VVOAX vs. ISHYX

Last updated Jun 23, 2026

VVOAX (Invesco Value Opportunities Fund) and ISHYX (Invesco Short Duration High Yield Municipal Fund) are both mutual funds - VVOAX is a Mid Cap Value Equities fund managed by Invesco, while ISHYX is a High Yield Muni fund managed by Invesco. Over the past 10 years, VVOAX returned 16.57%/yr vs 2.79%/yr for ISHYX. At a correlation of -0.03, they often move in opposite directions. VVOAX charges 1.22%/yr vs 0.59%/yr for ISHYX.

Performance

VVOAX vs. ISHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Opportunities Fund (VVOAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVOAX achieves a 22.51% return, which is significantly higher than ISHYX's 2.50% return. Over the past 10 years, VVOAX has outperformed ISHYX with an annualized return of 16.57%, while ISHYX has yielded a comparatively lower 2.79% annualized return.

VVOAX

• 1D: 1.81%
• 1M: 3.65%
• YTD: 22.51%
• 6M: 20.86%
• 1Y: 46.90%
• 3Y*: 30.05%
• 5Y*: 19.76%
• 10Y*: 16.57%

ISHYX

• 1D: 0.11%
• 1M: 1.35%
• YTD: 2.50%
• 6M: 3.01%
• 1Y: 6.83%
• 3Y*: 4.92%
• 5Y*: 1.69%
• 10Y*: 2.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VVOAX vs. ISHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVOAX Invesco Value Opportunities Fund	22.51%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%
ISHYX Invesco Short Duration High Yield Municipal Fund	2.50%	3.92%	6.43%	3.58%	-8.99%	5.96%	-0.31%	7.84%	2.27%	8.04%

Correlation

The correlation between VVOAX and ISHYX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	-0.03

The correlation between VVOAX and ISHYX shifts across timeframes, from -0.03 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VVOAX vs. ISHYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VVOAX

VVOAX Risk / Return Rank: 81
VVOAX Sharpe Ratio Rank: 81
VVOAX Sortino Ratio Rank: 69
VVOAX Omega Ratio Rank: 69
VVOAX Calmar Ratio Rank: 94
VVOAX Martin Ratio Rank: 92

ISHYX

ISHYX Risk / Return Rank: 90
ISHYX Sharpe Ratio Rank: 94
ISHYX Sortino Ratio Rank: 97
ISHYX Omega Ratio Rank: 96
ISHYX Calmar Ratio Rank: 83
ISHYX Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VVOAX vs. ISHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Opportunities Fund (VVOAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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.

	VVOAX	ISHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	3.00	-0.55
Sortino ratio: Return per unit of downside risk	3.13	5.50	-2.37
Omega ratio: Gain probability vs. loss probability	1.42	1.83	-0.41
Calmar ratio: Return relative to maximum drawdown	5.07	3.64	+1.43
Martin ratio: Return relative to average drawdown	17.50	13.71	+3.79

VVOAX vs. ISHYX - Sharpe Ratio Comparison

The current VVOAX Sharpe Ratio is 2.45, which is comparable to the ISHYX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of VVOAX and ISHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VVOAX vs. ISHYX - Drawdown Comparison

The maximum VVOAX drawdown since its inception was -62.08%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for VVOAX and ISHYX.

Drawdown Indicators

	VVOAX	ISHYX	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-13.64%	-48.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-1.89%	-7.32%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-4.03%	-20.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-12.03%	-12.02%
Max Drawdown (10Y) Largest decline over 10 years	-51.80%	-13.64%	-38.16%
Current Drawdown Current decline from peak	-1.95%	0.00%	-1.95%
Average Drawdown Average peak-to-trough decline	-11.71%	-2.63%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	0.50%	+2.16%

Volatility

VVOAX vs. ISHYX - Volatility Comparison

Invesco Value Opportunities Fund (VVOAX) has a higher volatility of 8.73% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.65%. This indicates that VVOAX's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVOAX	ISHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	0.65%	+8.08%
Volatility (6M) Calculated over the trailing 6-month period	15.15%	1.71%	+13.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	2.29%	+16.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.32%	3.10%	+18.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	3.33%	+20.94%

VVOAX vs. ISHYX - Expense Ratio Comparison

VVOAX has a 1.22% expense ratio, which is higher than ISHYX's 0.59% expense ratio.

Dividends

VVOAX vs. ISHYX - Dividend Comparison

VVOAX's dividend yield for the trailing twelve months is around 8.51%, more than ISHYX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISHYX Invesco Short Duration High Yield Municipal Fund	4.63%	4.65%	4.40%	3.38%	3.99%	3.58%	3.58%	3.45%	3.59%	3.51%	3.60%	0.00%
VVOAX Invesco Value Opportunities Fund	8.51%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both VVOAX and ISHYX in my portfolio?

VVOAX and ISHYX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VVOAX or ISHYX?

VVOAX has higher volatility (8.73%) compared to ISHYX (0.65%). In terms of maximum drawdown, VVOAX dropped -62.08% vs ISHYX's -13.64%.

Which has better risk-adjusted returns?

ISHYX currently has the higher Sharpe Ratio (3.00 vs 2.45), 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.