SCMB vs. OPCAX
Compare and contrast key facts about Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX).
SCMB is a passively managed fund by Schwab that tracks the performance of the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. It was launched on Oct 11, 2022. OPCAX is managed by Invesco. It was launched on Nov 2, 1988.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SCMB or OPCAX.
Key characteristics
| SCMB | OPCAX | |
|---|---|---|
| YTD Return | 2.61% | 2.51% |
| 1Y Return | 7.47% | 9.33% |
| Sharpe Ratio | 2.01 | 2.45 |
| Sortino Ratio | 2.92 | 3.79 |
| Omega Ratio | 1.40 | 1.58 |
| Calmar Ratio | 3.26 | 0.96 |
| Martin Ratio | 10.73 | 11.85 |
| Ulcer Index | 0.78% | 0.88% |
| Daily Std Dev | 4.15% | 4.28% |
| Max Drawdown | -5.62% | -47.36% |
| Current Drawdown | -1.37% | -2.53% |
Correlation
The correlation between SCMB and OPCAX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
SCMB vs. OPCAX - Performance Comparison
The year-to-date returns for both stocks are quite close, with SCMB having a 2.61% return and OPCAX slightly lower at 2.51%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SCMB vs. OPCAX - Expense Ratio Comparison
SCMB has a 0.03% expense ratio, which is lower than OPCAX's 0.75% expense ratio.
Risk-Adjusted Performance
SCMB vs. OPCAX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX). 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.
Dividends
SCMB vs. OPCAX - Dividend Comparison
SCMB's dividend yield for the trailing twelve months is around 4.44%, more than OPCAX's 3.85% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | 4.44% | 4.88% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OPCAX Invesco California Municipal Fund | 3.85% | 3.67% | 3.45% | 3.06% | 3.12% | 3.44% | 3.71% | 4.59% | 5.37% | 5.48% | 6.17% | 6.56% |
Drawdowns
SCMB vs. OPCAX - Drawdown Comparison
The maximum SCMB drawdown since its inception was -5.62%, smaller than the maximum OPCAX drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for SCMB and OPCAX. For additional features, visit the drawdowns tool.
Volatility
SCMB vs. OPCAX - Volatility Comparison
Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX) have volatilities of 1.99% and 2.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.