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Invesco National AMT-Free Municipal Bond ETF (PZA)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETF Info

ISIN

US73936T4748

CUSIP

73936T474

Issuer

Invesco

Inception Date

Oct 11, 2007

Region

North America (U.S.)

Leveraged

1x

Index Tracked

BofA ML National Long-Term Core Plus Municipal Securities Index

Asset Class

Bond

Expense Ratio

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


Expense ratio chart for PZA: 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%

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.


Popular comparisons:
PZA vs. VNJTX PZA vs. NJTFX PZA vs. JITIX PZA vs. MUB PZA vs. HYMU PZA vs. VTEB PZA vs. IEF PZA vs. VCLT PZA vs. ACTHX PZA vs. BND
Popular comparisons:
PZA vs. VNJTX PZA vs. NJTFX PZA vs. JITIX PZA vs. MUB PZA vs. HYMU PZA vs. VTEB PZA vs. IEF PZA vs. VCLT PZA vs. ACTHX PZA vs. BND

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Invesco National 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.


-5.00%0.00%5.00%10.00%JulyAugustSeptemberOctoberNovemberDecember
0.14%
8.53%
PZA (Invesco National AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

Returns By Period

Invesco National AMT-Free Municipal Bond ETF had a return of 0.41% year-to-date (YTD) and 0.62% in the last 12 months. Over the past 10 years, Invesco National AMT-Free Municipal Bond ETF had an annualized return of 2.24%, while the S&P 500 had an annualized return of 11.06%, indicating that Invesco National AMT-Free Municipal Bond ETF did not perform as well as the benchmark.


PZA

YTD

0.41%

1M

-1.13%

6M

0.14%

1Y

0.62%

5Y*

0.40%

10Y*

2.24%

^GSPC (Benchmark)

YTD

24.34%

1M

0.23%

6M

8.53%

1Y

24.95%

5Y*

13.01%

10Y*

11.06%

Monthly Returns

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


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2024-0.49%0.00%-0.20%-1.50%0.27%1.43%1.30%-0.12%1.62%-1.60%2.16%0.41%
20234.21%-2.82%2.67%0.34%-1.18%1.28%0.12%-1.95%-3.63%-1.63%7.33%4.19%8.65%
2022-3.03%-0.91%-3.74%-4.50%1.99%-2.84%3.42%-3.60%-4.90%-1.17%6.73%-0.80%-13.16%
20210.54%-2.01%0.81%1.17%0.79%0.49%0.63%-0.58%-0.95%0.03%1.18%0.30%2.37%
20201.78%1.71%-5.15%-1.72%4.59%0.83%1.67%-0.74%-0.11%-0.52%2.24%0.68%5.07%
20190.67%0.58%2.25%0.69%1.56%0.31%0.77%2.14%-0.66%-0.07%0.00%0.45%9.00%
2018-1.57%-0.93%0.71%-0.45%1.23%-0.09%0.43%0.10%-1.05%-0.90%0.97%1.51%-0.09%
20170.93%0.57%-0.18%0.31%2.23%-0.10%0.89%0.69%-0.41%0.21%-0.01%1.63%6.95%
20161.00%-0.07%0.98%0.94%0.76%2.18%-0.51%0.09%-0.75%-0.84%-4.26%1.44%0.81%
20152.08%-1.16%0.50%-1.15%-0.61%-0.54%1.73%-0.13%0.54%0.84%0.91%0.95%3.95%
20143.92%0.88%1.34%1.48%1.71%0.19%0.50%1.71%0.55%0.82%0.13%1.16%15.31%
20130.36%0.27%-1.13%1.68%-2.17%-4.41%-3.30%-1.56%2.43%1.21%0.23%-0.78%-7.14%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of PZA is 15, meaning it’s performing worse than 85% 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 PZA is 1515
Overall Rank
The Sharpe Ratio Rank of PZA is 1515
Sharpe Ratio Rank
The Sortino Ratio Rank of PZA is 1414
Sortino Ratio Rank
The Omega Ratio Rank of PZA is 1414
Omega Ratio Rank
The Calmar Ratio Rank of PZA is 1616
Calmar Ratio Rank
The Martin Ratio Rank of PZA is 1717
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 National AMT-Free Municipal Bond ETF (PZA) 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 PZA, currently valued at 0.15, compared to the broader market0.002.004.000.152.10
The chart of Sortino ratio for PZA, currently valued at 0.24, compared to the broader market-2.000.002.004.006.008.0010.000.242.80
The chart of Omega ratio for PZA, currently valued at 1.03, compared to the broader market0.501.001.502.002.503.001.031.39
The chart of Calmar ratio for PZA, currently valued at 0.10, compared to the broader market0.005.0010.0015.000.103.09
The chart of Martin ratio for PZA, currently valued at 0.65, compared to the broader market0.0020.0040.0060.0080.00100.000.6513.49
PZA
^GSPC

