VADDX vs. OLCAX

Last updated Jun 5, 2026

VADDX (Invesco Equally-Weighted S&P 500 Fund) and OLCAX (Invesco Limited Term California Municipal Fund) are both mutual funds - VADDX is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while OLCAX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, VADDX returned 11.61%/yr vs 2.45%/yr for OLCAX. At a correlation of -0.03, they often move in opposite directions. VADDX charges 0.27%/yr vs 0.83%/yr for OLCAX.

Performance

VADDX vs. OLCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equally-Weighted S&P 500 Fund (VADDX) 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, VADDX achieves a 9.59% return, which is significantly higher than OLCAX's 1.16% return. Over the past 10 years, VADDX has outperformed OLCAX with an annualized return of 11.61%, while OLCAX has yielded a comparatively lower 2.45% annualized return.

VADDX

• 1D: -0.42%
• 1M: 2.87%
• YTD: 9.59%
• 6M: 10.02%
• 1Y: 19.62%
• 3Y*: 15.10%
• 5Y*: 8.20%
• 10Y*: 11.61%

OLCAX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.16%
• 6M: 1.44%
• 1Y: 4.56%
• 3Y*: 3.42%
• 5Y*: 1.12%
• 10Y*: 2.45%

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

VADDX vs. OLCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VADDX Invesco Equally-Weighted S&P 500 Fund	9.59%	11.16%	12.68%	13.58%	-11.86%	29.27%	12.56%	28.92%	-7.96%	18.55%
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 VADDX 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 VADDX 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

VADDX vs. OLCAX — Risk / Return Rank

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

VADDX

VADDX Risk / Return Rank: 37
VADDX Sharpe Ratio Rank: 34
VADDX Sortino Ratio Rank: 34
VADDX Omega Ratio Rank: 32
VADDX Calmar Ratio Rank: 43
VADDX Martin Ratio Rank: 45

OLCAX

OLCAX Risk / Return Rank: 77
OLCAX Sharpe Ratio Rank: 65
OLCAX Sortino Ratio Rank: 86
OLCAX Omega Ratio Rank: 97
OLCAX Calmar Ratio Rank: 78
OLCAX Martin Ratio Rank: 60

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.

VADDX vs. OLCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equally-Weighted S&P 500 Fund (VADDX) 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.

	VADDX	OLCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.31	-0.64
Sortino ratio: Return per unit of downside risk	2.44	4.07	-1.62
Omega ratio: Gain probability vs. loss probability	1.29	2.00	-0.71
Calmar ratio: Return relative to maximum drawdown	2.47	3.43	-0.95
Martin ratio: Return relative to average drawdown	9.36	11.43	-2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VADDX vs. OLCAX - Sharpe Ratio Comparison

The current VADDX Sharpe Ratio is 1.68, which is comparable to the OLCAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VADDX 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

	VADDX	OLCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.31	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.39	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.75	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.98	-0.51

Drawdowns

VADDX vs. OLCAX - Drawdown Comparison

The maximum VADDX drawdown since its inception was -60.12%, which is greater than OLCAX's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for VADDX and OLCAX.

Drawdown Indicators

	VADDX	OLCAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.12%	-14.66%	-45.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-1.59%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.86%	-2.89%	-14.97%
Max Drawdown (5Y) Largest decline over 5 years	-21.58%	-10.04%	-11.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-10.04%	-29.35%
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-7.00%	-1.69%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	0.45%	+1.62%

Volatility

VADDX vs. OLCAX - Volatility Comparison

Invesco Equally-Weighted S&P 500 Fund (VADDX) has a higher volatility of 2.60% compared to Invesco Limited Term California Municipal Fund (OLCAX) at 0.78%. This indicates that VADDX'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

	VADDX	OLCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	0.78%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	1.56%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	2.35%	+9.30%
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	18.54%	3.31%	+15.23%

VADDX vs. OLCAX - Expense Ratio Comparison

VADDX has a 0.27% expense ratio, which is lower than OLCAX's 0.83% expense ratio.

Dividends

VADDX vs. OLCAX - Dividend Comparison

VADDX's dividend yield for the trailing twelve months is around 9.20%, 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%
VADDX Invesco Equally-Weighted S&P 500 Fund	9.20%	10.09%	8.88%	4.86%	8.45%	9.92%	6.38%	4.68%	7.13%	2.97%	0.30%	2.98%

Frequently Asked Questions

Can I hold both VADDX and OLCAX in my portfolio?

VADDX 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, VADDX or OLCAX?

VADDX has higher volatility (2.60%) compared to OLCAX (0.78%). In terms of maximum drawdown, VADDX dropped -60.12% vs OLCAX's -14.66%.

Which has better risk-adjusted returns?

OLCAX currently has the higher Sharpe Ratio (2.31 vs 1.68), 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.