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.
Performance
OPTAX vs. VWALX - Performance Comparison
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OPTAX vs. VWALX - 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.26% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Returns By Period
In the year-to-date period, OPTAX achieves a -1.04% return, which is significantly lower than VWALX's -0.26% return. Over the past 10 years, OPTAX has outperformed VWALX with an annualized return of 3.42%, while VWALX has yielded a comparatively lower 3.08% 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%
VWALX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.26%
- 6M
- 1.36%
- 1Y
- 4.06%
- 3Y*
- 4.63%
- 5Y*
- 1.55%
- 10Y*
- 3.08%
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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.
Return for Risk
OPTAX vs. VWALX — Risk / Return Rank
OPTAX
VWALX
OPTAX vs. VWALX - Risk-Adjusted Trends 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.
| OPTAX | VWALX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.32 | 0.79 | -0.47 |
Sortino ratioReturn per unit of downside risk | 0.47 | 1.08 | -0.61 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.22 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 0.97 | -0.77 |
Martin ratioReturn relative to average drawdown | 0.50 | 3.01 | -2.51 |
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 | VWALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.79 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.33 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.67 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.07 | -0.31 |
Correlation
The correlation between OPTAX and VWALX is 0.74, 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. VWALX - Dividend Comparison
OPTAX's dividend yield for the trailing twelve months is around 2.64%, less than VWALX's 4.14% 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.14% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Drawdowns
OPTAX vs. VWALX - Drawdown Comparison
The maximum OPTAX drawdown since its inception was -48.56%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for OPTAX and VWALX.
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Drawdown Indicators
| OPTAX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.56% | -17.24% | -31.32% |
Max Drawdown (1Y)Largest decline over 1 year | -5.71% | -5.63% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -17.30% | -17.24% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -17.30% | -17.24% | -0.06% |
Current DrawdownCurrent decline from peak | -2.87% | -2.50% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -2.18% | -4.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 1.81% | +0.51% |
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 1.35% and 1.29%, 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 | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.29% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 2.00% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 5.71% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 4.76% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 4.62% | +0.22% |