ORNAX vs. VVOAX
ORNAX (Invesco Rochester Municipal Opportunities Fund) and VVOAX (Invesco Value Opportunities Fund) are both mutual funds - ORNAX is a High Yield Muni fund managed by Invesco, while VVOAX is a Mid Cap Value Equities fund managed by Invesco. Over the past 10 years, ORNAX returned 3.66%/yr vs 15.48%/yr for VVOAX. Their -0.06 correlation means they have often moved in opposite directions in the past. ORNAX charges 0.72%/yr vs 1.22%/yr for VVOAX.
Performance
ORNAX vs. VVOAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ORNAX achieves a 0.59% return, which is significantly lower than VVOAX's 14.48% return. Over the past 10 years, ORNAX has underperformed VVOAX with an annualized return of 3.66%, while VVOAX has yielded a comparatively higher 15.48% annualized return.
ORNAX
- 1D
- -0.46%
- 1M
- -2.25%
- 6M
- 0.59%
- YTD
- 0.59%
- 1Y
- 5.01%
- 3Y*
- 3.39%
- 5Y*
- -0.16%
- 10Y*
- 3.66%
- ALL TIME*
- 4.32%
VVOAX
- 1D
- 2.06%
- 1M
- -4.29%
- 6M
- 7.37%
- YTD
- 14.48%
- 1Y
- 35.01%
- 3Y*
- 23.74%
- 5Y*
- 17.90%
- 10Y*
- 15.48%
- ALL TIME*
- 8.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ORNAX vs. VVOAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ORNAX Invesco Rochester Municipal Opportunities Fund | 0.59% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 9.16% | 6.88% |
VVOAX Invesco Value Opportunities Fund | 14.48% | 20.24% | 30.01% | 15.20% | 1.33% | 35.60% | 5.49% | 29.84% | -19.92% | 17.07% |
Correlation
The correlation between ORNAX and VVOAX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2001 | -0.06 |
The correlation between ORNAX and VVOAX shifts across timeframes, from -0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ORNAX vs. VVOAX — Risk / Return Rank
ORNAX
VVOAX
ORNAX vs. VVOAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund (ORNAX) and Invesco Value Opportunities Fund (VVOAX). 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 | VVOAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.28 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 3.15 | -0.67 |
| Martin ratioReturn relative to average drawdown | 8.65 | 10.09 | -1.43 |
Loading charts...
Drawdowns
ORNAX vs. VVOAX - Drawdown Comparison
The maximum ORNAX drawdown since its inception was -55.48%, smaller than the maximum VVOAX drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for ORNAX and VVOAX.
Loading charts...
Drawdown Indicators
| ORNAX | VVOAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.48% | -62.08% | +6.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -10.22% | +7.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.45% | -24.05% | +15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -21.16% | -24.05% | +2.89% |
Max Drawdown (10Y)Largest decline over 10 years | -21.16% | -51.80% | +30.64% |
Current DrawdownCurrent decline from peak | -2.25% | -8.38% | +6.13% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -11.68% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 3.19% | -2.15% |
Volatility
ORNAX vs. VVOAX - Volatility Comparison
The current volatility for Invesco Rochester Municipal Opportunities Fund (ORNAX) is 1.13%, while Invesco Value Opportunities Fund (VVOAX) has a volatility of 5.79%. This indicates that ORNAX experiences smaller price fluctuations and is considered to be less risky than VVOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ORNAX | VVOAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 5.79% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 15.89% | -12.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 20.05% | -16.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.07% | 21.34% | -15.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 24.12% | -18.11% |
ORNAX vs. VVOAX - Expense Ratio Comparison
ORNAX has a 0.72% expense ratio, which is lower than VVOAX's 1.22% expense ratio.
Dividends
ORNAX vs. VVOAX - Dividend Comparison
ORNAX's dividend yield for the trailing twelve months is around 3.19%, less than VVOAX's 9.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.19% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
VVOAX Invesco Value Opportunities Fund | 9.11% | 10.43% | 7.79% | 2.27% | 9.79% | 8.82% | 0.25% | 1.95% | 15.44% | 5.11% | 1.10% | 15.87% |
Frequently Asked Questions
ORNAX and VVOAX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VVOAX has higher volatility (5.79%) compared to ORNAX (1.13%). In terms of maximum drawdown, ORNAX dropped -55.48% vs VVOAX's -62.08%.
ORNAX currently has the higher Sharpe Ratio (1.81 vs 1.61), 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.
Find the right allocation for ORNAX and VVOAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer