ORNAX vs. ISHYX
Compare and contrast key facts about Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX).
ORNAX is managed by Invesco. It was launched on Sep 30, 1993. ISHYX is managed by Invesco. It was launched on Sep 29, 2015.
Performance
ORNAX vs. ISHYX - Performance Comparison
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ORNAX vs. ISHYX - 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% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 0.13% | 3.92% | 6.43% | 3.58% | -8.99% | 5.96% | -0.31% | 7.84% | 2.27% | 8.04% |
Returns By Period
In the year-to-date period, ORNAX achieves a -1.21% return, which is significantly lower than ISHYX's 0.13% return. Over the past 10 years, ORNAX has outperformed ISHYX with an annualized return of 4.09%, while ISHYX has yielded a comparatively lower 2.84% 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%
ISHYX
- 1D
- 0.11%
- 1M
- -1.58%
- YTD
- 0.13%
- 6M
- 1.85%
- 1Y
- 3.29%
- 3Y*
- 4.15%
- 5Y*
- 1.66%
- 10Y*
- 2.84%
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ORNAX vs. ISHYX - Expense Ratio Comparison
ORNAX has a 0.72% expense ratio, which is higher than ISHYX's 0.59% expense ratio.
Return for Risk
ORNAX vs. ISHYX — Risk / Return Rank
ORNAX
ISHYX
ORNAX vs. ISHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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 | ISHYX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | 1.09 | -0.97 |
Sortino ratioReturn per unit of downside risk | 0.21 | 1.49 | -1.28 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.31 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | 0.07 | 1.12 | -1.05 |
Martin ratioReturn relative to average drawdown | 0.19 | 3.57 | -3.38 |
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
| ORNAX | ISHYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | 1.09 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | 0.54 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.86 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 0.90 | -0.13 |
Correlation
The correlation between ORNAX and ISHYX is 0.71, 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. ISHYX - Dividend Comparison
ORNAX's dividend yield for the trailing twelve months is around 3.65%, less than ISHYX's 4.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.65% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 4.29% | 4.65% | 4.40% | 3.38% | 3.99% | 3.58% | 3.58% | 3.45% | 3.59% | 3.51% | 3.60% | 0.00% |
Drawdowns
ORNAX vs. ISHYX - Drawdown Comparison
The maximum ORNAX drawdown since its inception was -55.48%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for ORNAX and ISHYX.
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Drawdown Indicators
| ORNAX | ISHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.48% | -13.64% | -41.84% |
Max Drawdown (1Y)Largest decline over 1 year | -6.48% | -3.79% | -2.69% |
Max Drawdown (5Y)Largest decline over 5 years | -21.16% | -12.03% | -9.13% |
Max Drawdown (10Y)Largest decline over 10 years | -21.16% | -13.64% | -7.52% |
Current DrawdownCurrent decline from peak | -2.87% | -1.79% | -1.08% |
Average DrawdownAverage peak-to-trough decline | -7.11% | -2.68% | -4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 1.19% | +1.42% |
Volatility
ORNAX vs. ISHYX - Volatility Comparison
Invesco Rochester Municipal Opportunities Fund (ORNAX) has a higher volatility of 1.42% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.68%. This indicates that ORNAX's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ORNAX | ISHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.68% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 2.65% | 1.40% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.12% | 3.83% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 3.07% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.98% | 3.33% | +2.65% |