OPTAX vs. VAFAX
Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and Invesco American Franchise Fund Class A (VAFAX).
OPTAX is managed by Invesco. It was launched on Oct 26, 1976. VAFAX is managed by Invesco. It was launched on Jun 23, 2005.
Performance
OPTAX vs. VAFAX - Performance Comparison
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OPTAX vs. VAFAX - 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% |
VAFAX Invesco American Franchise Fund Class A | -9.70% | 11.86% | 34.78% | 40.91% | -31.20% | 11.13% | 42.15% | 36.55% | -3.99% | 27.11% |
Returns By Period
In the year-to-date period, OPTAX achieves a -1.04% return, which is significantly higher than VAFAX's -9.70% return. Over the past 10 years, OPTAX has underperformed VAFAX with an annualized return of 3.42%, while VAFAX has yielded a comparatively higher 13.99% 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%
VAFAX
- 1D
- 4.44%
- 1M
- -5.93%
- YTD
- -9.70%
- 6M
- -12.22%
- 1Y
- 14.68%
- 3Y*
- 19.34%
- 5Y*
- 7.06%
- 10Y*
- 13.99%
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OPTAX vs. VAFAX - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is lower than VAFAX's 0.95% expense ratio.
Return for Risk
OPTAX vs. VAFAX — Risk / Return Rank
OPTAX
VAFAX
OPTAX vs. VAFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and Invesco American Franchise Fund Class A (VAFAX). 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 | VAFAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.32 | 0.63 | -0.31 |
Sortino ratioReturn per unit of downside risk | 0.47 | 1.06 | -0.59 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.15 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 0.65 | -0.45 |
Martin ratioReturn relative to average drawdown | 0.50 | 2.03 | -1.53 |
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 | VAFAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.63 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.31 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.63 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.53 | +0.23 |
Correlation
The correlation between OPTAX and VAFAX is -0.05. 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. VAFAX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.64%, less than VAFAX's 15.61% 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% |
VAFAX Invesco American Franchise Fund Class A | 15.61% | 14.09% | 3.74% | 0.00% | 8.32% | 26.50% | 8.78% | 6.85% | 10.42% | 5.37% | 4.08% | 4.90% |
Drawdowns
OPTAX vs. VAFAX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.56%, roughly equal to the maximum VAFAX drawdown of -48.48%. Use the drawdown chart below to compare losses from any high point for OPTAX and VAFAX.
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Drawdown Indicators
| OPTAX | VAFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.56% | -48.48% | -0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -5.71% | -19.27% | +13.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.30% | -38.86% | +21.56% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -38.86% | +21.56% |
Current DrawdownCurrent decline from peak | -2.87% | -15.69% | +12.82% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -8.16% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 6.14% | -3.82% |
Volatility
OPTAX vs. VAFAX - Volatility Comparison
The current volatility for Invesco AMT-Free Municipal Fund (OPTAX) is 1.35%, while Invesco American Franchise Fund Class A (VAFAX) has a volatility of 8.31%. This indicates that OPTAX experiences smaller price fluctuations and is considered to be less risky than VAFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPTAX | VAFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 8.31% | -6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 15.69% | -13.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 25.39% | -19.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 23.03% | -18.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 22.23% | -17.39% |