ACTHX vs. PZA

Last updated Jun 4, 2026

ACTHX (Invesco High Yield Municipal Fund) and PZA (Invesco National AMT-Free Municipal Bond ETF) are both funds - ACTHX is a High Yield Muni fund managed by Invesco, while PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index. Over the past 10 years, ACTHX returned 2.79%/yr vs 1.86%/yr for PZA. A 0.58 correlation means they provide meaningful diversification when combined. ACTHX charges 1.39%/yr vs 0.28%/yr for PZA.

Performance

ACTHX vs. PZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Municipal Fund (ACTHX) and Invesco National AMT-Free Municipal Bond ETF (PZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACTHX achieves a 2.64% return, which is significantly higher than PZA's 2.34% return. Over the past 10 years, ACTHX has outperformed PZA with an annualized return of 2.79%, while PZA has yielded a comparatively lower 1.86% annualized return.

ACTHX

• 1D: 0.12%
• 1M: 0.93%
• YTD: 2.64%
• 6M: 2.85%
• 1Y: 7.62%
• 3Y*: 4.73%
• 5Y*: 0.68%
• 10Y*: 2.79%

PZA

• 1D: -0.13%
• 1M: 0.79%
• YTD: 2.34%
• 6M: 2.56%
• 1Y: 9.00%
• 3Y*: 3.28%
• 5Y*: -0.02%
• 10Y*: 1.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACTHX vs. PZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACTHX Invesco High Yield Municipal Fund	2.64%	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	2.34%	1.81%	0.81%	8.64%	-13.17%	2.37%	5.07%	9.00%	-0.09%	6.95%

Correlation

The correlation between ACTHX and PZA is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007	0.58

The correlation between ACTHX and PZA shifts across timeframes, from 0.56 (1 year) to 0.68 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ACTHX vs. PZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACTHX

ACTHX Risk / Return Rank: 54
ACTHX Sharpe Ratio Rank: 48
ACTHX Sortino Ratio Rank: 64
ACTHX Omega Ratio Rank: 74
ACTHX Calmar Ratio Rank: 46
ACTHX Martin Ratio Rank: 38

PZA

PZA Risk / Return Rank: 64
PZA Sharpe Ratio Rank: 64
PZA Sortino Ratio Rank: 67
PZA Omega Ratio Rank: 77
PZA Calmar Ratio Rank: 57
PZA Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	2.03	2.14	-0.12
Sortino ratio: Return per unit of downside risk	3.35	3.11	+0.24
Omega ratio: Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio: Return relative to maximum drawdown	2.58	2.84	-0.27
Martin ratio: Return relative to average drawdown	8.38	10.04	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACTHX vs. PZA - Sharpe Ratio Comparison

The current ACTHX Sharpe Ratio is 2.03, which is comparable to the PZA Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ACTHX and PZA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACTHX	PZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.14	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	-0.00	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.26	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.43	+0.67

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.

Drawdown Indicators

	ACTHX	PZA	Difference
Max Drawdown Largest peak-to-trough decline	-27.29%	-24.49%	-2.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-3.18%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	-7.89%	-2.24%
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 Drawdown Current decline from peak	0.00%	-1.23%	+1.23%
Average Drawdown Average peak-to-trough decline	-3.55%	-3.95%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.90%	+0.02%

Volatility

ACTHX vs. PZA - Volatility Comparison

The current volatility for Invesco High Yield Municipal Fund (ACTHX) is 1.40%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 1.48%. 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.

Volatility by Period

	ACTHX	PZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.48%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.89%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	4.22%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	6.00%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	7.08%	-1.69%

ACTHX vs. PZA - Expense Ratio Comparison

ACTHX has a 1.39% expense ratio, which is higher than PZA's 0.28% expense ratio.

Dividends

ACTHX vs. PZA - Dividend Comparison

ACTHX's dividend yield for the trailing twelve months is around 5.34%, more than PZA's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACTHX Invesco High Yield Municipal Fund	5.34%	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	3.64%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%

Frequently Asked Questions

Can I hold both ACTHX and PZA in my portfolio?

ACTHX and PZA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACTHX or PZA?

PZA has higher volatility (1.48%) compared to ACTHX (1.40%). In terms of maximum drawdown, ACTHX dropped -27.29% vs PZA's -24.49%.

Which has better risk-adjusted returns?

PZA currently has the higher Sharpe Ratio (2.14 vs 2.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.