VAFAX vs. ACTHX
VAFAX (Invesco American Franchise Fund Class A) and ACTHX (Invesco High Yield Municipal Fund) are both mutual funds - VAFAX is a Large Cap Growth Equities fund managed by Invesco, while ACTHX is a High Yield Muni fund managed by Invesco. Over the past 10 years, VAFAX returned 16.20%/yr vs 2.72%/yr for ACTHX. At a correlation of -0.06, they often move in opposite directions. VAFAX charges 0.95%/yr vs 1.39%/yr for ACTHX.
Performance
VAFAX vs. ACTHX - Performance Comparison
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Returns By Period
In the year-to-date period, VAFAX achieves a 9.88% return, which is significantly higher than ACTHX's 2.88% return. Over the past 10 years, VAFAX has outperformed ACTHX with an annualized return of 16.20%, while ACTHX has yielded a comparatively lower 2.72% annualized return.
VAFAX
- 1D
- 2.17%
- 1M
- 3.35%
- YTD
- 9.88%
- 6M
- 8.70%
- 1Y
- 23.58%
- 3Y*
- 22.28%
- 5Y*
- 10.45%
- 10Y*
- 16.20%
ACTHX
- 1D
- 0.12%
- 1M
- 2.16%
- YTD
- 2.88%
- 6M
- 3.34%
- 1Y
- 8.01%
- 3Y*
- 4.69%
- 5Y*
- 0.61%
- 10Y*
- 2.72%
VAFAX vs. ACTHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VAFAX Invesco American Franchise Fund Class A | 9.88% | 11.86% | 34.78% | 40.91% | -31.20% | 11.13% | 42.15% | 36.55% | -3.99% | 27.11% |
ACTHX Invesco High Yield Municipal Fund | 2.88% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
Correlation
The correlation between VAFAX and ACTHX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005 | -0.06 |
The correlation between VAFAX and ACTHX shifts across timeframes, from -0.06 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VAFAX vs. ACTHX — Risk / Return Rank
VAFAX
ACTHX
VAFAX vs. ACTHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco American Franchise Fund Class A (VAFAX) and Invesco High Yield Municipal Fund (ACTHX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VAFAX | ACTHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.51 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 2.71 | -1.53 |
| Martin ratioReturn relative to average drawdown | 3.55 | 8.84 | -5.30 |
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Drawdowns
VAFAX vs. ACTHX - Drawdown Comparison
The maximum VAFAX drawdown since its inception was -48.48%, which is greater than ACTHX's maximum drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for VAFAX and ACTHX.
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Drawdown Indicators
| VAFAX | ACTHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.48% | -27.29% | -21.19% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -2.98% | -16.29% |
Max Drawdown (3Y)Largest decline over 3 years | -27.24% | -10.13% | -17.11% |
Max Drawdown (5Y)Largest decline over 5 years | -38.86% | -19.83% | -19.03% |
Max Drawdown (10Y)Largest decline over 10 years | -38.86% | -19.83% | -19.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -3.55% | -4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.40% | 0.91% | +5.49% |
Volatility
VAFAX vs. ACTHX - Volatility Comparison
Invesco American Franchise Fund Class A (VAFAX) has a higher volatility of 8.30% compared to Invesco High Yield Municipal Fund (ACTHX) at 1.01%. This indicates that VAFAX's price experiences larger fluctuations and is considered to be riskier than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VAFAX | ACTHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 1.01% | +7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 16.29% | 2.68% | +13.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.57% | 3.78% | +16.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.28% | 5.72% | +17.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.42% | 5.39% | +17.03% |
VAFAX vs. ACTHX - Expense Ratio Comparison
VAFAX has a 0.95% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Dividends
VAFAX vs. ACTHX - Dividend Comparison
VAFAX's dividend yield for the trailing twelve months is around 12.83%, more than ACTHX's 5.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.32% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
VAFAX Invesco American Franchise Fund Class A | 12.83% | 14.09% | 3.74% | 0.00% | 8.32% | 26.50% | 8.78% | 6.85% | 10.42% | 5.37% | 4.08% | 4.90% |
Frequently Asked Questions
VAFAX and ACTHX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VAFAX has higher volatility (8.30%) compared to ACTHX (1.01%). In terms of maximum drawdown, VAFAX dropped -48.48% vs ACTHX's -27.29%.
ACTHX currently has the higher Sharpe Ratio (2.14 vs 1.11), 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.
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