Invesco California AMT-Free Municipal Bond ETF (PWZ) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PWZ. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PWZ
PWZ charges 0.28% annually. There are 76 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | PWZ vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 4.00B | Oct 2022 | PWZ vs SCMB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | PWZ vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 163.46M | Aug 2025 | PWZ vs TAXI | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 126.55M | Aug 2025 | PWZ vs TAXS |
Best Risk-Adjusted Alternatives to PWZ
PWZ has a PortfoliosLab risk / return rank of 80. There are 54 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 8.64M | Sep 2024 | PWZ vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 245.94M | Nov 2018 | PWZ vs FUMB | |
| State Street My2026 Municipal Bond ETF | 97 | 8.73M | Sep 2024 | PWZ vs MYMF | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | PWZ vs AUSM | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.41B | Mar 2015 | PWZ vs MEAR |
Top Performing PWZ Alternatives (YTD)
PWZ is at 2.97% YTD. There are 10 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.58%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.58% | 143.84M | Jun 2013 | PWZ vs RVNU | |
| Rareview Tax Advantaged Income ETF | 4.03% | 18.13M | Oct 2020 | PWZ vs RTAI | |
| First Trust Flexible Municipal High Income ETF | 4.02% | 20.73M | Sep 2016 | PWZ vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.75% | 25.42M | Nov 2025 | PWZ vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.73% | 30.60M | Sep 2019 | PWZ vs OVM |
Lowest Volatility Alternatives to PWZ
PWZ has 4.30% 1-year volatility. There are 128 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 33.31M | Sep 2025 | PWZ vs ZMUN | |
| iShares Short-Term California Muni Active ETF | 0.71% | 408.07M | Oct 2007 | PWZ vs CALI | |
| State Street My2026 Municipal Bond ETF | 0.71% | 8.73M | Sep 2024 | PWZ vs MYMF | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | PWZ vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.79% | 245.94M | Nov 2018 | PWZ vs FUMB |
Lowest Drawdown Alternatives to PWZ
PWZ has a 1-year max drawdown of -3.47%. There are 103 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 245.94M | Nov 2018 | PWZ vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 283.20M | Sep 2019 | PWZ vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | PWZ vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.64M | Sep 2024 | PWZ vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 581.67M | Apr 2019 | PWZ vs IBMO |
Other ETFs from Invesco
The 10 most viewed Invesco ETFs shown here include QQQ, SPMO, QQQM and span 12 categories. AUM among these funds goes as high as $481B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | Nasdaq-100 | 58 | 16.13% | 481.14B | Mar 1999 | PWZ vs QQQ | |
| Invesco S&P 500 Momentum ETF | Momentum, S&P 500 | 62 | 26.03% | 22.01B | Oct 2015 | PWZ vs SPMO | |
| Invesco NASDAQ 100 ETF | Nasdaq-100 | 59 | 16.16% | 100.59B | Oct 2020 | PWZ vs QQQM | |
| Invesco S&P 500 Equal Weight ETF | S&P 500, Equal Weight | 58 | 12.75% | 96.24B | Apr 2003 | PWZ vs RSP | |
| Invesco PHLX Semiconductor ETF | Semiconductors, Technology Equities | 92 | 74.43% | 2.58B | Jun 2021 | PWZ vs SOXQ | |
| Invesco S&P 500 Top 50 ETF | S&P 500 | 40 | 3.75% | 10.85B | May 2005 | PWZ vs XLG | |
| Invesco S&P 500 Quality ETF | S&P 500, Large Cap Blend Equities | 65 | 16.39% | 20.11B | Dec 2005 | PWZ vs SPHQ | |
| Invesco S&P 500® High Dividend Low Volatility ETF | Dividend, S&P 500, Large Cap Value Equities | 37 | 11.46% | 3.29B | Oct 2012 | PWZ vs SPHD | |
| Invesco S&P MidCap Momentum ETF | Momentum, Mid Cap Growth Equities | 50 | 14.98% | 7.45B | Mar 2005 | PWZ vs XMMO | |
| Invesco Aerospace & Defense ETF | Aerospace & Defense, Industrials Equities | 35 | 9.54% | 8.22B | Oct 2005 | PWZ vs PPA |
Often Compared With PWZ
Investors most often compare PWZ with CMF, FCAL, FCTFX. These 20 comparison targets span 6 categories, based on PortfoliosLab usage data.
Compare PWZ with Any Fund or Stock
Compare PWZ with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PWZ with funds that move differently
Invesco California AMT-Free Municipal Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PWZ.
Explore PWZ Diversifiers