ACTHX vs. PZA
Compare and contrast key facts about Invesco High Yield Municipal Fund (ACTHX) and Invesco National AMT-Free Municipal Bond ETF (PZA).
ACTHX is managed by Invesco. It was launched on Jan 1, 1986. PZA is a passively managed fund by Invesco that tracks the performance of the BofA ML National Long-Term Core Plus Municipal Securities Index. It was launched on Oct 11, 2007.
Performance
ACTHX vs. PZA - Performance Comparison
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ACTHX vs. PZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | -0.69% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
PZA Invesco National AMT-Free Municipal Bond ETF | 0.00% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
Returns By Period
Over the past 10 years, ACTHX has outperformed PZA with an annualized return of 2.70%, while PZA has yielded a comparatively lower 1.85% annualized return.
ACTHX
- 1D
- 0.37%
- 1M
- -2.63%
- YTD
- -0.69%
- 6M
- 0.53%
- 1Y
- 2.42%
- 3Y*
- 3.60%
- 5Y*
- 0.51%
- 10Y*
- 2.70%
PZA
- 1D
- 0.39%
- 1M
- -2.33%
- YTD
- 0.00%
- 6M
- 1.39%
- 1Y
- 3.47%
- 3Y*
- 2.36%
- 5Y*
- -0.07%
- 10Y*
- 1.85%
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ACTHX vs. PZA - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is higher than PZA's 0.28% expense ratio.
Return for Risk
ACTHX vs. PZA — Risk / Return Rank
ACTHX
PZA
ACTHX vs. PZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and Invesco National AMT-Free Municipal Bond ETF (PZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ACTHX | PZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.56 | 0.55 | +0.01 |
Sortino ratioReturn per unit of downside risk | 0.82 | 0.71 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.13 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.61 | 0.72 | -0.10 |
Martin ratioReturn relative to average drawdown | 1.70 | 1.50 | +0.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ACTHX | PZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 0.55 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.01 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.26 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.42 | +0.67 |
Correlation
The correlation between ACTHX and PZA is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ACTHX vs. PZA - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.44%, more than PZA's 3.65% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.44% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.65% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
Drawdowns
ACTHX vs. PZA - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, which is greater than PZA's maximum drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for ACTHX and PZA.
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Drawdown Indicators
| ACTHX | PZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.29% | -24.49% | -2.80% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -5.23% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -18.55% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -19.83% | -21.69% | +1.86% |
Current DrawdownCurrent decline from peak | -2.63% | -3.49% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -3.97% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.49% | -0.17% |
Volatility
ACTHX vs. PZA - Volatility Comparison
The current volatility for Invesco High Yield Municipal Fund (ACTHX) is 1.24%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 1.90%. This indicates that ACTHX experiences smaller price fluctuations and is considered to be less risky than PZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACTHX | PZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.90% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 2.59% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 6.29% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 5.96% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.36% | 7.07% | -1.71% |