PortfoliosLab logo
PortfoliosLab logo
Tools
Performance Analysis
Portfolio Analysis
Factor Model
Portfolios
Lazy PortfoliosUser Portfolios
Discussions
Invesco California AMT-Free Municipal Bond ETF (PW...
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETF Info

ISIN

US73936T4417

CUSIP

46138E206

Issuer

Invesco

Inception Date

Oct 11, 2007

Region

North America (U.S.)

Leveraged

1x

Index Tracked

ICE BofA California Long-Term Core Plus Muni

Asset Class

Bond

Share Price Chart


Loading data...

Compare to other instruments

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


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

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Invesco California AMT-Free Municipal Bond ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.


0.00%5.00%10.00%JuneJulyAugustSeptemberOctoberNovember
3.77%
12.92%
PWZ (Invesco California AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

Returns By Period

Invesco California AMT-Free Municipal Bond ETF had a return of 2.85% year-to-date (YTD) and 7.20% in the last 12 months. Over the past 10 years, Invesco California AMT-Free Municipal Bond ETF had an annualized return of 2.51%, while the S&P 500 had an annualized return of 11.16%, indicating that Invesco California AMT-Free Municipal Bond ETF did not perform as well as the benchmark.


PWZ

YTD

2.85%

1M

1.19%

6M

3.77%

1Y

7.20%

5Y (annualized)

0.89%

10Y (annualized)

2.51%

^GSPC (Benchmark)

YTD

24.72%

1M

1.67%

6M

12.93%

1Y

30.55%

5Y (annualized)

13.88%

10Y (annualized)

11.16%

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
20240.95%-0.46%-0.14%-0.98%-0.67%1.68%1.50%-0.26%1.29%-1.48%2.85%
20233.18%-2.59%2.81%-0.21%-0.74%1.13%0.03%-1.10%-3.02%-3.41%8.72%2.15%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%2.22%-0.79%0.30%-0.75%2.41%0.38%4.90%
20190.06%0.35%2.29%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%0.38%0.02%-1.10%-0.91%1.25%1.45%0.33%
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%-1.21%-4.38%1.47%0.61%
20151.61%-0.78%-0.10%-0.67%-0.23%-0.96%1.38%0.40%0.31%0.71%0.67%1.38%3.72%
20143.02%1.17%1.85%2.20%1.55%0.26%0.46%1.71%0.53%0.78%0.23%0.91%15.65%
20130.65%0.44%-0.50%1.20%-1.63%-4.14%-1.45%-2.23%2.08%1.33%0.24%-0.60%-4.68%

Expense Ratio

PWZ features an expense ratio of 0.28%, falling within the medium range.


Expense ratio chart for PWZ: current value at 0.28% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.28%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of PWZ is 40, suggesting that the investment has average results relative to other ETFs in terms of risk-adjusted performance. This ranking is determined by the cumulative values of the indicators listed below.


The Risk-Adjusted Performance Rank of PWZ is 4040
Combined Rank
The Sharpe Ratio Rank of PWZ is 4040
Sharpe Ratio Rank
The Sortino Ratio Rank of PWZ is 4141
Sortino Ratio Rank
The Omega Ratio Rank of PWZ is 4040
Omega Ratio Rank
The Calmar Ratio Rank of PWZ is 3131
Calmar Ratio Rank
The Martin Ratio Rank of PWZ is 4646
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.


Sharpe ratio
The chart of Sharpe ratio for PWZ, currently valued at 1.22, compared to the broader market0.002.004.001.222.54
The chart of Sortino ratio for PWZ, currently valued at 1.81, compared to the broader market-2.000.002.004.006.008.0010.0012.001.813.40
The chart of Omega ratio for PWZ, currently valued at 1.22, compared to the broader market0.501.001.502.002.503.001.221.47
The chart of Calmar ratio for PWZ, currently valued at 0.73, compared to the broader market0.005.0010.0015.000.733.66
The chart of Martin ratio for PWZ, currently valued at 6.44, compared to the broader market0.0020.0040.0060.0080.00100.006.4416.26
PWZ
^GSPC

The current Invesco California AMT-Free Municipal Bond ETF Sharpe ratio is 1.22. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Use the chart below to compare the Sharpe ratio of Invesco California AMT-Free Municipal Bond ETF with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.

Rolling 12-month Sharpe Ratio0.001.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
1.22
2.54
PWZ (Invesco California AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

Dividends

Dividend History

Invesco California AMT-Free Municipal Bond ETF provided a 3.27% dividend yield over the last twelve months, with an annual payout of $0.82 per share.


2.50%3.00%3.50%4.00%$0.00$0.20$0.40$0.60$0.80$1.0020132014201520162017201820192020202120222023
Dividends
Dividend Yield
PeriodTTM20232022202120202019201820172016201520142013
Dividend$0.82$0.71$0.60$0.64$0.66$0.69$0.65$0.66$0.73$0.82$0.98$0.92

Dividend yield

3.27%2.85%2.49%2.28%2.34%2.51%2.54%2.49%2.87%3.17%3.81%3.96%

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
2024$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.08$0.07$0.06$0.75
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$0.06$0.06$0.06$0.66
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$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.05$0.65
2017$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.05$0.06$0.05$0.06$0.05$0.66
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$0.08$0.08$0.07$0.07$0.07$0.07$0.06$0.07$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
2013$0.08$0.07$0.08$0.08$0.08$0.07$0.08$0.08$0.08$0.08$0.08$0.08$0.92

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.


-8.00%-6.00%-4.00%-2.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-3.51%
-0.88%
PWZ (Invesco California AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

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 21.51%, occurring on Dec 16, 2008. Recovery took 181 trading sessions.

The current Invesco California AMT-Free Municipal Bond ETF drawdown is 3.51%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-21.51%Jan 24, 2008223Dec 16, 2008181Sep 4, 2009404
-17.57%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

Volatility

Volatility Chart

The current Invesco California AMT-Free Municipal Bond ETF volatility is 2.71%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%6.00%JuneJulyAugustSeptemberOctoberNovember
2.71%
3.96%
PWZ (Invesco California AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)