ORNAX vs. FHTFX

Last updated Aug 5, 2026

ORNAX (Invesco Rochester Municipal Opportunities Fund) and FHTFX (Federated Hermes Municipal High Yield Advtg Fd) are both High Yield Muni funds. Over the past 10 years, ORNAX returned 3.65%/yr vs 2.24%/yr for FHTFX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. ORNAX charges 0.72%/yr vs 0.89%/yr for FHTFX.

Performance

ORNAX vs. FHTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund (ORNAX) and Federated Hermes Municipal High Yield Advtg Fd (FHTFX). 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 FHTFX's 1.23% return. Over the past 10 years, ORNAX has outperformed FHTFX with an annualized return of 3.65%, while FHTFX has yielded a comparatively lower 2.24% 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%

FHTFX

• 1D: 0.00%
• 1M: -1.76%
• 6M: 0.38%
• YTD: 1.23%
• 1Y: 6.70%
• 3Y*: 4.48%
• 5Y*: 0.23%
• 10Y*: 2.24%
• ALL TIME*: 3.95%

*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)
FHTFX Federated Hermes Municipal High Yield Advtg Fd	$0.00	$0.00	$0.00
ORNAX Invesco Rochester Municipal Opportunities Fund	$0.00	$0.00	$0.00

ORNAX vs. FHTFX - 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%
FHTFX Federated Hermes Municipal High Yield Advtg Fd	1.23%	2.09%	5.67%	6.91%	-13.36%	5.47%	2.91%	9.76%	0.76%	7.48%

Correlation

The correlation between ORNAX and FHTFX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Sep 30, 1993	0.70

The correlation between ORNAX and FHTFX shifts across timeframes, from 0.70 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ORNAX vs. FHTFX — 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

FHTFX

FHTFX Risk / Return Rank: 93
FHTFX Sharpe Ratio Rank: 95
FHTFX Sortino Ratio Rank: 96
FHTFX Omega Ratio Rank: 97
FHTFX Calmar Ratio Rank: 88
FHTFX 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. FHTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Federated Hermes Municipal High Yield Advtg Fd (FHTFX). 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	FHTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.65	-1.23
Sortino ratio: Return per unit of downside risk	2.21	4.16	-1.95
Omega ratio: Gain probability vs. loss probability	1.31	1.63	-0.33
Calmar ratio: Return relative to maximum drawdown	1.89	3.55	-1.66
Martin ratio: Return relative to average drawdown	6.38	13.13	-6.75

ORNAX vs. FHTFX - Sharpe Ratio Comparison

The current ORNAX Sharpe Ratio is 1.42, which is lower than the FHTFX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ORNAX and FHTFX, 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. FHTFX - Drawdown Comparison

The maximum ORNAX drawdown since its inception was -55.48%, which is greater than FHTFX's maximum drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for ORNAX and FHTFX.

Drawdown Indicators

	ORNAX	FHTFX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-27.61%	-27.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-2.46%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-8.45%	-7.25%	-1.20%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	-17.76%	-3.40%
Max Drawdown (10Y) Largest decline over 10 years	-21.16%	-17.77%	-3.39%
Current Drawdown Current decline from peak	-2.40%	-1.76%	-0.64%
Average Drawdown Average peak-to-trough decline	-7.04%	-2.65%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.71%	+0.35%

Volatility

ORNAX vs. FHTFX - Volatility Comparison

Invesco Rochester Municipal Opportunities Fund (ORNAX) has a higher volatility of 1.11% compared to Federated Hermes Municipal High Yield Advtg Fd (FHTFX) at 0.96%. This indicates that ORNAX's price experiences larger fluctuations and is considered to be riskier than FHTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNAX	FHTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.96%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.27%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	3.30%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	5.17%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	4.86%	+1.15%

ORNAX vs. FHTFX - Expense Ratio Comparison

ORNAX has a 0.72% expense ratio, which is lower than FHTFX's 0.89% expense ratio.

Dividends

ORNAX vs. FHTFX - Dividend Comparison

ORNAX's dividend yield for the trailing twelve months is around 3.20%, less than FHTFX's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHTFX Federated Hermes Municipal High Yield Advtg Fd	3.44%	3.02%	4.53%	3.81%	3.65%	3.14%	3.52%	3.88%	3.85%	3.88%	4.11%	4.02%
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 FHTFX in my portfolio?

ORNAX and FHTFX have a correlation of 0.73, 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 FHTFX?

ORNAX has higher volatility (1.11%) compared to FHTFX (0.96%). In terms of maximum drawdown, ORNAX dropped -55.48% vs FHTFX's -27.61%.

Which has better risk-adjusted returns?

FHTFX currently has the higher Sharpe Ratio (2.65 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.