ORNYX vs. NPSRX

Last updated Aug 1, 2026

ORNYX (Invesco Rochester Municipal Opportunities Fund Class Y) and NPSRX (Nuveen Preferred Securities & Income Fund) are both mutual funds - ORNYX is a Municipal Bonds fund actively managed by Invesco, while NPSRX is a Preferred Stock fund managed by Nuveen. Over the past 10 years, ORNYX returned 3.93%/yr vs 4.91%/yr for NPSRX. Their 0.23 correlation means their historical movements had little consistent relationship. ORNYX charges 0.92%/yr vs 0.74%/yr for NPSRX.

Performance

ORNYX vs. NPSRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Nuveen Preferred Securities & Income Fund (NPSRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORNYX achieves a 0.67% return, which is significantly higher than NPSRX's 0.35% return. Over the past 10 years, ORNYX has underperformed NPSRX with an annualized return of 3.93%, while NPSRX has yielded a comparatively higher 4.91% annualized return.

ORNYX

• 1D: -0.46%
• 1M: -2.26%
• 6M: 0.52%
• YTD: 0.67%
• 1Y: 5.16%
• 3Y*: 3.88%
• 5Y*: 0.15%
• 10Y*: 3.93%
• ALL TIME*: 5.61%

NPSRX

• 1D: 0.00%
• 1M: -0.93%
• 6M: -0.32%
• YTD: 0.35%
• 1Y: 5.41%
• 3Y*: 8.89%
• 5Y*: 3.24%
• 10Y*: 4.91%
• ALL TIME*: 5.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NPSRX Nuveen Preferred Securities & Income Fund	$0.00	$0.00	$0.00
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	$0.00	$0.00	$0.00

ORNYX vs. NPSRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	0.67%	2.60%	5.48%	7.70%	-14.45%	7.02%	6.22%	14.09%	9.59%	7.13%
NPSRX Nuveen Preferred Securities & Income Fund	0.35%	11.19%	9.12%	6.19%	-9.50%	5.43%	5.53%	17.68%	-5.65%	11.27%

Correlation

The correlation between ORNYX and NPSRX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Nov 29, 2010	0.23

Over the past year, ORNYX and NPSRX have become more correlated (0.53) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

ORNYX vs. NPSRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ORNYX

ORNYX Risk / Return Rank: 80
ORNYX Sharpe Ratio Rank: 79
ORNYX Sortino Ratio Rank: 83
ORNYX Omega Ratio Rank: 87
ORNYX Calmar Ratio Rank: 80
ORNYX Martin Ratio Rank: 73

NPSRX

NPSRX Risk / Return Rank: 73
NPSRX Sharpe Ratio Rank: 84
NPSRX Sortino Ratio Rank: 89
NPSRX Omega Ratio Rank: 88
NPSRX Calmar Ratio Rank: 52
NPSRX Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ORNYX vs. NPSRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Nuveen Preferred Securities & Income Fund (NPSRX). 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	NPSRX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.02	-0.12
Sortino ratio: Return per unit of downside risk	2.96	3.34	-0.38
Omega ratio: Gain probability vs. loss probability	1.45	1.45	0.00
Calmar ratio: Return relative to maximum drawdown	2.69	1.85	+0.84
Martin ratio: Return relative to average drawdown	9.31	7.01	+2.29

ORNYX vs. NPSRX - Sharpe Ratio Comparison

The current ORNYX Sharpe Ratio is 1.90, which is comparable to the NPSRX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of ORNYX and NPSRX, 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. NPSRX - Drawdown Comparison

The maximum ORNYX drawdown since its inception was -21.03%, smaller than the maximum NPSRX drawdown of -62.52%. Use the drawdown chart below to compare losses from any high point for ORNYX and NPSRX.

Drawdown Indicators

	ORNYX	NPSRX	Difference
Max Drawdown Largest peak-to-trough decline	-21.03%	-62.52%	+41.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-3.30%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	-3.60%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-17.65%	-3.38%
Max Drawdown (10Y) Largest decline over 10 years	-21.03%	-26.47%	+5.44%
Current Drawdown Current decline from peak	-2.26%	-1.04%	-1.22%
Average Drawdown Average peak-to-trough decline	-3.45%	-4.78%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.87%	+0.13%

Volatility

ORNYX vs. NPSRX - Volatility Comparison

Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) has a higher volatility of 1.09% compared to Nuveen Preferred Securities & Income Fund (NPSRX) at 0.57%. This indicates that ORNYX's price experiences larger fluctuations and is considered to be riskier than NPSRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNYX	NPSRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.57%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	2.43%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	3.03%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.24%	5.00%	+1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.12%	6.31%	-0.19%

ORNYX vs. NPSRX - Expense Ratio Comparison

ORNYX has a 0.92% expense ratio, which is higher than NPSRX's 0.74% expense ratio.

Dividends

ORNYX vs. NPSRX - Dividend Comparison

ORNYX's dividend yield for the trailing twelve months is around 3.34%, less than NPSRX's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPSRX Nuveen Preferred Securities & Income Fund	4.96%	5.72%	5.38%	5.87%	6.18%	4.97%	5.02%	5.39%	6.00%	5.51%	5.81%	6.20%
ORNYX Invesco Rochester Municipal Opportunities Fund Class Y	3.34%	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 NPSRX in my portfolio?

ORNYX and NPSRX have a correlation of 0.53, 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 NPSRX?

ORNYX has higher volatility (1.09%) compared to NPSRX (0.57%). In terms of maximum drawdown, ORNYX dropped -21.03% vs NPSRX's -62.52%.

Which has better risk-adjusted returns?

NPSRX currently has the higher Sharpe Ratio (2.02 vs 1.90), 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.