VKMMX vs. GSMIX
Compare and contrast key facts about Invesco Municipal Income Fund (VKMMX) and Goldman Sachs Dynamic Municipal Income Fund (GSMIX).
VKMMX is managed by Invesco. It was launched on Jul 31, 1990. GSMIX is managed by Goldman Sachs. It was launched on Jul 19, 1993.
Performance
VKMMX vs. GSMIX - Performance Comparison
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VKMMX vs. GSMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VKMMX Invesco Municipal Income Fund | -0.60% | 3.03% | 3.01% | 6.50% | -12.49% | 3.63% | 4.66% | 8.67% | 0.24% | 6.33% |
GSMIX Goldman Sachs Dynamic Municipal Income Fund | -0.49% | 4.12% | 3.03% | 6.41% | -9.77% | 2.80% | 3.57% | 7.49% | 2.83% | 5.55% |
Returns By Period
In the year-to-date period, VKMMX achieves a -0.60% return, which is significantly lower than GSMIX's -0.49% return. Over the past 10 years, VKMMX has underperformed GSMIX with an annualized return of 1.95%, while GSMIX has yielded a comparatively higher 2.42% annualized return.
VKMMX
- 1D
- 0.26%
- 1M
- -2.70%
- YTD
- -0.60%
- 6M
- 0.58%
- 1Y
- 2.25%
- 3Y*
- 2.93%
- 5Y*
- 0.32%
- 10Y*
- 1.95%
GSMIX
- 1D
- 0.07%
- 1M
- -2.39%
- YTD
- -0.49%
- 6M
- 0.78%
- 1Y
- 3.18%
- 3Y*
- 3.53%
- 5Y*
- 0.95%
- 10Y*
- 2.42%
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VKMMX vs. GSMIX - Expense Ratio Comparison
VKMMX has a 0.81% expense ratio, which is higher than GSMIX's 0.73% expense ratio.
Return for Risk
VKMMX vs. GSMIX — Risk / Return Rank
VKMMX
GSMIX
VKMMX vs. GSMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Income Fund (VKMMX) and Goldman Sachs Dynamic Municipal Income Fund (GSMIX). 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.
| VKMMX | GSMIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.51 | 0.92 | -0.41 |
Sortino ratioReturn per unit of downside risk | 0.73 | 1.26 | -0.53 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.26 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.54 | 0.88 | -0.35 |
Martin ratioReturn relative to average drawdown | 1.41 | 3.14 | -1.73 |
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
| VKMMX | GSMIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 0.92 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | 0.26 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.62 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.95 | +0.08 |
Correlation
The correlation between VKMMX and GSMIX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VKMMX vs. GSMIX - Dividend Comparison
VKMMX's dividend yield for the trailing twelve months is around 4.03%, more than GSMIX's 3.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VKMMX Invesco Municipal Income Fund | 4.03% | 5.16% | 4.06% | 3.12% | 3.42% | 3.05% | 2.86% | 3.80% | 4.07% | 3.62% | 4.14% | 4.22% |
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 3.52% | 4.32% | 3.31% | 2.82% | 1.86% | 1.92% | 2.11% | 2.57% | 2.79% | 2.99% | 3.35% | 3.43% |
Drawdowns
VKMMX vs. GSMIX - Drawdown Comparison
The maximum VKMMX drawdown since its inception was -21.20%, which is greater than GSMIX's maximum drawdown of -15.43%. Use the drawdown chart below to compare losses from any high point for VKMMX and GSMIX.
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Drawdown Indicators
| VKMMX | GSMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.20% | -15.43% | -5.77% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -4.44% | -1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -17.97% | -14.33% | -3.64% |
Max Drawdown (10Y)Largest decline over 10 years | -17.97% | -14.33% | -3.64% |
Current DrawdownCurrent decline from peak | -2.70% | -2.39% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -2.41% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 1.25% | +0.98% |
Volatility
VKMMX vs. GSMIX - Volatility Comparison
Invesco Municipal Income Fund (VKMMX) has a higher volatility of 1.25% compared to Goldman Sachs Dynamic Municipal Income Fund (GSMIX) at 0.88%. This indicates that VKMMX's price experiences larger fluctuations and is considered to be riskier than GSMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VKMMX | GSMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.88% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 1.46% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.27% | 4.48% | +1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 3.64% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 3.90% | +0.87% |