VMATX vs. ORNAX
Compare and contrast key facts about Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Invesco Rochester Municipal Opportunities Fund (ORNAX).
VMATX is managed by Vanguard. It was launched on Dec 9, 1998. ORNAX is managed by Invesco. It was launched on Sep 30, 1993.
Performance
VMATX vs. ORNAX - Performance Comparison
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VMATX vs. ORNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | -0.50% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
ORNAX Invesco Rochester Municipal Opportunities Fund | -1.21% | 2.32% | 4.76% | 7.66% | -14.80% | 6.73% | 5.89% | 14.25% | 9.16% | 6.88% |
Returns By Period
In the year-to-date period, VMATX achieves a -0.50% return, which is significantly higher than ORNAX's -1.21% return. Over the past 10 years, VMATX has underperformed ORNAX with an annualized return of 2.36%, while ORNAX has yielded a comparatively higher 4.09% annualized return.
VMATX
- 1D
- 0.40%
- 1M
- -2.43%
- YTD
- -0.50%
- 6M
- 1.21%
- 1Y
- 4.36%
- 3Y*
- 3.67%
- 5Y*
- 0.98%
- 10Y*
- 2.36%
ORNAX
- 1D
- 0.31%
- 1M
- -2.11%
- YTD
- -1.21%
- 6M
- -0.77%
- 1Y
- 0.34%
- 3Y*
- 3.16%
- 5Y*
- 0.37%
- 10Y*
- 4.09%
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VMATX vs. ORNAX - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is lower than ORNAX's 0.72% expense ratio.
Return for Risk
VMATX vs. ORNAX — Risk / Return Rank
VMATX
ORNAX
VMATX vs. ORNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). 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.
| VMATX | ORNAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.13 | +0.73 |
Sortino ratioReturn per unit of downside risk | 1.17 | 0.21 | +0.96 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.04 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 0.07 | +1.00 |
Martin ratioReturn relative to average drawdown | 3.52 | 0.19 | +3.34 |
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
| VMATX | ORNAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.13 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.06 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.69 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.77 | +0.22 |
Correlation
The correlation between VMATX and ORNAX is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VMATX vs. ORNAX - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.64%, which matches ORNAX's 3.65% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.64% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 3.65% | 5.86% | 5.68% | 4.21% | 4.04% | 4.26% | 4.86% | 4.50% | 4.80% | 5.78% | 6.50% | 6.67% |
Drawdowns
VMATX vs. ORNAX - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for VMATX and ORNAX.
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Drawdown Indicators
| VMATX | ORNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -55.48% | +39.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -6.48% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | -21.16% | +5.25% |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | -21.16% | +5.25% |
Current DrawdownCurrent decline from peak | -2.72% | -2.87% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -7.11% | +5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 2.61% | -0.98% |
Volatility
VMATX vs. ORNAX - Volatility Comparison
Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Invesco Rochester Municipal Opportunities Fund (ORNAX) have volatilities of 1.39% and 1.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMATX | ORNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 1.42% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 2.65% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.66% | 7.12% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 6.00% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 5.98% | -1.35% |