The current Invesco National AMT-Free Municipal Bond ETF Sharpe ratio is 0.15. 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 National 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 Ratio0.000.501.001.502.002.503.003.50JulyAugustSeptemberOctoberNovemberDecember
0.15
2.10
PZA (Invesco National AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

Dividends

Dividend History

Invesco National AMT-Free Municipal Bond ETF provided a 2.96% dividend yield over the last twelve months, with an annual payout of $0.70 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$0.70$0.71$0.62$0.63$0.66$0.74$0.80$0.79$0.80$0.92$1.01$0.98

Dividend yield

2.96%2.92%2.69%2.34%2.43%2.80%3.18%3.04%3.23%3.60%3.96%4.26%

Monthly Dividends

The table displays the monthly dividend distributions for Invesco National 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$0.06$0.06$0.06$0.06$0.06$0.07$0.07$0.06$0.07$0.07$0.06$0.00$0.70
2023$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.06$0.05$0.06$0.06$0.06$0.71
2022$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.06$0.62
2021$0.06$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.63
2020$0.06$0.06$0.06$0.06$0.06$0.06$0.05$0.04$0.05$0.05$0.05$0.05$0.66
2019$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.05$0.06$0.06$0.06$0.06$0.74
2018$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.07$0.06$0.80
2017$0.06$0.06$0.06$0.07$0.07$0.07$0.07$0.07$0.07$0.06$0.07$0.06$0.79
2016$0.08$0.07$0.07$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.06$0.06$0.80
2015$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.07$0.08$0.08$0.92
2014$0.09$0.09$0.09$0.09$0.09$0.09$0.08$0.08$0.08$0.08$0.08$0.08$1.01
2013$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.08$0.09$0.09$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.


-8.00%-6.00%-4.00%-2.00%0.00%JulyAugustSeptemberOctoberNovemberDecember
-5.57%
-2.62%
PZA (Invesco National AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)

Worst Drawdowns

The table below displays the maximum drawdowns of the Invesco National 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 National AMT-Free Municipal Bond ETF was 24.49%, occurring on Oct 15, 2008. Recovery took 228 trading sessions.

The current Invesco National AMT-Free Municipal Bond ETF drawdown is 5.57%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-24.49%Jan 18, 2008188Oct 15, 2008228Sep 11, 2009416
-21.69%Mar 10, 20208Mar 19, 2020182Dec 7, 2020190
-18.55%Jul 28, 2021315Oct 25, 2022
-12.46%Dec 3, 2012191Sep 5, 2013214Jul 14, 2014405
-11.77%May 11, 2010174Jan 14, 2011138Aug 3, 2011312

Volatility

Volatility Chart

The current Invesco National AMT-Free Municipal Bond ETF volatility is 1.70%, 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%JulyAugustSeptemberOctoberNovemberDecember
1.70%
3.79%
PZA (Invesco National AMT-Free Municipal Bond ETF)
Benchmark (^GSPC)
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The information contained herein does not constitute investment advice and made available for educational purposes only. Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling.

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