Invesco California AMT-Free Municipal Bond ETF (PWZ)

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Invesco California AMT-Free Municipal Bond ETF (PWZ) is up 2.8% since the beginning of the year. PWZ is currently trading at $24 per share. Investors who bought $1,000 worth of PWZ shares 5 years ago would now be looking at an investment worth $1,010.

Invesco California AMT-Free Municipal Bond ETF (PWZ) has returned 2.80% so far this year and 8.71% over the past 12 months. Over the last ten years, PWZ has returned 1.81% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Oct 18, 2007, PWZ's average daily return is +0.01%, while the average monthly return is +0.29%. At this rate, an investment would double in approximately 19.9 years.

Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +8.7%, while the worst month was Feb 2008 at -9.3%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 5 months.

On a daily basis, PWZ closed higher 52% of trading days. The best single day was Oct 22, 2008 with a return of +5.9%, while the worst single day was Oct 13, 2008 at -7.1%.

Invesco California AMT-Free Municipal Bond ETF has an annualized alpha of 3.61%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 18, 2007.

• This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (17.57%) than losses (14.99%) - typical of diversified or defensive assets.
• Beta of -0.01 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
• R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

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

PWZ ranks 63 for risk / return — better than 63% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Invesco California AMT-Free Municipal Bond ETF provided a 3.88% dividend yield over the last twelve months, with an annual payout of $0.94 per share. The fund has been increasing its distributions for 3 consecutive years.

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.

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.

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 0.22%.

The chart below shows the rolling one-month volatility.