VCV vs. OLCAX
VCV (Invesco California Value Municipal Income Trust) is a stock, while OLCAX (Invesco Limited Term California Municipal Fund) is Municipal Bonds fund managed by Invesco. Over the past 10 years, VCV returned 2.17%/yr vs 2.30%/yr for OLCAX. At a 0.20 correlation, their price movements are largely independent.
Performance
VCV vs. OLCAX - Performance Comparison
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Returns By Period
In the year-to-date period, VCV achieves a -0.47% return, which is significantly lower than OLCAX's 1.16% return. Over the past 10 years, VCV has underperformed OLCAX with an annualized return of 2.17%, while OLCAX has yielded a comparatively higher 2.30% annualized return.
VCV
- 1D
- -0.19%
- 1M
- 2.43%
- YTD
- -0.47%
- 6M
- 3.72%
- 1Y
- 13.06%
- 3Y*
- 10.68%
- 5Y*
- 0.52%
- 10Y*
- 2.17%
OLCAX
- 1D
- 0.00%
- 1M
- 1.25%
- YTD
- 1.16%
- 6M
- 1.44%
- 1Y
- 4.56%
- 3Y*
- 3.42%
- 5Y*
- 1.18%
- 10Y*
- 2.30%
VCV vs. OLCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCV Invesco California Value Municipal Income Trust | -0.47% | 9.44% | 18.62% | 7.91% | -28.40% | 9.65% | 7.85% | 18.63% | -5.27% | 9.01% |
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 VCV and OLCAX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2004 | 0.20 |
The correlation between VCV and OLCAX shifts across timeframes, from 0.20 (all time) to 0.34 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VCV vs. OLCAX — Risk / Return Rank
VCV
OLCAX
VCV vs. OLCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California Value Municipal Income Trust (VCV) 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.
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.
| VCV | OLCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.82 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 3.19 | -1.60 |
| Martin ratioReturn relative to average drawdown | 3.73 | 10.58 | -6.85 |
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Drawdowns
VCV vs. OLCAX - Drawdown Comparison
The maximum VCV drawdown since its inception was -59.02%, which is greater than OLCAX's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for VCV and OLCAX.
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Drawdown Indicators
| VCV | OLCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -14.66% | -44.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.29% | -1.59% | -6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -16.99% | -2.89% | -14.10% |
Max Drawdown (5Y)Largest decline over 5 years | -38.55% | -10.04% | -28.51% |
Max Drawdown (10Y)Largest decline over 10 years | -38.55% | -10.04% | -28.51% |
Current DrawdownCurrent decline from peak | -3.26% | 0.00% | -3.26% |
Average DrawdownAverage peak-to-trough decline | -8.56% | -1.68% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 0.46% | +3.05% |
Volatility
VCV vs. OLCAX - Volatility Comparison
Invesco California Value Municipal Income Trust (VCV) has a higher volatility of 1.41% compared to Invesco Limited Term California Municipal Fund (OLCAX) at 0.87%. This indicates that VCV'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.
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Volatility by Period
| VCV | OLCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 0.87% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 1.69% | +4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.42% | 2.43% | +7.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 2.99% | +9.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.78% | 3.31% | +10.47% |
Dividends
VCV vs. OLCAX - Dividend Comparison
VCV's dividend yield for the trailing twelve months is around 7.25%, 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% |
VCV Invesco California Value Municipal Income Trust | 7.25% | 6.96% | 5.76% | 4.16% | 5.46% | 4.09% | 4.07% | 4.43% | 5.46% | 5.10% | 5.86% | 5.98% |
Frequently Asked Questions
VCV and OLCAX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCV has higher volatility (1.41%) compared to OLCAX (0.87%). In terms of maximum drawdown, VCV dropped -59.02% vs OLCAX's -14.66%.
OLCAX currently has the higher Sharpe Ratio (2.09 vs 1.26), 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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