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
Expense Ratio
PZA has an expense ratio of 0.28%, placing it in the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
Invesco National AMT-Free Municipal Bond ETF (PZA) returned -3.76% year-to-date (YTD) and -0.75% over the past 12 months. Over the past 10 years, PZA returned 1.91% annually, underperforming the S&P 500 benchmark at 10.84%.
PZA
-3.76%
-0.72%
-5.34%
-0.75%
0.53%
-0.50%
1.91%
^GSPC (Benchmark)
0.52%
6.32%
-1.44%
12.25%
12.45%
14.20%
10.84%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | -0.36% | 1.55% | -2.75% | -1.09% | -1.11% | -3.76% | |||||||
| 2024 | -0.49% | 0.00% | -0.20% | -1.50% | 0.27% | 1.43% | 1.30% | -0.12% | 1.62% | -1.60% | 2.16% | -1.97% | 0.81% |
| 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% | 15.30% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of PZA is 9, meaning it’s performing worse than 91% 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.
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.
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Dividends
Dividend History
Invesco National AMT-Free Municipal Bond ETF provided a 3.48% dividend yield over the last twelve months, with an annual payout of $0.78 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.78 | $0.76 | $0.70 | $0.62 | $0.63 | $0.66 | $0.74 | $0.80 | $0.78 | $0.80 | $0.91 | $1.01 |
Dividend yield | 3.48% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% | 3.96% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.33 | |||||||
| 2024 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.76 |
| 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 | $0.70 |
| 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 | $0.05 | $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 | $0.06 | $0.06 | $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 | $0.06 | $0.06 | $0.07 | $0.06 | $0.78 |
| 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 | $0.07 | $0.08 | $0.08 | $0.08 | $0.07 | $0.08 | $0.08 | $0.91 |
| 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 |
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.
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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 8.77%.
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 20, 2021 | 321 | Oct 25, 2022 | — | — | — |
| -12.46% | Dec 3, 2012 | 191 | Sep 5, 2013 | 214 | Jul 14, 2014 | 405 |
| -11.77% | May 11, 2010 | 174 | Jan 14, 2011 | 138 | Aug 3, 2011 | 312 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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