ORNAX vs. ^SP500TR

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Rochester Municipal Opportunities Fund (ORNAX) and S&P 500 Total Return (^SP500TR).

ORNAX is managed by Invesco. It was launched on Sep 30, 1993.

Performance

ORNAX vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund (ORNAX) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

ORNAX vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNAX Invesco Rochester Municipal Opportunities Fund	-1.21%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%
^SP500TR S&P 500 Total Return	-3.64%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%

Returns By Period

In the year-to-date period, ORNAX achieves a -1.21% return, which is significantly higher than ^SP500TR's -3.64% return. Over the past 10 years, ORNAX has underperformed ^SP500TR with an annualized return of 4.09%, while ^SP500TR has yielded a comparatively higher 14.17% annualized return.

ORNAX

• 1D: 0.31%
• 1M: -2.11%
• YTD: -1.21%
• 6M: -0.77%
• 1Y: 0.34%
• 3Y*: 3.16%
• 5Y*: 0.37%
• 10Y*: 4.09%

^SP500TR

• 1D: 0.72%
• 1M: -4.34%
• YTD: -3.64%
• 6M: -1.43%
• 1Y: 18.20%
• 3Y*: 18.60%
• 5Y*: 11.96%
• 10Y*: 14.17%

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

Return for Risk

ORNAX vs. ^SP500TR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ORNAX

ORNAX Risk / Return Rank: 6
ORNAX Sharpe Ratio Rank: 6
ORNAX Sortino Ratio Rank: 5
ORNAX Omega Ratio Rank: 6
ORNAX Calmar Ratio Rank: 7
ORNAX Martin Ratio Rank: 7

^SP500TR

^SP500TR Risk / Return Rank: 72
^SP500TR Sharpe Ratio Rank: 66
^SP500TR Sortino Ratio Rank: 69
^SP500TR Omega Ratio Rank: 74
^SP500TR Calmar Ratio Rank: 67
^SP500TR Martin Ratio Rank: 83

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.

ORNAX vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and S&P 500 Total Return (^SP500TR). 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.

	ORNAX	^SP500TR	Difference
Sharpe ratio Return per unit of total volatility	0.13	1.00	-0.87
Sortino ratio Return per unit of downside risk	0.21	1.52	-1.31
Omega ratio Gain probability vs. loss probability	1.04	1.23	-0.19
Calmar ratio Return relative to maximum drawdown	0.07	1.54	-1.47
Martin ratio Return relative to average drawdown	0.19	7.32	-7.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORNAX vs. ^SP500TR - Sharpe Ratio Comparison

The current ORNAX Sharpe Ratio is 0.13, which is lower than the ^SP500TR Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of ORNAX and ^SP500TR, 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

	ORNAX	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	1.00	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.71	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.79	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.62	+0.15

Correlation

The correlation between ORNAX and ^SP500TR is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

ORNAX vs. ^SP500TR - Drawdown Comparison

The maximum ORNAX drawdown since its inception was -55.48%, roughly equal to the maximum ^SP500TR drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for ORNAX and ^SP500TR.

Drawdown Indicators

	ORNAX	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-55.25%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.48%	-12.12%	+5.64%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	-24.49%	+3.33%
Max Drawdown (10Y) Largest decline over 10 years	-21.16%	-33.79%	+12.63%
Current Drawdown Current decline from peak	-2.87%	-5.55%	+2.68%
Average Drawdown Average peak-to-trough decline	-7.11%	-8.20%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.55%	+0.06%

Volatility

ORNAX vs. ^SP500TR - Volatility Comparison

The current volatility for Invesco Rochester Municipal Opportunities Fund (ORNAX) is 1.42%, while S&P 500 Total Return (^SP500TR) has a volatility of 5.38%. This indicates that ORNAX experiences smaller price fluctuations and is considered to be less risky than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNAX	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	5.38%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	9.55%	-6.90%
Volatility (1Y) Calculated over the trailing 1-year period	7.12%	18.32%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	16.90%	-10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.98%	18.05%	-12.07%