ORNAX vs. NMZ

Last updated Jun 4, 2026

ORNAX (Invesco Rochester Municipal Opportunities Fund) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds. Over the past 10 years, ORNAX returned 4.15%/yr vs 2.64%/yr for NMZ. At a 0.23 correlation, their price movements are largely independent. ORNAX charges 0.72%/yr vs 1.50%/yr for NMZ.

Performance

ORNAX vs. NMZ - Performance Comparison

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

Returns By Period

In the year-to-date period, ORNAX achieves a 1.68% return, which is significantly lower than NMZ's 3.29% return. Over the past 10 years, ORNAX has outperformed NMZ with an annualized return of 4.15%, while NMZ has yielded a comparatively lower 2.64% annualized return.

ORNAX

• 1D: 0.30%
• 1M: 1.07%
• YTD: 1.68%
• 6M: 1.99%
• 1Y: 5.81%
• 3Y*: 3.96%
• 5Y*: 0.39%
• 10Y*: 4.15%

NMZ

• 1D: -0.39%
• 1M: 2.14%
• YTD: 3.29%
• 6M: -0.08%
• 1Y: 6.47%
• 3Y*: 5.96%
• 5Y*: -1.54%
• 10Y*: 2.64%

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

ORNAX vs. NMZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNAX Invesco Rochester Municipal Opportunities Fund	1.68%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%
NMZ Nuveen Municipal High Income Opportunity Fund	3.29%	1.56%	16.52%	0.69%	-27.36%	10.41%	7.33%	28.36%	-9.47%	12.87%

Correlation

The correlation between ORNAX and NMZ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 21, 2003	0.23

The correlation between ORNAX and NMZ shifts across timeframes, from 0.23 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ORNAX vs. NMZ — Risk / Return Rank

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

ORNAX

ORNAX Risk / Return Rank: 35
ORNAX Sharpe Ratio Rank: 32
ORNAX Sortino Ratio Rank: 39
ORNAX Omega Ratio Rank: 44
ORNAX Calmar Ratio Rank: 34
ORNAX Martin Ratio Rank: 26

NMZ

NMZ Risk / Return Rank: 9
NMZ Sharpe Ratio Rank: 8
NMZ Sortino Ratio Rank: 9
NMZ Omega Ratio Rank: 8
NMZ Calmar Ratio Rank: 11
NMZ Martin Ratio Rank: 9

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. NMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Nuveen Municipal High Income Opportunity Fund (NMZ). 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	NMZ	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.69	+0.94
Sortino ratio: Return per unit of downside risk	2.62	1.10	+1.52
Omega ratio: Gain probability vs. loss probability	1.36	1.13	+0.23
Calmar ratio: Return relative to maximum drawdown	2.21	1.09	+1.11
Martin ratio: Return relative to average drawdown	6.30	2.76	+3.54
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. NMZ - Sharpe Ratio Comparison

The current ORNAX Sharpe Ratio is 1.63, which is higher than the NMZ Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of ORNAX and NMZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ORNAX	NMZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	0.69	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	-0.12	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.18	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.27	+0.52

Drawdowns

ORNAX vs. NMZ - Drawdown Comparison

The maximum ORNAX drawdown since its inception was -55.48%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for ORNAX and NMZ.

Drawdown Indicators

	ORNAX	NMZ	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-58.53%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-5.94%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.79%	-21.56%	+11.77%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	-40.03%	+18.87%
Max Drawdown (10Y) Largest decline over 10 years	-21.16%	-40.03%	+18.87%
Current Drawdown Current decline from peak	-0.03%	-12.28%	+12.25%
Average Drawdown Average peak-to-trough decline	-7.07%	-9.47%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.35%	-1.29%

Volatility

ORNAX vs. NMZ - Volatility Comparison

The current volatility for Invesco Rochester Municipal Opportunities Fund (ORNAX) is 1.31%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 2.84%. This indicates that ORNAX experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNAX	NMZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	2.84%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	7.28%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	9.40%	-5.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	12.94%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	14.76%	-8.75%

ORNAX vs. NMZ - Expense Ratio Comparison

ORNAX has a 0.72% expense ratio, which is lower than NMZ's 1.50% expense ratio.

Dividends

ORNAX vs. NMZ - Dividend Comparison

ORNAX's dividend yield for the trailing twelve months is around 3.59%, less than NMZ's 7.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMZ Nuveen Municipal High Income Opportunity Fund	7.71%	7.71%	6.35%	5.44%	7.04%	5.10%	5.09%	4.99%	6.15%	5.94%	6.94%	6.67%
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 NMZ in my portfolio?

ORNAX and NMZ have a correlation of 0.39, 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 NMZ?

NMZ has higher volatility (2.84%) compared to ORNAX (1.31%). In terms of maximum drawdown, ORNAX dropped -55.48% vs NMZ's -58.53%.

Which has better risk-adjusted returns?

ORNAX currently has the higher Sharpe Ratio (1.63 vs 0.69), 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.