ORNAX vs. ACSTX

Last updated Aug 5, 2026

ORNAX (Invesco Rochester Municipal Opportunities Fund) and ACSTX (Invesco Comstock Fund) are both mutual funds - ORNAX is a High Yield Muni fund managed by Invesco, while ACSTX is a Large Cap Value Equities fund managed by Invesco. Over the past 10 years, ORNAX returned 3.65%/yr vs 12.62%/yr for ACSTX. Their -0.02 correlation means they have often moved in opposite directions in the past. ORNAX charges 0.72%/yr vs 0.80%/yr for ACSTX.

Performance

ORNAX vs. ACSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco Comstock Fund (ACSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORNAX achieves a 0.44% return, which is significantly lower than ACSTX's 13.68% return. Over the past 10 years, ORNAX has underperformed ACSTX with an annualized return of 3.65%, while ACSTX has yielded a comparatively higher 12.62% annualized return.

ORNAX

• 1D: 0.00%
• 1M: -2.40%
• 6M: 0.28%
• YTD: 0.44%
• 1Y: 4.85%
• 3Y*: 3.90%
• 5Y*: -0.19%
• 10Y*: 3.65%
• ALL TIME*: 4.32%

ACSTX

• 1D: 0.61%
• 1M: 1.61%
• 6M: 9.49%
• YTD: 13.68%
• 1Y: 23.98%
• 3Y*: 17.07%
• 5Y*: 13.60%
• 10Y*: 12.62%
• ALL TIME*: 9.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACSTX Invesco Comstock Fund	$0.00	$0.00	$0.00
ORNAX Invesco Rochester Municipal Opportunities Fund	$0.00	$0.00	$0.00

ORNAX vs. ACSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNAX Invesco Rochester Municipal Opportunities Fund	0.44%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%
ACSTX Invesco Comstock Fund	13.68%	17.22%	15.00%	12.37%	0.74%	33.33%	-0.78%	24.35%	-12.34%	17.75%

Correlation

The correlation between ORNAX and ACSTX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.07
Correlation (10Y) Provides a long-term view across more market conditions.	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 30, 1993	-0.02

The correlation between ORNAX and ACSTX shifts across timeframes, from -0.02 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ORNAX vs. ACSTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ORNAX

ORNAX Risk / Return Rank: 49
ORNAX Sharpe Ratio Rank: 45
ORNAX Sortino Ratio Rank: 52
ORNAX Omega Ratio Rank: 62
ORNAX Calmar Ratio Rank: 43
ORNAX Martin Ratio Rank: 41

ACSTX

ACSTX Risk / Return Rank: 88
ACSTX Sharpe Ratio Rank: 91
ACSTX Sortino Ratio Rank: 91
ACSTX Omega Ratio Rank: 86
ACSTX Calmar Ratio Rank: 86
ACSTX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ORNAX vs. ACSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco Comstock Fund (ACSTX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ORNAX	ACSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.35	-0.93
Sortino ratio: Return per unit of downside risk	2.21	3.38	-1.17
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	1.89	3.16	-1.27
Martin ratio: Return relative to average drawdown	6.38	12.45	-6.07

ORNAX vs. ACSTX - Sharpe Ratio Comparison

The current ORNAX Sharpe Ratio is 1.42, which is lower than the ACSTX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of ORNAX and ACSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ORNAX vs. ACSTX - Drawdown Comparison

The maximum ORNAX drawdown since its inception was -55.48%, smaller than the maximum ACSTX drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for ORNAX and ACSTX.

Drawdown Indicators

	ORNAX	ACSTX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-58.61%	+3.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-8.02%	+5.17%
Max Drawdown (3Y) Largest decline over 3 years	-8.45%	-15.61%	+7.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	-17.25%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-21.16%	-44.80%	+23.64%
Current Drawdown Current decline from peak	-2.40%	0.00%	-2.40%
Average Drawdown Average peak-to-trough decline	-7.04%	-9.32%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.03%	-0.97%

Volatility

ORNAX vs. ACSTX - Volatility Comparison

The current volatility for Invesco Rochester Municipal Opportunities Fund (ORNAX) is 1.11%, while Invesco Comstock Fund (ACSTX) has a volatility of 2.32%. This indicates that ORNAX experiences smaller price fluctuations and is considered to be less risky than ACSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNAX	ACSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	2.32%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	8.01%	-5.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	10.80%	-7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	15.19%	-9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	19.32%	-13.31%

ORNAX vs. ACSTX - Expense Ratio Comparison

ORNAX has a 0.72% expense ratio, which is lower than ACSTX's 0.80% expense ratio.

Dividends

ORNAX vs. ACSTX - Dividend Comparison

ORNAX's dividend yield for the trailing twelve months is around 3.20%, less than ACSTX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACSTX Invesco Comstock Fund	7.81%	8.79%	10.17%	8.44%	13.00%	8.66%	2.05%	6.66%	10.03%	3.60%	6.98%	1.10%
ORNAX Invesco Rochester Municipal Opportunities Fund	3.20%	5.86%	5.68%	4.21%	4.04%	4.26%	4.86%	4.50%	4.80%	5.78%	6.50%	6.67%

Frequently Asked Questions

Can I hold both ORNAX and ACSTX in my portfolio?

ORNAX and ACSTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORNAX or ACSTX?

ACSTX has higher volatility (2.32%) compared to ORNAX (1.11%). In terms of maximum drawdown, ORNAX dropped -55.48% vs ACSTX's -58.61%.

Which has better risk-adjusted returns?

ACSTX currently has the higher Sharpe Ratio (2.35 vs 1.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.