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 76 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% | 3.93B | Oct 2022 | PZT vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | PZT vs VTEB | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | PZT vs TAXT | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 169.01M | Aug 2025 | PZT vs TAXI | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | PZT vs FMUN |
Best Risk-Adjusted Alternatives to PZT
PZT has a PortfoliosLab risk / return rank of 60. There are 72 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 | 8.63M | Sep 2024 | PZT vs MYMG | |
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | PZT vs MYMF | |
| Allspring Ultra Short Municipal ETF | 96 | 30.06M | Jul 2025 | PZT vs AUSM | |
| Goldman Sachs Ultra Short Municipal Income ETF | 96 | 54.13M | Jul 2024 | PZT vs GUMI | |
| First Trust Ultra Short Duration Municipal ETF | 96 | 246.47M | Nov 2018 | PZT vs FUMB |
Top Performing PZT Alternatives (YTD)
PZT is at 1.69% YTD. There are 13 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.08%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.08% | 4.54M | May 2023 | PZT vs ZTAX | |
| Overlay Shares Municipal Bond ETF | 2.98% | 30.60M | Sep 2019 | PZT vs OVM | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.79% | 142.95M | Jun 2013 | PZT vs RVNU | |
| T. Rowe Price High Income Municipal ETF | 2.68% | 26.19M | Nov 2025 | PZT vs THYM | |
| NYLI MacKay Muni Allocation ETF | 2.45% | 28.01M | Dec 2025 | PZT vs MMMA |
Lowest Volatility Alternatives to PZT
PZT has 4.64% 1-year volatility. There are 134 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% | 34.95M | Sep 2025 | PZT vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.64% | 8.74M | Sep 2024 | PZT vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | PZT vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | PZT vs AUSM | |
| State Street My2027 Municipal Bond ETF | 0.82% | 8.63M | Sep 2024 | PZT vs MYMG |
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 -0.23%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.23% | 246.47M | Nov 2018 | PZT vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | PZT vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | PZT vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | PZT vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | PZT 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 $453B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | Nasdaq-100 | 55 | 18.11% | 452.80B | Mar 1999 | PZT vs QQQ | |
| Invesco S&P 500 Momentum ETF | Momentum, S&P 500 | 50 | 27.25% | 21.05B | Oct 2015 | PZT vs SPMO | |
| Invesco NASDAQ 100 ETF | Nasdaq-100 | 56 | 18.13% | 97.11B | Oct 2020 | PZT vs QQQM | |
| Invesco S&P 500 Equal Weight ETF | S&P 500, Equal Weight | 73 | 15.91% | 96.96B | Apr 2003 | PZT vs RSP | |
| Invesco PHLX Semiconductor ETF | Semiconductors, Technology Equities | 88 | 72.20% | 2.58B | Jun 2021 | PZT vs SOXQ | |
| Invesco S&P 500 Quality ETF | Quality Factor, S&P 500, Large Cap Blend Equities | 61 | 16.79% | 19.45B | Dec 2005 | PZT vs SPHQ | |
| Invesco S&P 500 Top 50 ETF | S&P 500 | 42 | 6.81% | 10.56B | May 2005 | PZT vs XLG | |
| Invesco S&P 500® High Dividend Low Volatility ETF | Dividend, S&P 500, Low Volatility | 47 | 13.31% | 4.04B | Oct 2012 | PZT vs SPHD | |
| Invesco S&P MidCap Momentum ETF | Momentum, Mid Cap Growth Equities | 43 | 16.18% | 7.18B | Mar 2005 | PZT vs XMMO | |
| Invesco S&P International Developed Momentum ETF | Momentum, Foreign Large Cap Equities | 51 | 13.19% | 4.08B | Feb 2012 | PZT vs IDMO |
Often Compared With PZT
Investors most often compare PZT with NYF, FMNY, MINO. These 20 comparison targets span 5 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