SWNTX vs. OPCAX
Compare and contrast key facts about Schwab Tax-Free Bond Fund™ (SWNTX) and Invesco California Municipal Fund (OPCAX).
SWNTX is managed by Charles Schwab. It was launched on Sep 10, 1992. 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: SWNTX or OPCAX.
Key characteristics
| SWNTX | OPCAX | |
|---|---|---|
| YTD Return | 1.76% | 2.51% |
| 1Y Return | 6.87% | 10.48% |
| 3Y Return (Ann) | -0.39% | -0.66% |
| 5Y Return (Ann) | 0.77% | 1.60% |
| 10Y Return (Ann) | 1.53% | 3.63% |
| Sharpe Ratio | 2.24 | 2.45 |
| Sortino Ratio | 3.42 | 3.79 |
| Omega Ratio | 1.52 | 1.58 |
| Calmar Ratio | 0.80 | 0.89 |
| Martin Ratio | 9.53 | 11.92 |
| Ulcer Index | 0.71% | 0.88% |
| Daily Std Dev | 3.02% | 4.28% |
| Max Drawdown | -12.93% | -47.36% |
| Current Drawdown | -2.20% | -2.53% |
Correlation
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.
Performance
SWNTX vs. OPCAX - Performance Comparison
In the year-to-date period, SWNTX achieves a 1.76% return, which is significantly lower than OPCAX's 2.51% return. Over the past 10 years, SWNTX has underperformed OPCAX with an annualized return of 1.53%, while OPCAX has yielded a comparatively higher 3.63% annualized return. 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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SWNTX vs. OPCAX - Expense Ratio Comparison
SWNTX has a 0.48% expense ratio, which is lower than OPCAX's 0.75% expense ratio.
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.
Dividends
SWNTX vs. OPCAX - Dividend Comparison
SWNTX's dividend yield for the trailing twelve months is around 3.41%, less than OPCAX's 3.85% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 3.85% | 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.
Volatility
SWNTX vs. OPCAX - Volatility Comparison
The current volatility for Schwab Tax-Free Bond Fund™ (SWNTX) is 1.51%, while Invesco California Municipal Fund (OPCAX) has a volatility of 2.03%. 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.