ORNAX vs. EWHYX

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco Rochester Municipal Opportunities Fund (ORNAX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX).

ORNAX is managed by Invesco. It was launched on Sep 30, 1993. EWHYX is an actively managed fund by Eaton Vance. It was launched on May 9, 2007.

Performance

ORNAX vs. EWHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund (ORNAX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). The values are adjusted to include any dividend payments, if applicable.

ORNAX vs. EWHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ORNAX Invesco Rochester Municipal Opportunities Fund	-0.76%	2.32%	4.76%	7.66%	-14.80%	1.06%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	0.62%	3.59%	5.42%	7.74%	-11.72%	0.21%

Returns By Period

In the year-to-date period, ORNAX achieves a -0.76% return, which is significantly lower than EWHYX's 0.62% return.

ORNAX

• 1D: 0.46%
• 1M: -1.06%
• YTD: -0.76%
• 6M: -0.16%
• 1Y: 0.81%
• 3Y*: 3.31%
• 5Y*: 0.46%
• 10Y*: 4.14%

EWHYX

• 1D: 0.25%
• 1M: -1.35%
• YTD: 0.62%
• 6M: 2.56%
• 1Y: 3.99%
• 3Y*: 4.96%
• 5Y*: —
• 10Y*: —

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

ORNAX vs. EWHYX - Expense Ratio Comparison

ORNAX has a 0.72% expense ratio, which is higher than EWHYX's 0.18% expense ratio.

ORNAX

Invesco Rochester Municipal Opportunities Fund

EWHYX

Eaton Vance High Yield Municipal Income Fund Class W

Return for Risk

ORNAX vs. EWHYX — Risk / Return Rank

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

ORNAX

ORNAX Risk / Return Rank: 5
ORNAX Sharpe Ratio Rank: 5
ORNAX Sortino Ratio Rank: 4
ORNAX Omega Ratio Rank: 5
ORNAX Calmar Ratio Rank: 5
ORNAX Martin Ratio Rank: 5

EWHYX

EWHYX Risk / Return Rank: 15
EWHYX Sharpe Ratio Rank: 16
EWHYX Sortino Ratio Rank: 13
EWHYX Omega Ratio Rank: 23
EWHYX Calmar Ratio Rank: 14
EWHYX Martin Ratio Rank: 11

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. EWHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). 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	EWHYX	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.59	-0.46
Sortino ratio Return per unit of downside risk	0.22	0.82	-0.60
Omega ratio Gain probability vs. loss probability	1.04	1.16	-0.12
Calmar ratio Return relative to maximum drawdown	0.10	0.64	-0.55
Martin ratio Return relative to average drawdown	0.25	1.68	-1.42
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. EWHYX - Sharpe Ratio Comparison

The current ORNAX Sharpe Ratio is 0.13, which is lower than the EWHYX Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of ORNAX and EWHYX, 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	EWHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.59	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.20	+0.57

Correlation

The correlation between ORNAX and EWHYX is 0.91, 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

ORNAX vs. EWHYX - Dividend Comparison

ORNAX's dividend yield for the trailing twelve months is around 3.63%, less than EWHYX's 4.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORNAX Invesco Rochester Municipal Opportunities Fund	3.63%	5.86%	5.68%	4.21%	4.04%	4.26%	4.86%	4.50%	4.80%	5.78%	6.50%	6.67%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	4.72%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ORNAX vs. EWHYX - Drawdown Comparison

The maximum ORNAX drawdown since its inception was -55.48%, which is greater than EWHYX's maximum drawdown of -16.52%. Use the drawdown chart below to compare losses from any high point for ORNAX and EWHYX.

Drawdown Indicators

	ORNAX	EWHYX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-16.52%	-38.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.48%	-6.59%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.16%	—	—
Current Drawdown Current decline from peak	-2.43%	-2.19%	-0.24%
Average Drawdown Average peak-to-trough decline	-7.10%	-5.54%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.53%	+0.08%

Volatility

ORNAX vs. EWHYX - Volatility Comparison

Invesco Rochester Municipal Opportunities Fund (ORNAX) has a higher volatility of 1.53% compared to Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) at 1.19%. This indicates that ORNAX's price experiences larger fluctuations and is considered to be riskier than EWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNAX	EWHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.19%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.12%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	6.60%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	5.27%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.99%	5.27%	+0.72%