VADAX vs. OLCAX

Last updated Jun 4, 2026

VADAX (Invesco Equally-Weighted S&P 500 Fund Class A) and OLCAX (Invesco Limited Term California Municipal Fund) are both mutual funds - VADAX is a Large Cap Blend Equities fund managed by Invesco, while OLCAX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, VADAX returned 11.40%/yr vs 2.45%/yr for OLCAX. At a correlation of -0.03, they often move in opposite directions. VADAX charges 0.52%/yr vs 0.83%/yr for OLCAX.

Performance

VADAX vs. OLCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equally-Weighted S&P 500 Fund Class A (VADAX) and Invesco Limited Term California Municipal Fund (OLCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VADAX achieves a 9.93% return, which is significantly higher than OLCAX's 1.16% return. Over the past 10 years, VADAX has outperformed OLCAX with an annualized return of 11.40%, while OLCAX has yielded a comparatively lower 2.45% annualized return.

VADAX

• 1D: 0.34%
• 1M: 4.12%
• YTD: 9.93%
• 6M: 10.39%
• 1Y: 19.53%
• 3Y*: 14.98%
• 5Y*: 8.13%
• 10Y*: 11.40%

OLCAX

• 1D: 0.32%
• 1M: 0.60%
• YTD: 1.16%
• 6M: 1.44%
• 1Y: 4.91%
• 3Y*: 3.42%
• 5Y*: 1.18%
• 10Y*: 2.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VADAX vs. OLCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VADAX Invesco Equally-Weighted S&P 500 Fund Class A	9.93%	10.89%	12.40%	13.29%	-12.07%	28.93%	12.30%	28.59%	-8.19%	18.26%
OLCAX Invesco Limited Term California Municipal Fund	1.16%	4.22%	2.70%	3.60%	-6.16%	1.76%	3.78%	7.51%	7.27%	-1.08%

Correlation

The correlation between VADAX and OLCAX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Feb 26, 2004	-0.03

The correlation between VADAX and OLCAX shifts across timeframes, from -0.03 (all time) to 0.12 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VADAX vs. OLCAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VADAX

VADAX Risk / Return Rank: 41
VADAX Sharpe Ratio Rank: 38
VADAX Sortino Ratio Rank: 38
VADAX Omega Ratio Rank: 35
VADAX Calmar Ratio Rank: 47
VADAX Martin Ratio Rank: 48

OLCAX

OLCAX Risk / Return Rank: 75
OLCAX Sharpe Ratio Rank: 61
OLCAX Sortino Ratio Rank: 85
OLCAX Omega Ratio Rank: 97
OLCAX Calmar Ratio Rank: 76
OLCAX Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VADAX vs. OLCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equally-Weighted S&P 500 Fund Class A (VADAX) and Invesco Limited Term California Municipal Fund (OLCAX). 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.

	VADAX	OLCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.31	-0.53
Sortino ratio: Return per unit of downside risk	2.58	4.07	-1.49
Omega ratio: Gain probability vs. loss probability	1.31	2.00	-0.69
Calmar ratio: Return relative to maximum drawdown	2.62	3.43	-0.80
Martin ratio: Return relative to average drawdown	9.91	11.43	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VADAX vs. OLCAX - Sharpe Ratio Comparison

The current VADAX Sharpe Ratio is 1.78, which is comparable to the OLCAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VADAX and OLCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VADAX	OLCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.31	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.41	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.75	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.98	-0.52

Drawdowns

VADAX vs. OLCAX - Drawdown Comparison

The maximum VADAX drawdown since its inception was -60.27%, which is greater than OLCAX's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for VADAX and OLCAX.

Drawdown Indicators

	VADAX	OLCAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.27%	-14.66%	-45.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-1.59%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-2.89%	-15.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.74%	-10.04%	-11.70%
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	-10.04%	-29.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.10%	-1.69%	-5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.45%	+1.63%

Volatility

VADAX vs. OLCAX - Volatility Comparison

Invesco Equally-Weighted S&P 500 Fund Class A (VADAX) has a higher volatility of 2.66% compared to Invesco Limited Term California Municipal Fund (OLCAX) at 0.78%. This indicates that VADAX's price experiences larger fluctuations and is considered to be riskier than OLCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VADAX	OLCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.78%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	8.38%	1.56%	+6.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	2.38%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	2.98%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	3.31%	+15.22%

VADAX vs. OLCAX - Expense Ratio Comparison

VADAX has a 0.52% expense ratio, which is lower than OLCAX's 0.83% expense ratio.

Dividends

VADAX vs. OLCAX - Dividend Comparison

VADAX's dividend yield for the trailing twelve months is around 9.29%, more than OLCAX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OLCAX Invesco Limited Term California Municipal Fund	2.17%	3.76%	3.32%	2.54%	1.71%	2.35%	2.46%	2.61%	2.48%	3.51%	3.57%	3.75%
VADAX Invesco Equally-Weighted S&P 500 Fund Class A	9.29%	10.21%	8.77%	4.69%	8.49%	9.80%	6.21%	4.49%	6.90%	2.76%	0.30%	2.77%

Frequently Asked Questions

Can I hold both VADAX and OLCAX in my portfolio?

VADAX and OLCAX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VADAX or OLCAX?

VADAX has higher volatility (2.66%) compared to OLCAX (0.78%). In terms of maximum drawdown, VADAX dropped -60.27% vs OLCAX's -14.66%.

Which has better risk-adjusted returns?

OLCAX currently has the higher Sharpe Ratio (2.31 vs 1.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.