ORNAX vs. OPTAX
Compare and contrast key facts about Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco AMT-Free Municipal Fund (OPTAX).
ORNAX is managed by Invesco. It was launched on Sep 30, 1993. OPTAX is managed by Invesco. It was launched on Oct 26, 1976.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: ORNAX or OPTAX.
Key characteristics
| ORNAX | OPTAX | |
|---|---|---|
| YTD Return | 4.32% | 2.06% |
| 1Y Return | 11.71% | 8.11% |
| 3Y Return (Ann) | -0.65% | -0.83% |
| 5Y Return (Ann) | 2.21% | 1.94% |
| 10Y Return (Ann) | 5.06% | 4.30% |
| Sharpe Ratio | 2.59 | 2.10 |
| Sortino Ratio | 4.03 | 3.11 |
| Omega Ratio | 1.61 | 1.50 |
| Calmar Ratio | 1.00 | 0.86 |
| Martin Ratio | 13.65 | 9.29 |
| Ulcer Index | 0.95% | 0.98% |
| Daily Std Dev | 4.99% | 4.33% |
| Max Drawdown | -55.48% | -48.54% |
| Current Drawdown | -2.71% | -3.34% |
Correlation
The correlation between ORNAX and OPTAX is 0.82, 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.
Performance
ORNAX vs. OPTAX - Performance Comparison
In the year-to-date period, ORNAX achieves a 4.32% return, which is significantly higher than OPTAX's 2.06% return. Over the past 10 years, ORNAX has outperformed OPTAX with an annualized return of 5.06%, while OPTAX has yielded a comparatively lower 4.30% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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ORNAX vs. OPTAX - Expense Ratio Comparison
ORNAX has a 0.72% expense ratio, which is lower than OPTAX's 0.75% expense ratio.
Risk-Adjusted Performance
ORNAX vs. OPTAX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco AMT-Free Municipal Fund (OPTAX). 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.
Dividends
ORNAX vs. OPTAX - Dividend Comparison
ORNAX's dividend yield for the trailing twelve months is around 5.20%, more than OPTAX's 3.80% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ORNAX Invesco Rochester Municipal Opportunities Fund | 5.20% | 5.06% | 4.81% | 4.25% | 4.81% | 4.24% | 4.80% | 5.78% | 6.56% | 6.67% | 7.51% | 8.06% |
OPTAX Invesco AMT-Free Municipal Fund | 3.80% | 3.62% | 3.58% | 3.43% | 3.76% | 3.52% | 3.82% | 4.71% | 5.77% | 6.05% | 6.35% | 6.02% |
Drawdowns
ORNAX vs. OPTAX - Drawdown Comparison
The maximum ORNAX drawdown since its inception was -55.48%, which is greater than OPTAX's maximum drawdown of -48.54%. Use the drawdown chart below to compare losses from any high point for ORNAX and OPTAX. For additional features, visit the drawdowns tool.
Volatility
ORNAX vs. OPTAX - Volatility Comparison
Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco AMT-Free Municipal Fund (OPTAX) have volatilities of 2.20% and 2.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.