XMPT vs. IROC

Last updated Jun 24, 2026

XMPT (VanEck CEF Municipal Income ETF) and IROC (Invesco Rochester High Yield Municipal ETF) are both High Yield Muni funds. XMPT is passively managed, while IROC is actively managed. Over the past 3 years, XMPT returned 7.34%/yr vs 5.05%/yr for IROC. A 0.58 correlation means they provide meaningful diversification when combined. XMPT charges 1.97%/yr vs 0.39%/yr for IROC.

Performance

XMPT vs. IROC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CEF Municipal Income ETF (XMPT) and Invesco Rochester High Yield Municipal ETF (IROC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMPT achieves a 4.03% return, which is significantly higher than IROC's 3.13% return.

XMPT

• 1D: 0.59%
• 1M: 3.08%
• YTD: 4.03%
• 6M: 5.11%
• 1Y: 13.45%
• 3Y*: 7.34%
• 5Y*: -0.98%
• 10Y*: 1.98%

IROC

• 1D: -0.05%
• 1M: 1.57%
• YTD: 3.13%
• 6M: 3.32%
• 1Y: 7.02%
• 3Y*: 5.05%
• 5Y*: —
• 10Y*: —

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

XMPT vs. IROC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XMPT VanEck CEF Municipal Income ETF	4.03%	8.01%	7.01%	2.55%	-0.62%
IROC Invesco Rochester High Yield Municipal ETF	3.13%	4.13%	4.69%	5.97%	-0.88%

Correlation

The correlation between XMPT and IROC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 9, 2022	0.58

The correlation between XMPT and IROC shifts across timeframes, from 0.47 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XMPT vs. IROC — Risk / Return Rank

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

XMPT

XMPT Risk / Return Rank: 57
XMPT Sharpe Ratio Rank: 60
XMPT Sortino Ratio Rank: 64
XMPT Omega Ratio Rank: 67
XMPT Calmar Ratio Rank: 44
XMPT Martin Ratio Rank: 51

IROC

IROC Risk / Return Rank: 75
IROC Sharpe Ratio Rank: 81
IROC Sortino Ratio Rank: 87
IROC Omega Ratio Rank: 89
IROC Calmar Ratio Rank: 60
IROC Martin Ratio Rank: 59

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.

XMPT vs. IROC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CEF Municipal Income ETF (XMPT) and Invesco Rochester High Yield Municipal ETF (IROC). 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.

	XMPT	IROC	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.33	-0.47
Sortino ratio: Return per unit of downside risk	2.76	3.53	-0.76
Omega ratio: Gain probability vs. loss probability	1.37	1.50	-0.13
Calmar ratio: Return relative to maximum drawdown	2.06	2.67	-0.61
Martin ratio: Return relative to average drawdown	8.34	9.57	-1.23

XMPT vs. IROC - Sharpe Ratio Comparison

The current XMPT Sharpe Ratio is 1.86, which is comparable to the IROC Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of XMPT and IROC, 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

XMPT vs. IROC - Drawdown Comparison

The maximum XMPT drawdown since its inception was -35.24%, which is greater than IROC's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for XMPT and IROC.

Drawdown Indicators

	XMPT	IROC	Difference
Max Drawdown Largest peak-to-trough decline	-35.24%	-4.79%	-30.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-2.64%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-4.79%	-10.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.24%	—	—
Current Drawdown Current decline from peak	-7.43%	-0.05%	-7.38%
Average Drawdown Average peak-to-trough decline	-8.81%	-0.83%	-7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	0.73%	+0.89%

Volatility

XMPT vs. IROC - Volatility Comparison

VanEck CEF Municipal Income ETF (XMPT) has a higher volatility of 1.82% compared to Invesco Rochester High Yield Municipal ETF (IROC) at 0.80%. This indicates that XMPT's price experiences larger fluctuations and is considered to be riskier than IROC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMPT	IROC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	0.80%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	2.38%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	7.28%	3.02%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.37%	3.48%	+5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.37%	3.48%	+6.89%

XMPT vs. IROC - Expense Ratio Comparison

XMPT has a 1.97% expense ratio, which is higher than IROC's 0.39% expense ratio.

Dividends

XMPT vs. IROC - Dividend Comparison

XMPT's dividend yield for the trailing twelve months is around 6.23%, more than IROC's 5.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IROC Invesco Rochester High Yield Municipal ETF	5.13%	4.79%	4.08%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XMPT VanEck CEF Municipal Income ETF	6.23%	5.87%	5.35%	3.81%	5.12%	3.74%	3.79%	4.08%	5.05%	4.84%	5.35%	5.24%

Frequently Asked Questions

Can I hold both XMPT and IROC in my portfolio?

XMPT and IROC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMPT or IROC?

XMPT has higher volatility (1.82%) compared to IROC (0.80%). In terms of maximum drawdown, XMPT dropped -35.24% vs IROC's -4.79%.

Which ETF is better, XMPT or IROC?

On 3-year performance, XMPT leads with 7.34% vs 5.05% for IROC. On fees, IROC is cheaper at 0.39% per year. On volatility, IROC has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMPT or IROC?

Over the 3-year period, XMPT has performed better with a 7.34% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMPT or IROC?

IROC is cheaper with a 0.39% expense ratio, compared with 1.97% for XMPT.

Which ETF pays a higher dividend yield, XMPT or IROC?

XMPT has the higher dividend yield at 6.23%, compared with 5.13% for IROC.

What is the main difference between XMPT and IROC?

They also come from different issuers: VanEck and Invesco. Their fees differ too: 1.97% for XMPT and 0.39% for IROC.

Which has better risk-adjusted returns?

IROC currently has the higher Sharpe Ratio (2.33 vs 1.86), 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.