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

Performance

SWNTX vs. OPCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Tax-Free Bond Fund™ (SWNTX) 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
2.40%
2.96%
SWNTX
OPCAX

Returns By Period

In the year-to-date period, SWNTX achieves a 1.95% return, which is significantly lower than OPCAX's 2.76% return. Over the past 10 years, SWNTX has underperformed OPCAX with an annualized return of 1.54%, while OPCAX has yielded a comparatively higher 3.66% annualized return.


SWNTX

YTD

1.95%

1M

-0.25%

6M

2.40%

1Y

5.97%

5Y (annualized)

0.76%

10Y (annualized)

1.54%

OPCAX

YTD

2.76%

1M

-0.41%

6M

2.96%

1Y

8.75%

5Y (annualized)

1.60%

10Y (annualized)

3.66%

Key characteristics


SWNTXOPCAX
Sharpe Ratio2.052.19
Sortino Ratio3.083.29
Omega Ratio1.471.51
Calmar Ratio0.800.89
Martin Ratio8.2910.04
Ulcer Index0.73%0.90%
Daily Std Dev2.96%4.13%
Max Drawdown-12.93%-47.36%
Current Drawdown-2.02%-2.29%

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SWNTX vs. OPCAX - Expense Ratio Comparison

SWNTX has a 0.48% 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 SWNTX: current value at 0.48% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.48%

Correlation

-0.50.00.51.00.7

The correlation between SWNTX and OPCAX is 0.71, 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

SWNTX vs. OPCAX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Tax-Free Bond Fund™ (SWNTX) 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 SWNTX, currently valued at 2.05, compared to the broader market0.002.004.002.052.19
The chart of Sortino ratio for SWNTX, currently valued at 3.08, compared to the broader market0.005.0010.003.083.29
The chart of Omega ratio for SWNTX, currently valued at 1.47, compared to the broader market1.002.003.004.001.471.51
The chart of Calmar ratio for SWNTX, currently valued at 0.80, compared to the broader market0.005.0010.0015.0020.0025.000.800.89
The chart of Martin ratio for SWNTX, currently valued at 8.29, compared to the broader market0.0020.0040.0060.0080.00100.008.2910.04
SWNTX
OPCAX

The current SWNTX Sharpe Ratio is 2.05, which is comparable to the OPCAX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SWNTX 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
2.05
2.19
SWNTX
OPCAX

Dividends

SWNTX vs. OPCAX - Dividend Comparison

SWNTX's dividend yield for the trailing twelve months is around 3.41%, less than OPCAX's 3.84% yield.


TTM20232022202120202019201820172016201520142013
SWNTX
Schwab Tax-Free Bond Fund™
3.41%3.06%2.33%1.67%1.97%2.31%2.42%2.34%2.24%2.22%2.30%2.38%
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

SWNTX vs. OPCAX - Drawdown Comparison

The maximum SWNTX drawdown since its inception was -12.93%, smaller than the maximum OPCAX drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for SWNTX and OPCAX. For additional features, visit the drawdowns tool.


-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%JuneJulyAugustSeptemberOctoberNovember
-2.02%
-2.29%
SWNTX
OPCAX

Volatility

SWNTX vs. OPCAX - Volatility Comparison

The current volatility for Schwab Tax-Free Bond Fund™ (SWNTX) is 1.49%, while Invesco California Municipal Fund (OPCAX) has a volatility of 2.02%. This indicates that SWNTX 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.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.49%
2.02%
SWNTX
OPCAX