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Invesco California AMT-Free Municipal Bond ETF (PW...
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Invesco California AMT-Free Municipal Bond ETF (PWZ)

ETF · Currency in USD · Last updated May 25, 2025

PWZ is a passive ETF by Invesco tracking the investment results of the ICE BofA California Long-Term Core Plus Muni. PWZ launched on Oct 11, 2007 and has a 0.28% expense ratio.

ETF Info

ISIN

US73936T4417

CUSIP

46138E206

Issuer

Invesco

Inception Date

Oct 11, 2007

Region

North America (U.S.)

Category

Municipal Bonds

Leveraged

1x

Index Tracked

ICE BofA California Long-Term Core Plus Muni

Asset Class

Bond

Expense Ratio

PWZ has an expense ratio of 0.28%, placing it in the medium range.

Share Price Chart

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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco California AMT-Free Municipal Bond ETF

Popular comparisons:
PWZ vs. CMF PWZ vs. FCTFX PWZ vs. FCAL PWZ vs. VWLTX PWZ vs. CALY PWZ vs. VTEB PWZ vs. SCHP PWZ vs. FBND PWZ vs. QQQ PWZ vs. BCHYX
Popular comparisons:
PWZ vs. CMF PWZ vs. FCTFX PWZ vs. FCAL PWZ vs. VWLTX PWZ vs. CALY PWZ vs. VTEB PWZ vs. SCHP PWZ vs. FBND PWZ vs. QQQ PWZ vs. BCHYX

Performance

Performance Chart

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S&P 500

Returns By Period

Invesco California AMT-Free Municipal Bond ETF (PWZ) returned -4.69% year-to-date (YTD) and -1.72% over the past 12 months. Over the past 10 years, PWZ returned 1.89% annually, underperforming the S&P 500 benchmark at 10.68%.

PWZ

YTD

-4.69%

1M

-0.22%

6M

-5.21%

1Y

-1.72%

3Y*

1.38%

5Y*

-0.46%

10Y*

1.89%

^GSPC (Benchmark)

YTD

-1.34%

1M

5.80%

6M

-2.79%

1Y

9.39%

3Y*

13.76%

5Y*

14.45%

10Y*

10.68%

*Annualized

Monthly Returns

The table below presents the monthly returns of PWZ, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025-0.94%1.21%-2.89%-1.09%-1.02%-4.69%
20240.95%-0.46%-0.14%-0.98%-0.67%1.68%1.50%-0.26%1.29%-1.48%2.13%-1.34%2.16%
20233.18%-2.59%2.81%-0.21%-0.74%1.13%0.03%-1.10%-3.02%-3.42%8.73%2.16%6.55%
2022-2.87%-0.67%-3.63%-4.63%2.42%-2.95%3.90%-3.74%-4.17%-1.41%6.80%-0.33%-11.35%
20210.56%-2.05%0.93%1.13%0.61%0.42%0.76%-0.59%-0.88%-0.07%1.13%0.04%1.94%
20202.02%1.31%-3.94%-3.17%4.67%0.46%2.21%-0.79%0.30%-0.75%2.41%0.38%4.90%
20190.06%0.35%2.28%0.95%1.47%0.28%0.99%2.01%-0.58%0.32%-0.23%0.51%8.72%
2018-1.62%-0.76%0.30%-0.39%1.76%0.01%0.37%0.02%-1.10%-0.91%1.25%1.45%0.32%
20170.06%0.59%0.10%1.01%1.83%0.24%0.63%1.14%-0.71%0.04%0.02%1.70%6.82%
20160.98%0.18%0.75%0.91%0.44%2.39%-0.57%0.67%-0.87%-1.22%-4.38%1.47%0.61%
20151.61%-0.79%-0.10%-0.68%-0.22%-0.96%1.38%0.40%0.31%0.71%0.67%1.38%3.72%
20143.02%1.16%1.85%2.20%1.55%0.26%0.46%1.71%0.53%0.78%0.23%0.91%15.64%
Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of PWZ is 8, meaning it’s performing worse than 92% of other ETFs on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of PWZ is 88
Overall Rank
The Sharpe Ratio Rank of PWZ is 1111
Sharpe Ratio Rank
The Sortino Ratio Rank of PWZ is 88
Sortino Ratio Rank
The Omega Ratio Rank of PWZ is 77
Omega Ratio Rank
The Calmar Ratio Rank of PWZ is 88
Calmar Ratio Rank
The Martin Ratio Rank of PWZ is 77
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Invesco California AMT-Free Municipal Bond ETF Sharpe ratios as of May 25, 2025 (values are recalculated daily):

  • 1-Year: -0.21
  • 5-Year: -0.08
  • 10-Year: 0.32
  • All Time: 0.41

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of Invesco California AMT-Free Municipal Bond ETF compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend History

Invesco California AMT-Free Municipal Bond ETF provided a 3.53% dividend yield over the last twelve months, with an annual payout of $0.82 per share. The fund has been increasing its distributions for 2 consecutive years.

2.50%3.00%3.50%$0.00$0.20$0.40$0.60$0.80$1.0020142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$0.82$0.81$0.71$0.60$0.64$0.65$0.69$0.65$0.65$0.73$0.82$0.98

Dividend yield

3.53%3.28%2.84%2.49%2.28%2.34%2.51%2.53%2.48%2.86%3.16%3.80%

Monthly Dividends

The table displays the monthly dividend distributions for Invesco California AMT-Free Municipal Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.07$0.06$0.07$0.07$0.07$0.34
2024$0.07$0.06$0.07$0.07$0.07$0.07$0.07$0.06$0.08$0.07$0.06$0.06$0.81
2023$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.07$0.71
2022$0.05$0.05$0.05$0.05$0.05$0.04$0.05$0.05$0.05$0.05$0.06$0.06$0.60
2021$0.06$0.06$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.64
2020$0.06$0.06$0.06$0.06$0.06$0.05$0.05$0.04$0.05$0.05$0.06$0.06$0.65
2019$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.69
2018$0.05$0.05$0.05$0.05$0.05$0.06$0.06$0.06$0.06$0.06$0.05$0.05$0.65
2017$0.06$0.06$0.06$0.06$0.06$0.05$0.06$0.05$0.05$0.05$0.06$0.05$0.65
2016$0.07$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.05$0.05$0.05$0.06$0.73
2015$0.07$0.07$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.06$0.07$0.07$0.82
2014$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.07$0.98

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Invesco California AMT-Free Municipal Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Invesco California AMT-Free Municipal Bond ETF was 21.49%, occurring on Dec 16, 2008. Recovery took 181 trading sessions.

The current Invesco California AMT-Free Municipal Bond ETF drawdown is 8.64%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-21.49%Jan 24, 2008223Dec 16, 2008181Sep 4, 2009404
-17.56%Jul 20, 2021320Oct 24, 2022———
-13.1%Mar 10, 202010Mar 23, 202098Aug 11, 2020108
-11.55%Oct 13, 201065Jan 18, 2011138Aug 4, 2011203
-11.26%May 3, 201389Sep 9, 2013149Apr 11, 2014238
Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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