ORNAX vs. NMHIX

Last updated Jun 24, 2026

ORNAX (Invesco Rochester Municipal Opportunities Fund) and NMHIX (Neuberger Berman Municipal High Income Fund) are both High Yield Muni funds. A 0.74 correlation means they provide meaningful diversification when combined. ORNAX charges 0.72%/yr vs 0.52%/yr for NMHIX.

Performance

ORNAX vs. NMHIX - Performance Comparison

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

Returns By Period

ORNAX

• 1D: -0.15%
• 1M: 1.99%
• YTD: 1.83%
• 6M: 2.45%
• 1Y: 5.48%
• 3Y*: 3.81%
• 5Y*: 0.37%
• 10Y*: 3.89%

NMHIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORNAX vs. NMHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNAX Invesco Rochester Municipal Opportunities Fund	1.83%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%
NMHIX Neuberger Berman Municipal High Income Fund	0.48%	3.56%	6.27%	4.34%	-14.26%	4.90%	4.04%	8.28%	2.19%	8.75%

Correlation

The correlation between ORNAX and NMHIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.74

The correlation between ORNAX and NMHIX shifts across timeframes, from 0.70 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ORNAX vs. NMHIX — Risk / Return Rank

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

ORNAX

ORNAX Risk / Return Rank: 38
ORNAX Sharpe Ratio Rank: 35
ORNAX Sortino Ratio Rank: 43
ORNAX Omega Ratio Rank: 47
ORNAX Calmar Ratio Rank: 35
ORNAX Martin Ratio Rank: 28

NMHIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NMHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Neuberger Berman Municipal High Income Fund (NMHIX). 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	NMHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	—	—
Sortino ratio: Return per unit of downside risk	2.56	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.14	—	—
Martin ratio: Return relative to average drawdown	6.12	—	—

Drawdowns

Drawdown Indicators

	ORNAX	NMHIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.79%	—	—
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	-0.15%	—	—
Average Drawdown Average peak-to-trough decline	-7.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	—	—

Volatility

Volatility by Period

	ORNAX	NMHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.00%	—	—

ORNAX vs. NMHIX - Expense Ratio Comparison

ORNAX has a 0.72% expense ratio, which is higher than NMHIX's 0.52% expense ratio.

Dividends

ORNAX vs. NMHIX - Dividend Comparison

ORNAX's dividend yield for the trailing twelve months is around 3.59%, less than NMHIX's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMHIX Neuberger Berman Municipal High Income Fund	4.16%	3.98%	3.81%	3.11%	2.43%	2.74%	2.90%	3.36%	3.64%	3.44%	4.42%	0.00%
ORNAX Invesco Rochester Municipal Opportunities Fund	3.59%	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 NMHIX in my portfolio?

ORNAX and NMHIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.