ORSYX vs. FXIEX

Last updated Jun 5, 2026

ORSYX (Invesco Short Term Municipal Fund) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, ORSYX returned 2.06%/yr vs 2.90%/yr for FXIEX. At a 0.30 correlation, their price movements are largely independent. ORSYX charges 0.50%/yr vs 0.07%/yr for FXIEX.

Performance

ORSYX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Municipal Fund (ORSYX) 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, ORSYX achieves a 0.49% return, which is significantly lower than FXIEX's 1.71% return. Over the past 10 years, ORSYX has underperformed FXIEX with an annualized return of 2.06%, while FXIEX has yielded a comparatively higher 2.90% annualized return.

ORSYX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.49%
• 6M: 0.75%
• 1Y: 2.42%
• 3Y*: 3.28%
• 5Y*: 2.04%
• 10Y*: 2.06%

FXIEX

• 1D: -0.10%
• 1M: 0.71%
• YTD: 1.71%
• 6M: 2.13%
• 1Y: 6.46%
• 3Y*: 5.20%
• 5Y*: 1.63%
• 10Y*: 2.90%

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

ORSYX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORSYX Invesco Short Term Municipal Fund	0.49%	3.99%	3.36%	2.87%	-0.55%	0.52%	3.03%	2.95%	1.66%	2.61%
FXIEX PIMCO Fixed Income SHares: Series TE	1.71%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between ORSYX and FXIEX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 26, 2012	0.30

The correlation between ORSYX and FXIEX shifts across timeframes, from 0.30 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ORSYX vs. FXIEX — Risk / Return Rank

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

ORSYX

ORSYX Risk / Return Rank: 73
ORSYX Sharpe Ratio Rank: 43
ORSYX Sortino Ratio Rank: 75
ORSYX Omega Ratio Rank: 98
ORSYX Calmar Ratio Rank: 77
ORSYX Martin Ratio Rank: 75

FXIEX

FXIEX Risk / Return Rank: 76
FXIEX Sharpe Ratio Rank: 70
FXIEX Sortino Ratio Rank: 88
FXIEX Omega Ratio Rank: 86
FXIEX Calmar Ratio Rank: 79
FXIEX Martin Ratio Rank: 59

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.

ORSYX vs. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Municipal Fund (ORSYX) 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.

	ORSYX	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.44	-0.61
Sortino ratio: Return per unit of downside risk	3.56	4.28	-0.72
Omega ratio: Gain probability vs. loss probability	2.28	1.60	+0.68
Calmar ratio: Return relative to maximum drawdown	3.35	3.55	-0.21
Martin ratio: Return relative to average drawdown	13.74	11.70	+2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORSYX vs. FXIEX - Sharpe Ratio Comparison

The current ORSYX Sharpe Ratio is 1.84, which is comparable to the FXIEX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ORSYX 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.

Sharpe Ratios by Period

	ORSYX	FXIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.44	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.39	+0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.26	0.72	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	0.60	+0.85

Drawdowns

ORSYX vs. FXIEX - Drawdown Comparison

The maximum ORSYX drawdown since its inception was -3.18%, smaller than the maximum FXIEX drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for ORSYX and FXIEX.

Drawdown Indicators

	ORSYX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-15.25%	+12.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.80%	-2.42%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	-5.56%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	-1.78%	-15.25%	+13.47%
Max Drawdown (10Y) Largest decline over 10 years	-3.18%	-15.25%	+12.07%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.21%	-2.90%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	1.66%	-1.47%

Volatility

ORSYX vs. FXIEX - Volatility Comparison

The current volatility for Invesco Short Term Municipal Fund (ORSYX) is 0.46%, while PIMCO Fixed Income SHares: Series TE (FXIEX) has a volatility of 1.30%. This indicates that ORSYX experiences smaller price fluctuations and is considered to be less risky than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORSYX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	1.30%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	2.19%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	3.51%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	4.37%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.65%	4.10%	-2.45%

ORSYX vs. FXIEX - Expense Ratio Comparison

ORSYX has a 0.50% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

ORSYX vs. FXIEX - Dividend Comparison

ORSYX's dividend yield for the trailing twelve months is around 2.12%, less than FXIEX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
ORSYX Invesco Short Term Municipal Fund	2.12%	3.62%	4.12%	2.55%	1.05%	0.78%	1.65%	2.10%	2.18%	1.77%	1.98%	2.17%

Frequently Asked Questions

Can I hold both ORSYX and FXIEX in my portfolio?

ORSYX and FXIEX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORSYX or FXIEX?

FXIEX has higher volatility (1.30%) compared to ORSYX (0.46%). In terms of maximum drawdown, ORSYX dropped -3.18% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

FXIEX currently has the higher Sharpe Ratio (2.44 vs 1.84), 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.