OPTAX vs. VWALX
Compare and contrast key facts about Invesco AMT-Free Municipal Fund (OPTAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX).
OPTAX is managed by Invesco. It was launched on Oct 26, 1976. VWALX is managed by Vanguard. It was launched on Nov 12, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: OPTAX or VWALX.
Key characteristics
| OPTAX | VWALX | |
|---|---|---|
| YTD Return | 1.91% | 3.42% |
| 1Y Return | 8.94% | 11.14% |
| 3Y Return (Ann) | -0.92% | -0.35% |
| 5Y Return (Ann) | 1.96% | 1.71% |
| 10Y Return (Ann) | 4.26% | 3.20% |
| Sharpe Ratio | 2.06 | 2.68 |
| Sortino Ratio | 3.06 | 4.08 |
| Omega Ratio | 1.49 | 1.65 |
| Calmar Ratio | 0.78 | 0.96 |
| Martin Ratio | 9.25 | 13.39 |
| Ulcer Index | 0.97% | 0.84% |
| Daily Std Dev | 4.33% | 4.20% |
| Max Drawdown | -48.54% | -17.74% |
| Current Drawdown | -3.48% | -1.72% |
Correlation
The correlation between OPTAX and VWALX is 0.77, 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. VWALX - Performance Comparison
In the year-to-date period, OPTAX achieves a 1.91% return, which is significantly lower than VWALX's 3.42% return. Over the past 10 years, OPTAX has outperformed VWALX with an annualized return of 4.26%, while VWALX has yielded a comparatively lower 3.20% 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. VWALX - Expense Ratio Comparison
OPTAX has a 0.75% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Risk-Adjusted Performance
OPTAX vs. VWALX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AMT-Free Municipal Fund (OPTAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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. VWALX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 3.81%, which matches VWALX's 3.78% 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 3.78% | 3.59% | 3.44% | 2.93% | 3.16% | 3.44% | 3.84% | 3.77% | 3.88% | 3.75% | 3.83% | 4.19% |
Drawdowns
OPTAX vs. VWALX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.54%, which is greater than VWALX's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for OPTAX and VWALX. For additional features, visit the drawdowns tool.
Volatility
OPTAX vs. VWALX - Volatility Comparison
Invesco AMT-Free Municipal Fund (OPTAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 2.12% and 2.02%, 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.