Invesco National AMT-Free Municipal Bond ETF (PZA)
PZA is a passive ETF by Invesco tracking the investment results of the BofA ML National Long-Term Core Plus Municipal Securities Index. PZA launched on Oct 11, 2007 and has a 0.28% expense ratio.
ETF Info
US73936T4748
73936T474
Oct 11, 2007
North America (U.S.)
1x
BofA ML National Long-Term Core Plus Municipal Securities Index
Share Price Chart
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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.
Returns By Period
Invesco National AMT-Free Municipal Bond ETF had a return of 1.13% year-to-date (YTD) and 7.68% in the last 12 months. Over the past 10 years, Invesco National AMT-Free Municipal Bond ETF had an annualized return of 2.44%, while the S&P 500 had an annualized return of 11.10%, indicating that Invesco National AMT-Free Municipal Bond ETF did not perform as well as the benchmark.
PZA
1.13%
-0.69%
2.09%
7.68%
0.62%
2.44%
^GSPC (Benchmark)
23.56%
0.49%
11.03%
30.56%
13.70%
11.10%
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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.49% | 0.00% | -0.20% | -1.50% | 0.27% | 1.43% | 1.30% | -0.12% | 1.62% | -1.60% | 1.13% | ||
| 2023 | 4.21% | -2.82% | 2.68% | 0.33% | -1.19% | 1.28% | 0.12% | -1.95% | -3.63% | -1.63% | 7.33% | 4.19% | 8.64% |
| 2022 | -3.03% | -0.92% | -3.74% | -4.50% | 1.99% | -2.84% | 3.42% | -3.59% | -4.90% | -1.17% | 6.73% | -0.80% | -13.17% |
| 2021 | 0.53% | -2.01% | 0.81% | 1.17% | 0.79% | 0.49% | 0.63% | -0.58% | -0.95% | 0.03% | 1.18% | 0.30% | 2.37% |
| 2020 | 1.78% | 1.71% | -5.15% | -1.72% | 4.59% | 0.83% | 1.67% | -0.74% | -0.11% | -0.52% | 2.24% | 0.68% | 5.07% |
| 2019 | 0.67% | 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% | -0.89% | 0.97% | 1.51% | -0.09% |
| 2017 | 0.93% | 0.57% | -0.18% | 0.31% | 2.23% | -0.10% | 0.89% | 0.69% | -0.41% | 0.21% | -0.01% | 1.63% | 6.95% |
| 2016 | 1.00% | -0.07% | 0.98% | 0.94% | 0.76% | 2.18% | -0.50% | 0.09% | -0.75% | -0.84% | -4.26% | 1.44% | 0.81% |
| 2015 | 2.08% | -1.16% | 0.50% | -1.16% | -0.61% | -0.54% | 1.73% | -0.13% | 0.54% | 0.83% | 0.91% | 0.94% | 3.94% |
| 2014 | 3.91% | 0.88% | 1.34% | 1.48% | 1.71% | 0.19% | 0.50% | 1.71% | 0.55% | 0.82% | 0.13% | 1.16% | 15.31% |
| 2013 | 0.36% | 0.27% | -1.13% | 1.69% | -2.17% | -4.41% | -3.29% | -1.56% | 2.42% | 1.20% | 0.23% | -0.78% | -7.14% |
Expense Ratio
PZA features an expense ratio of 0.28%, falling within the medium range.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of PZA is 44, 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.
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.
Dividends
Dividend History
Invesco National AMT-Free Municipal Bond ETF provided a 3.20% dividend yield over the last twelve months, with an annual payout of $0.76 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.76 | $0.71 | $0.62 | $0.63 | $0.66 | $0.74 | $0.80 | $0.79 | $0.80 | $0.92 | $1.01 | $0.98 |
Dividend yield | 3.20% | 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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.00 | $0.64 | |
| 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.
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 4.91%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -24.49% | Jan 18, 2008 | 188 | Oct 15, 2008 | 228 | Sep 11, 2009 | 416 |
| -21.69% | Mar 10, 2020 | 8 | Mar 19, 2020 | 182 | Dec 7, 2020 | 190 |
| -18.55% | Jul 28, 2021 | 315 | Oct 25, 2022 | — | — | — |
| -12.46% | Dec 3, 2012 | 193 | Sep 9, 2013 | 212 | Jul 14, 2014 | 405 |
| -11.77% | May 11, 2010 | 174 | Jan 14, 2011 | 138 | Aug 3, 2011 | 312 |
Volatility
Volatility Chart
The current Invesco National AMT-Free Municipal Bond ETF volatility is 2.78%, 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.