Invesco New York AMT-Free Municipal Bond ETF (PZT) 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 PZT. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PZT
PZT charges 0.28% annually. There are 75 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.87B | Oct 2022 | PZT vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 45.70B | Aug 2015 | PZT vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 178.36M | Jul 2019 | PZT vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 144.40M | Aug 2025 | PZT vs TAXI | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 94.44M | Aug 2025 | PZT vs TAXS |
Best Risk-Adjusted Alternatives to PZT
PZT has a PortfoliosLab risk / return rank of 61. There are 92 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 | 9.88M | Sep 2024 | PZT vs MYMG | |
| State Street My2026 Municipal Bond ETF | 96 | 8.74M | Sep 2024 | PZT vs MYMF | |
| iShares Short Maturity Municipal Bond ETF | 95 | 1.38B | Mar 2015 | PZT vs MEAR | |
| First Trust Ultra Short Duration Municipal ETF | 95 | 230.57M | Nov 2018 | PZT vs FUMB | |
| Invesco BulletShares 2027 Municipal Bond ETF | 94 | 339.63M | Sep 2019 | PZT vs BSMR |
Top Performing PZT Alternatives (YTD)
PZT is at 2.87% YTD. There are 4 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.96%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Overlay Shares Municipal Bond ETF | 3.96% | 30.60M | Sep 2019 | PZT vs OVM | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 3.71% | 138.42M | Jun 2013 | PZT vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 3.33% | 18.90M | Sep 2016 | PZT vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.33% | 25.30M | Nov 2025 | PZT vs THYM | |
| SPDR Nuveen Bloomberg Barclays High Yield Municipa... | 2.87% | 2.93B | Apr 2011 | PZT vs HYMB |
Lowest Volatility Alternatives to PZT
PZT has 4.75% 1-year volatility. There are 128 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares iBonds Dec 2024 Term Muni Bond ETF | 0.00% | 349.85M | Mar 2018 | PZT vs IBMM | |
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 27.03M | Sep 2025 | PZT vs ZMUN | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | 0.71% | 348.98M | Nov 2018 | PZT vs IBMN | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | PZT vs AUSM | |
| State Street My2026 Municipal Bond ETF | 0.75% | 8.74M | Sep 2024 | PZT vs MYMF |
Lowest Drawdown Alternatives to PZT
PZT has a 1-year max drawdown of -3.17%. There are 95 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% | 230.57M | Nov 2018 | PZT vs FUMB | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | -0.25% | 348.98M | Nov 2018 | PZT vs IBMN | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 294.75M | Sep 2019 | PZT vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | PZT vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 40.29M | Jul 2024 | PZT vs GUMI |
Other ETFs from Invesco
The 10 most viewed Invesco ETFs shown here include QQQ, SPMO, QQQM and span 11 categories. AUM among these funds goes as high as $494B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | Nasdaq-100 | 73 | 21.30% | 493.99B | Mar 1999 | PZT vs QQQ | |
| Invesco S&P 500 Momentum ETF | Momentum, S&P 500 | 75 | 30.35% | 19.93B | Oct 2015 | PZT vs SPMO | |
| Invesco NASDAQ 100 ETF | Nasdaq-100 | 74 | 21.39% | 96.91B | Oct 2020 | PZT vs QQQM | |
| Invesco S&P 500 Equal Weight ETF | S&P 500 | 49 | 9.70% | 89.51B | Apr 2003 | PZT vs RSP | |
| Invesco S&P 500 Top 50 ETF | S&P 500 | 56 | 7.57% | 11.15B | May 2005 | PZT vs XLG | |
| Invesco PHLX Semiconductor ETF | Semiconductors, Technology Equities | 96 | 96.72% | 2.41B | Jun 2021 | PZT vs SOXQ | |
| Invesco S&P 500 Quality ETF | S&P 500, Large Cap Blend Equities | 54 | 15.48% | 18.88B | Dec 2005 | PZT vs SPHQ | |
| Invesco S&P 500® High Dividend Low Volatility ETF | Dividend, S&P 500, Large Cap Value Equities | 21 | 4.38% | 3.23B | Oct 2012 | PZT vs SPHD | |
| Invesco Aerospace & Defense ETF | Aerospace & Defense, Industrials Equities | 37 | 8.54% | 8.37B | Oct 2005 | PZT vs PPA | |
| Invesco S&P MidCap Momentum ETF | Momentum, Mid Cap Growth Equities | 67 | 23.73% | 7.49B | Mar 2005 | PZT vs XMMO |
Often Compared With PZT
Investors most often compare PZT with NYF, MINO, FMNY. These 20 comparison targets span 4 categories, based on PortfoliosLab usage data.
Compare PZT with Any Fund or Stock
Compare PZT with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PZT with funds that move differently
Invesco New York AMT-Free Municipal Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PZT.
Explore PZT Diversifiers