ORNAX vs. VMATX
Compare and contrast key facts about Invesco Rochester Municipal Opportunities Fund (ORNAX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX).
ORNAX is managed by Invesco. It was launched on Sep 30, 1993. VMATX is managed by Vanguard. It was launched on Dec 9, 1998.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: ORNAX or VMATX.
Key characteristics
| ORNAX | VMATX | |
|---|---|---|
| YTD Return | 4.32% | 1.86% |
| 1Y Return | 12.75% | 8.88% |
| 3Y Return (Ann) | -0.65% | -0.80% |
| 5Y Return (Ann) | 2.29% | 1.06% |
| 10Y Return (Ann) | 5.06% | 2.26% |
| Sharpe Ratio | 2.59 | 2.22 |
| Sortino Ratio | 4.02 | 3.33 |
| Omega Ratio | 1.60 | 1.52 |
| Calmar Ratio | 0.93 | 0.82 |
| Martin Ratio | 13.87 | 9.14 |
| Ulcer Index | 0.93% | 0.98% |
| Daily Std Dev | 4.99% | 4.04% |
| Max Drawdown | -55.48% | -16.24% |
| Current Drawdown | -2.71% | -3.04% |
Correlation
The correlation between ORNAX and VMATX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
ORNAX vs. VMATX - Performance Comparison
In the year-to-date period, ORNAX achieves a 4.32% return, which is significantly higher than VMATX's 1.86% return. Over the past 10 years, ORNAX has outperformed VMATX with an annualized return of 5.06%, while VMATX has yielded a comparatively lower 2.26% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
ORNAX vs. VMATX - Expense Ratio Comparison
ORNAX has a 0.72% expense ratio, which is higher than VMATX's 0.13% expense ratio.
Risk-Adjusted Performance
ORNAX vs. VMATX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX). 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. VMATX - Dividend Comparison
ORNAX's dividend yield for the trailing twelve months is around 5.20%, more than VMATX's 3.35% 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.35% | 3.07% | 2.69% | 2.26% | 2.47% | 2.81% | 3.07% | 2.92% | 3.06% | 3.06% | 3.16% | 3.35% |
Drawdowns
ORNAX vs. VMATX - Drawdown Comparison
The maximum ORNAX drawdown since its inception was -55.48%, which is greater than VMATX's maximum drawdown of -16.24%. Use the drawdown chart below to compare losses from any high point for ORNAX and VMATX. For additional features, visit the drawdowns tool.
Volatility
ORNAX vs. VMATX - Volatility Comparison
Invesco Rochester Municipal Opportunities Fund (ORNAX) has a higher volatility of 2.23% compared to Vanguard Massachusetts Tax-Exempt Fund (VMATX) at 1.99%. This indicates that ORNAX's price experiences larger fluctuations and is considered to be riskier than VMATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.