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 Charles 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.
Performance
SCMB vs. OPCAX - Performance Comparison
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SCMB vs. OPCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | -0.51% | 3.78% | 0.91% | 5.86% | 3.05% |
OPCAX Invesco California Municipal Fund | -1.65% | 2.59% | 2.86% | 6.86% | 3.67% |
Returns By Period
In the year-to-date period, SCMB achieves a -0.51% return, which is significantly higher than OPCAX's -1.65% return.
SCMB
- 1D
- 0.24%
- 1M
- -2.42%
- YTD
- -0.51%
- 6M
- 1.25%
- 1Y
- 3.88%
- 3Y*
- 2.44%
- 5Y*
- —
- 10Y*
- —
OPCAX
- 1D
- 0.26%
- 1M
- -3.00%
- YTD
- -1.65%
- 6M
- -0.80%
- 1Y
- 1.16%
- 3Y*
- 2.46%
- 5Y*
- 0.16%
- 10Y*
- 2.91%
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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.
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.
| SCMB | OPCAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.94 | 0.34 | +0.60 |
Sortino ratioReturn per unit of downside risk | 1.22 | 0.50 | +0.72 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.09 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 0.07 | +0.98 |
Martin ratioReturn relative to average drawdown | 2.98 | 0.18 | +2.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCMB | OPCAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.34 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.58 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.95 | -0.05 |
Correlation
The correlation between SCMB and OPCAX is 0.73, 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.
Dividends
SCMB vs. OPCAX - Dividend Comparison
SCMB's dividend yield for the trailing twelve months is around 3.38%, more than OPCAX's 2.79% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | 3.38% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OPCAX Invesco California Municipal Fund | 2.79% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
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 | -3.79% | -6.37% | +2.58% |
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 | -2.42% | -3.00% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -4.32% | +3.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 2.80% | -1.46% |
Volatility
SCMB vs. OPCAX - Volatility Comparison
Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX) have volatilities of 1.47% and 1.45%, 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.
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Volatility by Period
| SCMB | OPCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.45% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 2.64% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 6.96% | -2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.22% | 5.40% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.22% | 5.09% | -0.87% |