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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VMATX or ORNAX.
Performance
VMATX vs. ORNAX - Performance Comparison
Returns By Period
In the year-to-date period, VMATX achieves a 2.27% return, which is significantly lower than ORNAX's 4.62% return. Over the past 10 years, VMATX has underperformed ORNAX with an annualized return of 2.31%, while ORNAX has yielded a comparatively higher 5.09% annualized return.
VMATX
2.27%
-0.20%
2.84%
7.64%
1.01%
2.31%
ORNAX
4.62%
-0.29%
3.70%
11.01%
2.22%
5.09%
Key characteristics
| VMATX | ORNAX | |
|---|---|---|
| Sharpe Ratio | 1.98 | 2.33 |
| Sortino Ratio | 2.92 | 3.56 |
| Omega Ratio | 1.45 | 1.54 |
| Calmar Ratio | 0.82 | 0.94 |
| Martin Ratio | 7.70 | 11.78 |
| Ulcer Index | 1.02% | 0.96% |
| Daily Std Dev | 3.97% | 4.86% |
| Max Drawdown | -16.24% | -55.48% |
| Current Drawdown | -2.65% | -2.43% |
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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.
Correlation
The correlation between VMATX and ORNAX is 0.67, 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.
Risk-Adjusted Performance
VMATX vs. ORNAX - Risk-Adjusted Performance 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.
Dividends
VMATX vs. ORNAX - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.33%, less than ORNAX's 5.20% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.33% | 3.07% | 2.69% | 2.26% | 2.47% | 2.81% | 3.07% | 2.92% | 3.06% | 3.06% | 3.16% | 3.35% |
ORNAX Invesco Rochester Municipal Opportunities Fund | 5.20% | 5.06% | 4.81% | 4.25% | 4.81% | 4.24% | 4.80% | 5.78% | 6.56% | 6.67% | 7.51% | 8.06% |
Drawdowns
VMATX vs. ORNAX - Drawdown Comparison
The maximum VMATX drawdown since its inception was -16.24%, 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. For additional features, visit the drawdowns tool.
Volatility
VMATX vs. ORNAX - Volatility Comparison
The current volatility for Vanguard Massachusetts Tax-Exempt Fund (VMATX) is 1.99%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 2.18%. This indicates that VMATX experiences smaller price fluctuations and is considered to be less risky than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.