SCMB vs. OPCAX
SCMB (Schwab Municipal Bond ETF) and OPCAX (Invesco California Municipal Fund) are both Municipal Bonds funds. Over the past 3 years, SCMB returned 3.19%/yr vs 3.75%/yr for OPCAX. A 0.73 correlation means they provide meaningful diversification when combined. SCMB charges 0.03%/yr vs 0.75%/yr for OPCAX.
Performance
SCMB vs. OPCAX - Performance Comparison
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Returns By Period
In the year-to-date period, SCMB achieves a 1.54% return, which is significantly lower than OPCAX's 1.96% return.
SCMB
- 1D
- 0.08%
- 1M
- 1.63%
- YTD
- 1.54%
- 6M
- 1.78%
- 1Y
- 6.59%
- 3Y*
- 3.19%
- 5Y*
- —
- 10Y*
- —
OPCAX
- 1D
- 0.13%
- 1M
- 2.41%
- YTD
- 1.96%
- 6M
- 2.45%
- 1Y
- 7.05%
- 3Y*
- 3.75%
- 5Y*
- 0.43%
- 10Y*
- 2.98%
SCMB vs. OPCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | 1.54% | 3.78% | 0.91% | 5.86% | 2.88% |
OPCAX Invesco California Municipal Fund | 1.96% | 2.59% | 2.86% | 6.86% | 3.27% |
Correlation
The correlation between SCMB and OPCAX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022 | 0.73 |
The correlation between SCMB and OPCAX shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SCMB vs. OPCAX — Risk / Return Rank
SCMB
OPCAX
SCMB vs. OPCAX - Risk-Adjusted Trends 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.
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.
| SCMB | OPCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.46 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.40 | -0.13 |
| Martin ratioReturn relative to average drawdown | 7.44 | 7.80 | -0.36 |
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Drawdowns
SCMB vs. OPCAX - Drawdown Comparison
The maximum SCMB drawdown since its inception was -6.13%, 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.
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Drawdown Indicators
| SCMB | OPCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.13% | -47.36% | +41.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -3.25% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.57% | -8.46% | +2.89% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.53% | — |
Current DrawdownCurrent decline from peak | -0.40% | 0.00% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -1.31% | -4.30% | +2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.04% | -0.15% |
Volatility
SCMB vs. OPCAX - Volatility Comparison
The current volatility for Schwab Municipal Bond ETF (SCMB) is 0.72%, while Invesco California Municipal Fund (OPCAX) has a volatility of 0.99%. This indicates that SCMB experiences smaller price fluctuations and is considered to be less risky than OPCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCMB | OPCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 0.99% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 2.73% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.89% | 3.87% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.14% | 5.46% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 5.12% | -0.98% |
SCMB vs. OPCAX - Expense Ratio Comparison
SCMB has a 0.03% expense ratio, which is lower than OPCAX's 0.75% expense ratio.
Dividends
SCMB vs. OPCAX - Dividend Comparison
SCMB's dividend yield for the trailing twelve months is around 3.52%, more than OPCAX's 2.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPCAX Invesco California Municipal Fund | 2.75% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
SCMB Schwab Municipal Bond ETF | 3.52% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCMB and OPCAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPCAX has higher volatility (0.99%) compared to SCMB (0.72%). In terms of maximum drawdown, SCMB dropped -6.13% vs OPCAX's -47.36%.
SCMB currently has the higher Sharpe Ratio (2.29 vs 2.02), 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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