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SCMB vs. OPCAX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

SCMB vs. OPCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX). The values are adjusted to include any dividend payments, if applicable.

-1.00%0.00%1.00%2.00%3.00%4.00%JuneJulyAugustSeptemberOctoberNovember
3.41%
2.96%
SCMB
OPCAX

Returns By Period

In the year-to-date period, SCMB achieves a 3.12% return, which is significantly higher than OPCAX's 2.76% return.


SCMB

YTD

3.12%

1M

-0.13%

6M

3.41%

1Y

7.40%

5Y (annualized)

N/A

10Y (annualized)

N/A

OPCAX

YTD

2.76%

1M

-0.41%

6M

2.96%

1Y

8.75%

5Y (annualized)

1.60%

10Y (annualized)

3.66%

Key characteristics


SCMBOPCAX
Sharpe Ratio1.892.19
Sortino Ratio2.713.29
Omega Ratio1.371.51
Calmar Ratio3.010.89
Martin Ratio9.7710.04
Ulcer Index0.79%0.90%
Daily Std Dev4.07%4.13%
Max Drawdown-5.62%-47.36%
Current Drawdown-0.87%-2.29%

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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.


OPCAX
Invesco California Municipal Fund
Expense ratio chart for OPCAX: current value at 0.75% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.75%
Expense ratio chart for SCMB: current value at 0.03% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.03%

Correlation

-0.50.00.51.00.7

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.

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.


Sharpe ratio
The chart of Sharpe ratio for SCMB, currently valued at 1.89, compared to the broader market0.002.004.006.001.892.19
The chart of Sortino ratio for SCMB, currently valued at 2.71, compared to the broader market-2.000.002.004.006.008.0010.0012.002.713.29
The chart of Omega ratio for SCMB, currently valued at 1.37, compared to the broader market0.501.001.502.002.503.001.371.51
The chart of Calmar ratio for SCMB, currently valued at 3.01, compared to the broader market0.005.0010.0015.003.013.30
The chart of Martin ratio for SCMB, currently valued at 9.77, compared to the broader market0.0020.0040.0060.0080.00100.00120.009.7710.04
SCMB
OPCAX

The current SCMB Sharpe Ratio is 1.89, which is comparable to the OPCAX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SCMB and OPCAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio1.001.502.002.503.003.50JuneJulyAugustSeptemberOctoberNovember
1.89
2.19
SCMB
OPCAX

Dividends

SCMB vs. OPCAX - Dividend Comparison

SCMB's dividend yield for the trailing twelve months is around 4.48%, more than OPCAX's 3.84% yield.


TTM20232022202120202019201820172016201520142013
SCMB
Schwab Municipal Bond ETF
4.48%4.38%0.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
OPCAX
Invesco California Municipal Fund
3.84%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.


-2.50%-2.00%-1.50%-1.00%-0.50%0.00%JuneJulyAugustSeptemberOctoberNovember
-0.87%
-1.26%
SCMB
OPCAX

Volatility

SCMB vs. OPCAX - Volatility Comparison

Schwab Municipal Bond ETF (SCMB) and Invesco California Municipal Fund (OPCAX) have volatilities of 1.98% 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.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.98%
2.02%
SCMB
OPCAX