ORNYX vs. VADDX

Last updated Jul 2, 2026

ORNYX (Invesco Rochester Municipal Opportunities Fund Class Y) and VADDX (Invesco Equally-Weighted S&P 500 Fund) are both mutual funds - ORNYX is a Municipal Bonds fund actively managed by Invesco, while VADDX is a S&P 500 fund tracking the S&P 500 Equal Weight Index. ORNYX is actively managed, while VADDX is passively managed. Over the past 10 years, ORNYX returned 4.24%/yr vs 11.86%/yr for VADDX. At a correlation of -0.00, they often move in opposite directions. ORNYX charges 0.92%/yr vs 0.27%/yr for VADDX.

Performance

ORNYX vs. VADDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Invesco Equally-Weighted S&P 500 Fund (VADDX). 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 lower than VADDX's 11.97% return. Over the past 10 years, ORNYX has underperformed VADDX with an annualized return of 4.24%, while VADDX has yielded a comparatively higher 11.86% 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%

VADDX

• 1D: -0.10%
• 1M: 2.08%
• 6M: 11.97%
• YTD: 11.97%
• 1Y: 17.59%
• 3Y*: 14.22%
• 5Y*: 8.66%
• 10Y*: 11.86%

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

ORNYX vs. VADDX - 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%
VADDX Invesco Equally-Weighted S&P 500 Fund	11.97%	11.16%	12.68%	13.58%	-11.86%	29.27%	12.56%	28.92%	-7.96%	18.55%

Correlation

The correlation between ORNYX and VADDX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Nov 29, 2010	-0.00

The correlation between ORNYX and VADDX shifts across timeframes, from -0.00 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ORNYX vs. VADDX — 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

VADDX

VADDX Risk / Return Rank: 48
VADDX Sharpe Ratio Rank: 45
VADDX Sortino Ratio Rank: 47
VADDX Omega Ratio Rank: 41
VADDX Calmar Ratio Rank: 55
VADDX Martin Ratio Rank: 54

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. VADDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) and Invesco Equally-Weighted S&P 500 Fund (VADDX). 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	VADDX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.61	+0.20
Sortino ratio: Return per unit of downside risk	2.81	2.34	+0.47
Omega ratio: Gain probability vs. loss probability	1.43	1.28	+0.15
Calmar ratio: Return relative to maximum drawdown	2.41	2.42	-0.01
Martin ratio: Return relative to average drawdown	7.16	9.12	-1.96

ORNYX vs. VADDX - Sharpe Ratio Comparison

The current ORNYX Sharpe Ratio is 1.81, which is comparable to the VADDX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of ORNYX and VADDX, 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. VADDX - Drawdown Comparison

The maximum ORNYX drawdown since its inception was -21.03%, smaller than the maximum VADDX drawdown of -60.12%. Use the drawdown chart below to compare losses from any high point for ORNYX and VADDX.

Drawdown Indicators

	ORNYX	VADDX	Difference
Max Drawdown Largest peak-to-trough decline	-21.03%	-60.12%	+39.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-7.88%	+5.11%
Max Drawdown (3Y) Largest decline over 3 years	-9.37%	-17.86%	+8.49%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-21.58%	+0.55%
Max Drawdown (10Y) Largest decline over 10 years	-21.03%	-39.39%	+18.36%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-3.47%	-6.98%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.08%	-1.15%

Volatility

ORNYX vs. VADDX - Volatility Comparison

The current volatility for Invesco Rochester Municipal Opportunities Fund Class Y (ORNYX) is 0.93%, while Invesco Equally-Weighted S&P 500 Fund (VADDX) has a volatility of 3.67%. This indicates that ORNYX experiences smaller price fluctuations and is considered to be less risky than VADDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORNYX	VADDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	3.67%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	8.78%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	11.84%	-7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	16.29%	-10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.11%	18.47%	-12.36%

ORNYX vs. VADDX - Expense Ratio Comparison

ORNYX has a 0.92% expense ratio, which is higher than VADDX's 0.27% expense ratio.

Dividends

ORNYX vs. VADDX - Dividend Comparison

ORNYX's dividend yield for the trailing twelve months is around 3.73%, less than VADDX's 9.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VADDX Invesco Equally-Weighted S&P 500 Fund	9.01%	10.09%	8.88%	4.86%	8.45%	9.92%	6.38%	4.68%	7.13%	2.97%	0.30%	2.98%

Frequently Asked Questions

Can I hold both ORNYX and VADDX in my portfolio?

ORNYX and VADDX have a correlation of 0.31, 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 VADDX?

VADDX has higher volatility (3.67%) compared to ORNYX (0.93%). In terms of maximum drawdown, ORNYX dropped -21.03% vs VADDX's -60.12%.

Which has better risk-adjusted returns?

ORNYX 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.