ORNYX vs. FXIEX

Last updated Jul 2, 2026

ORNYX (Invesco Rochester Municipal Opportunities Fund Class Y) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, ORNYX returned 4.24%/yr vs 2.83%/yr for FXIEX. A 0.62 correlation means they provide meaningful diversification when combined. ORNYX charges 0.92%/yr vs 0.07%/yr for FXIEX.

Performance

ORNYX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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 FXIEX's 2.63% return. Over the past 10 years, ORNYX has outperformed FXIEX with an annualized return of 4.24%, while FXIEX has yielded a comparatively lower 2.83% annualized 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%

FXIEX

• 1D: 0.39%
• 1M: 1.01%
• 6M: 2.63%
• YTD: 2.63%
• 1Y: 6.53%
• 3Y*: 5.14%
• 5Y*: 1.74%
• 10Y*: 2.83%

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

ORNYX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	2.99%	2.60%	5.48%	7.70%	-14.45%	7.02%	6.22%	14.09%	9.59%	7.13%
FXIEX PIMCO Fixed Income SHares: Series TE	2.63%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between ORNYX and FXIEX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012	0.62

The correlation between ORNYX and FXIEX shifts across timeframes, from 0.62 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ORNYX vs. FXIEX — 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

FXIEX

FXIEX Risk / Return Rank: 85
FXIEX Sharpe Ratio Rank: 85
FXIEX Sortino Ratio Rank: 92
FXIEX Omega Ratio Rank: 90
FXIEX Calmar Ratio Rank: 84
FXIEX Martin Ratio Rank: 73

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. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.37	-0.56
Sortino ratio: Return per unit of downside risk	2.81	4.11	-1.29
Omega ratio: Gain probability vs. loss probability	1.43	1.58	-0.15
Calmar ratio: Return relative to maximum drawdown	2.41	3.35	-0.94
Martin ratio: Return relative to average drawdown	7.16	11.12	-3.96

ORNYX vs. FXIEX - Sharpe Ratio Comparison

The current ORNYX Sharpe Ratio is 1.81, which is comparable to the FXIEX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ORNYX and FXIEX, 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. FXIEX - Drawdown Comparison

The maximum ORNYX drawdown since its inception was -21.03%, which is greater than FXIEX's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for ORNYX and FXIEX.

Drawdown Indicators

	ORNYX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.03%	-15.25%	-5.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.42%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-9.37%	-5.56%	-3.81%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-15.25%	-5.78%
Max Drawdown (10Y) Largest decline over 10 years	-21.03%	-15.25%	-5.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.47%	-2.88%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.70%	+0.23%

Volatility

ORNYX vs. FXIEX - Volatility Comparison

Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) has a higher volatility of 0.93% compared to PIMCO Fixed Income SHares: Series TE (FXIEX) at 0.59%. This indicates that ORNYX's price experiences larger fluctuations and is considered to be riskier than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNYX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.59%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.20%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.47%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	4.37%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.11%	4.10%	+2.01%

ORNYX vs. FXIEX - Expense Ratio Comparison

ORNYX has a 0.92% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

ORNYX vs. FXIEX - Dividend Comparison

ORNYX's dividend yield for the trailing twelve months is around 3.73%, more than FXIEX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.78%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	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 FXIEX in my portfolio?

ORNYX and FXIEX have a correlation of 0.77, 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 FXIEX?

ORNYX has higher volatility (0.93%) compared to FXIEX (0.59%). In terms of maximum drawdown, ORNYX dropped -21.03% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

FXIEX currently has the higher Sharpe Ratio (2.37 vs 1.81), 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.