs. loss probability	1.11	1.14	-0.03
Calmar ratio Return relative to maximum drawdown	0.14	0.71	-0.57
Martin ratio Return relative to average drawdown	0.37	3.23	-2.86
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. VADAX - Sharpe Ratio Comparison

The current OPTAX Sharpe Ratio is 0.41, which is lower than the VADAX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of OPTAX and VADAX, 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	VADAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.64	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.45	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.57	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.44	+0.32

Correlation

The correlation between OPTAX and VADAX is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

OPTAX vs. VADAX - Dividend Comparison

OPTAX's dividend yield for the trailing twelve months is around 2.65%, less than VADAX's 10.36% 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%
VADAX Invesco Equally-Weighted S&P 500 Fund Class A	10.36%	10.21%	8.77%	4.69%	8.49%	9.80%	6.21%	4.49%	6.90%	2.76%	0.30%	2.77%

Drawdowns

OPTAX vs. VADAX - Drawdown Comparison

The maximum OPTAX drawdown since its inception was -48.56%, smaller than the maximum VADAX drawdown of -60.27%. Use the drawdown chart below to compare losses from any high point for OPTAX and VADAX.

Drawdown Indicators

	OPTAX	VADAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.56%	-60.27%	+11.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-12.61%	+6.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.30%	-21.74%	+4.44%
Max Drawdown (10Y) Largest decline over 10 years	-17.30%	-39.32%	+22.02%
Current Drawdown Current decline from peak	-3.16%	-7.89%	+4.73%
Average Drawdown Average peak-to-trough decline	-6.39%	-7.13%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.78%	-0.47%

Volatility

OPTAX vs. VADAX - Volatility Comparison

The current volatility for Invesco AMT-Free Municipal Fund (OPTAX) is 1.30%, while Invesco Equally-Weighted S&P 500 Fund Class A (VADAX) has a volatility of 3.76%. This indicates that OPTAX experiences smaller price fluctuations and is considered to be less risky than VADAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPTAX	VADAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	3.76%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	8.70%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.26%	17.17%	-10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	16.27%	-11.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	18.53%	-13.69%