ORNYX vs. APUSX

Last updated Jul 2, 2026

ORNYX (Invesco Rochester Municipal Opportunities Fund Class Y) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, ORNYX returned 0.79%/yr vs -0.12%/yr for APUSX. At a 0.23 correlation, their price movements are largely independent. ORNYX charges 0.92%/yr vs 0.60%/yr for APUSX.

Performance

ORNYX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORNYX achieves a 2.99% return, which is significantly higher than APUSX's -9.63% return.

ORNYX

• 1D: 0.47%
• 1M: 1.54%
• 6M: 2.99%
• YTD: 2.99%
• 1Y: 6.29%
• 3Y*: 4.72%
• 5Y*: 0.79%
• 10Y*: 4.24%

APUSX

• 1D: -10.36%
• 1M: -10.36%
• 6M: -9.63%
• YTD: -9.63%
• 1Y: -8.34%
• 3Y*: -0.41%
• 5Y*: -0.12%
• 10Y*: —

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

ORNYX vs. APUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	2.99%	2.60%	5.48%	7.70%	-14.45%	7.02%	6.22%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	-9.63%	3.88%	3.65%	2.63%	-0.18%	-0.40%	0.15%

Correlation

The correlation between ORNYX and APUSX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.23

Return for Risk

ORNYX vs. APUSX — Risk / Return Rank

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

ORNYX

ORNYX Risk / Return Rank: 61
ORNYX Sharpe Ratio Rank: 60
ORNYX Sortino Ratio Rank: 71
ORNYX Omega Ratio Rank: 81
ORNYX Calmar Ratio Rank: 55
ORNYX Martin Ratio Rank: 39

APUSX

APUSX Risk / Return Rank: 0
APUSX Sharpe Ratio Rank: 1
APUSX Sortino Ratio Rank: 1
APUSX Omega Ratio Rank: 0
APUSX Calmar Ratio Rank: 0
APUSX Martin Ratio Rank: 0

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.

ORNYX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

	ORNYX	APUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	-0.81	+2.62
Sortino ratio: Return per unit of downside risk	2.81	-0.79	+3.60
Omega ratio: Gain probability vs. loss probability	1.43	0.26	+1.17
Calmar ratio: Return relative to maximum drawdown	2.41	-0.81	+3.22
Martin ratio: Return relative to average drawdown	7.16	-12.81	+19.97

ORNYX vs. APUSX - Sharpe Ratio Comparison

The current ORNYX Sharpe Ratio is 1.81, which is higher than the APUSX Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of ORNYX and APUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ORNYX vs. APUSX - Drawdown Comparison

The maximum ORNYX drawdown since its inception was -21.03%, which is greater than APUSX's maximum drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for ORNYX and APUSX.

Drawdown Indicators

	ORNYX	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-21.03%	-10.36%	-10.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-10.36%	+7.59%
Max Drawdown (3Y) Largest decline over 3 years	-9.37%	-10.36%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-10.36%	-10.67%
Max Drawdown (10Y) Largest decline over 10 years	-21.03%	—	—
Current Drawdown Current decline from peak	0.00%	-10.36%	+10.36%
Average Drawdown Average peak-to-trough decline	-3.47%	-0.30%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.65%	+0.28%

Volatility

ORNYX vs. APUSX - Volatility Comparison

The current volatility for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) is 0.93%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 10.93%. This indicates that ORNYX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNYX	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	10.93%	-10.00%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	10.95%	-8.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	10.42%	-6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	4.81%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.11%	4.23%	+1.88%

ORNYX vs. APUSX - Expense Ratio Comparison

ORNYX has a 0.92% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

ORNYX vs. APUSX - Dividend Comparison

ORNYX's dividend yield for the trailing twelve months is around 3.73%, more than APUSX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.69%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	3.73%	6.14%	6.37%	4.37%	4.33%	4.53%	5.15%	4.48%	5.05%	6.02%	6.72%	6.83%

Frequently Asked Questions

Can I hold both ORNYX and APUSX in my portfolio?

ORNYX and APUSX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORNYX or APUSX?

APUSX has higher volatility (10.93%) compared to ORNYX (0.93%). In terms of maximum drawdown, ORNYX dropped -21.03% vs APUSX's -10.36%.

Which has better risk-adjusted returns?

ORNYX currently has the higher Sharpe Ratio (1.81 vs -0.81), 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.