TMNIX vs. ORNAX
Compare and contrast key facts about Counterpoint Tactical Municipal Fund (TMNIX) and Invesco Rochester Municipal Opportunities Fund (ORNAX).
TMNIX is managed by Counterpoint Mutual Funds. It was launched on Jun 10, 2018. ORNAX is managed by Invesco. It was launched on Sep 30, 1993.
Performance
TMNIX vs. ORNAX - Performance Comparison
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TMNIX vs. ORNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMNIX Counterpoint Tactical Municipal Fund | -0.24% | 2.56% | 3.92% | 6.85% | -3.12% | 2.96% | 6.73% | 8.70% | 0.12% |
ORNAX Invesco Rochester Municipal Opportunities Fund | -1.52% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 1.35% |
Returns By Period
In the year-to-date period, TMNIX achieves a -0.24% return, which is significantly higher than ORNAX's -1.52% return.
TMNIX
- 1D
- 0.03%
- 1M
- -2.18%
- YTD
- -0.24%
- 6M
- 0.90%
- 1Y
- 3.88%
- 3Y*
- 3.41%
- 5Y*
- 2.37%
- 10Y*
- —
ORNAX
- 1D
- 0.31%
- 1M
- -2.55%
- YTD
- -1.52%
- 6M
- -1.07%
- 1Y
- 0.48%
- 3Y*
- 3.05%
- 5Y*
- 0.31%
- 10Y*
- 4.06%
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TMNIX vs. ORNAX - Expense Ratio Comparison
TMNIX has a 1.00% expense ratio, which is higher than ORNAX's 0.72% expense ratio.
Return for Risk
TMNIX vs. ORNAX — Risk / Return Rank
TMNIX
ORNAX
TMNIX vs. ORNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Counterpoint Tactical Municipal Fund (TMNIX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). 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.
| TMNIX | ORNAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.71 | 0.26 | +1.45 |
Sortino ratioReturn per unit of downside risk | 2.55 | 0.40 | +2.14 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.07 | +0.37 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.05 | +1.77 |
Martin ratioReturn relative to average drawdown | 6.57 | 0.12 | +6.45 |
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
| TMNIX | ORNAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 0.26 | +1.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 0.05 | +0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.35 | 0.77 | +0.58 |
Correlation
The correlation between TMNIX and ORNAX is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TMNIX vs. ORNAX - Dividend Comparison
TMNIX's dividend yield for the trailing twelve months is around 3.07%, less than ORNAX's 3.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMNIX Counterpoint Tactical Municipal Fund | 3.07% | 2.79% | 3.31% | 3.40% | 0.36% | 4.39% | 2.36% | 3.69% | 1.10% | 0.00% | 0.00% | 0.00% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.66% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
Drawdowns
TMNIX vs. ORNAX - Drawdown Comparison
The maximum TMNIX drawdown since its inception was -4.63%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for TMNIX and ORNAX.
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Drawdown Indicators
| TMNIX | ORNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.63% | -55.48% | +50.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -6.48% | +4.27% |
Max Drawdown (5Y)Largest decline over 5 years | -4.63% | -21.16% | +16.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.16% | — |
Current DrawdownCurrent decline from peak | -2.18% | -3.17% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -7.11% | +5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 2.61% | -2.00% |
Volatility
TMNIX vs. ORNAX - Volatility Comparison
The current volatility for Counterpoint Tactical Municipal Fund (TMNIX) is 1.10%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 1.38%. This indicates that TMNIX experiences smaller price fluctuations and is considered to be less risky than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMNIX | ORNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.38% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.69% | 2.64% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 7.13% | -4.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.00% | 6.00% | -3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.68% | 5.98% | -3.30% |