RMUNX vs. DCARX
RMUNX (Invesco Rochester New York Municipals Fund) and DCARX (DFA California Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, RMUNX returned -0.73%/yr vs 2.25%/yr for DCARX. Their 0.22 correlation means their historical movements had little consistent relationship. RMUNX charges 0.78%/yr vs 0.26%/yr for DCARX.
Performance
RMUNX vs. DCARX - Performance Comparison
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Returns By Period
In the year-to-date period, RMUNX achieves a -0.29% return, which is significantly lower than DCARX's 1.76% return.
RMUNX
- 1D
- -0.07%
- 1M
- -2.95%
- 6M
- -0.35%
- YTD
- -0.29%
- 1Y
- 4.54%
- 3Y*
- 2.88%
- 5Y*
- -0.73%
- 10Y*
- 3.11%
- ALL TIME*
- 5.35%
DCARX
- 1D
- 0.00%
- 1M
- -0.08%
- 6M
- 1.17%
- YTD
- 1.76%
- 1Y
- 2.28%
- 3Y*
- 3.02%
- 5Y*
- 2.25%
- 10Y*
- —
- ALL TIME*
- 2.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
RMUNX vs. DCARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RMUNX Invesco Rochester New York Municipals Fund | -0.29% | 0.82% | 2.37% | 9.85% | -15.09% | 6.83% | 5.84% | 13.22% | 8.89% | 1.01% |
DCARX DFA California Municipal Real Return Portfolio | 1.76% | 2.64% | 3.16% | 2.63% | -1.06% | 6.21% | 2.35% | 5.08% | -0.46% | 1.16% |
Correlation
The correlation between RMUNX and DCARX is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017 | 0.22 |
The correlation between RMUNX and DCARX shifts across timeframes, from 0.03 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RMUNX vs. DCARX — Risk / Return Rank
RMUNX
DCARX
RMUNX vs. DCARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester New York Municipals Fund (RMUNX) and DFA California Municipal Real Return Portfolio (DCARX). 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.
| RMUNX | DCARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.52 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 4.10 | -2.54 |
| Martin ratioReturn relative to average drawdown | 4.47 | 10.97 | -6.51 |
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Drawdowns
RMUNX vs. DCARX - Drawdown Comparison
The maximum RMUNX drawdown since its inception was -36.55%, which is greater than DCARX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for RMUNX and DCARX.
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Drawdown Indicators
| RMUNX | DCARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.55% | -12.27% | -24.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -0.56% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -8.66% | -1.39% | -7.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.81% | -4.79% | -17.02% |
Max Drawdown (10Y)Largest decline over 10 years | -21.81% | — | — |
Current DrawdownCurrent decline from peak | -4.07% | -0.45% | -3.62% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -0.73% | -2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 0.21% | +1.04% |
Volatility
RMUNX vs. DCARX - Volatility Comparison
Invesco Rochester New York Municipals Fund (RMUNX) has a higher volatility of 1.39% compared to DFA California Municipal Real Return Portfolio (DCARX) at 0.37%. This indicates that RMUNX's price experiences larger fluctuations and is considered to be riskier than DCARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMUNX | DCARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 0.37% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 0.94% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 1.09% | +3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 2.23% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 2.89% | +3.12% |
RMUNX vs. DCARX - Expense Ratio Comparison
RMUNX has a 0.78% expense ratio, which is higher than DCARX's 0.26% expense ratio.
Dividends
RMUNX vs. DCARX - Dividend Comparison
RMUNX's dividend yield for the trailing twelve months is around 2.82%, less than DCARX's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DCARX DFA California Municipal Real Return Portfolio | 3.20% | 3.11% | 3.52% | 1.84% | 0.90% | 0.78% | 1.12% | 1.43% | 1.27% | 0.09% | 0.00% | 0.00% |
RMUNX Invesco Rochester New York Municipals Fund | 2.82% | 5.30% | 4.81% | 3.77% | 3.03% | 3.24% | 3.32% | 3.43% | 3.40% | 4.34% | 6.01% | 6.55% |
Frequently Asked Questions
RMUNX and DCARX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMUNX has higher volatility (1.39%) compared to DCARX (0.37%). In terms of maximum drawdown, RMUNX dropped -36.55% vs DCARX's -12.27%.
DCARX currently has the higher Sharpe Ratio (2.10 vs 1.17), 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.
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