VWLTX vs. ORNAX

Last updated Jun 4, 2026

VWLTX (Vanguard Long-Term Tax-Exempt Fund Investor Shares) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both mutual funds - VWLTX is a Municipal Bonds fund managed by Vanguard, while ORNAX is a High Yield Muni fund managed by Invesco. Over the past 10 years, VWLTX returned 2.62%/yr vs 4.15%/yr for ORNAX. A 0.68 correlation means they provide meaningful diversification when combined. VWLTX charges 0.17%/yr vs 0.72%/yr for ORNAX.

Performance

VWLTX vs. ORNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWLTX achieves a 1.94% return, which is significantly higher than ORNAX's 1.68% return. Over the past 10 years, VWLTX has underperformed ORNAX with an annualized return of 2.62%, while ORNAX has yielded a comparatively higher 4.15% annualized return.

VWLTX

• 1D: 0.28%
• 1M: 0.87%
• YTD: 1.94%
• 6M: 2.35%
• 1Y: 8.40%
• 3Y*: 4.67%
• 5Y*: 1.24%
• 10Y*: 2.62%

ORNAX

• 1D: 0.30%
• 1M: 1.07%
• YTD: 1.68%
• 6M: 1.99%
• 1Y: 5.81%
• 3Y*: 3.96%
• 5Y*: 0.39%
• 10Y*: 4.15%

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

VWLTX vs. ORNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.80%	2.44%	7.56%	-10.43%	1.83%	6.21%	8.77%	0.89%	6.45%
ORNAX Invesco Rochester Municipal Opportunities Fund	1.68%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%

Correlation

The correlation between VWLTX and ORNAX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 1, 1993	0.68

The correlation between VWLTX and ORNAX shifts across timeframes, from 0.68 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VWLTX vs. ORNAX — Risk / Return Rank

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

VWLTX

VWLTX Risk / Return Rank: 72
VWLTX Sharpe Ratio Rank: 84
VWLTX Sortino Ratio Rank: 90
VWLTX Omega Ratio Rank: 92
VWLTX Calmar Ratio Rank: 50
VWLTX Martin Ratio Rank: 46

ORNAX

ORNAX Risk / Return Rank: 35
ORNAX Sharpe Ratio Rank: 32
ORNAX Sortino Ratio Rank: 39
ORNAX Omega Ratio Rank: 44
ORNAX Calmar Ratio Rank: 34
ORNAX Martin Ratio Rank: 26

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.

VWLTX vs. ORNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) 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.

	VWLTX	ORNAX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.63	+1.08
Sortino ratio: Return per unit of downside risk	4.35	2.62	+1.72
Omega ratio: Gain probability vs. loss probability	1.68	1.36	+0.32
Calmar ratio: Return relative to maximum drawdown	2.70	2.21	+0.49
Martin ratio: Return relative to average drawdown	9.64	6.30	+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.

VWLTX vs. ORNAX - Sharpe Ratio Comparison

The current VWLTX Sharpe Ratio is 2.71, which is higher than the ORNAX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of VWLTX and ORNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VWLTX	ORNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.63	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.07	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.70	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.78	-0.25

Drawdowns

VWLTX vs. ORNAX - Drawdown Comparison

The maximum VWLTX drawdown since its inception was -49.97%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for VWLTX and ORNAX.

Drawdown Indicators

	VWLTX	ORNAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.97%	-55.48%	+5.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.92%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.92%	-9.79%	+2.87%
Max Drawdown (5Y) Largest decline over 5 years	-16.01%	-21.16%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-16.01%	-21.16%	+5.15%
Current Drawdown Current decline from peak	-0.24%	-0.03%	-0.21%
Average Drawdown Average peak-to-trough decline	-10.18%	-7.07%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.06%	-0.20%

Volatility

VWLTX vs. ORNAX - Volatility Comparison

Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Invesco Rochester Municipal Opportunities Fund (ORNAX) have volatilities of 1.26% and 1.31%, 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.

Volatility by Period

	VWLTX	ORNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.31%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	2.65%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	3.98%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.60%	6.04%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.51%	6.01%	-1.50%

VWLTX vs. ORNAX - Expense Ratio Comparison

VWLTX has a 0.17% expense ratio, which is lower than ORNAX's 0.72% expense ratio.

Dividends

VWLTX vs. ORNAX - Dividend Comparison

VWLTX's dividend yield for the trailing twelve months is around 3.69%, more than ORNAX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORNAX Invesco Rochester Municipal Opportunities Fund	3.59%	5.86%	5.68%	4.21%	4.04%	4.26%	4.86%	4.50%	4.80%	5.78%	6.50%	6.67%
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares	3.69%	4.51%	3.98%	3.09%	2.91%	2.65%	3.24%	3.82%	3.49%	3.70%	3.98%	3.79%

Frequently Asked Questions

Can I hold both VWLTX and ORNAX in my portfolio?

VWLTX and ORNAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWLTX or ORNAX?

ORNAX has higher volatility (1.31%) compared to VWLTX (1.26%). In terms of maximum drawdown, VWLTX dropped -49.97% vs ORNAX's -55.48%.

Which has better risk-adjusted returns?

VWLTX currently has the higher Sharpe Ratio (2.71 vs 1.63), 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.