BSCP vs. PZT

Last updated Jun 25, 2026

BSCP (Invesco BulletShares 2025 Corporate Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both exchange-traded funds - BSCP is a Corporate Bonds fund tracking the NASDAQ BulletShares USD Corporate Bond 2025 Index, while PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. At a 0.27 correlation, their price movements are largely independent. BSCP charges 0.10%/yr vs 0.28%/yr for PZT.

Performance

BSCP vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2025 Corporate Bond ETF (BSCP) and Invesco New York AMT-Free Municipal Bond ETF (PZT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSCP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PZT

• 1D: 0.34%
• 1M: 2.47%
• YTD: 3.37%
• 6M: 3.21%
• 1Y: 8.84%
• 3Y*: 3.02%
• 5Y*: 0.02%
• 10Y*: 1.82%

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

BSCP vs. PZT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSCP Invesco BulletShares 2025 Corporate Bond ETF	0.00%	4.19%	5.06%	5.11%	-5.99%	-1.37%	8.10%	12.76%	-1.90%	5.75%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.37%	1.76%	1.17%	7.57%	-13.04%	2.67%	5.89%	9.52%	-0.55%	6.21%

Correlation

The correlation between BSCP and PZT is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015	0.27

The correlation between BSCP and PZT shifts across timeframes, from -0.11 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BSCP vs. PZT — Risk / Return Rank

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

BSCP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PZT

PZT Risk / Return Rank: 65
PZT Sharpe Ratio Rank: 65
PZT Sortino Ratio Rank: 65
PZT Omega Ratio Rank: 71
PZT Calmar Ratio Rank: 64
PZT Martin Ratio Rank: 61

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.

BSCP vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Corporate Bond ETF (BSCP) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BSCP	PZT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.89	—
Sortino ratio: Return per unit of downside risk	—	2.64	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	9.51	—

Drawdowns

Drawdown Indicators

	BSCP	PZT	Difference
Max Drawdown Largest peak-to-trough decline	—	-22.73%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.13%	—
Current Drawdown Current decline from peak	—	-0.94%	—
Average Drawdown Average peak-to-trough decline	—	-3.90%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.93%	—

Volatility

Volatility by Period

	BSCP	PZT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	4.70%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	6.64%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	6.93%	—

BSCP vs. PZT - Expense Ratio Comparison

BSCP has a 0.10% expense ratio, which is lower than PZT's 0.28% expense ratio.

Dividends

BSCP vs. PZT - Dividend Comparison

BSCP's dividend yield for the trailing twelve months is around 1.92%, less than PZT's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSCP Invesco BulletShares 2025 Corporate Bond ETF	1.92%	3.99%	3.96%	3.39%	2.24%	1.93%	2.42%	3.12%	3.26%	2.93%	2.94%	0.75%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.60%	3.43%	3.04%	2.82%	2.66%	2.77%	2.55%	2.73%	3.01%	2.94%	3.36%	3.40%

Frequently Asked Questions

Can I hold both BSCP and PZT in my portfolio?

BSCP and PZT have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSCP or PZT?

On fees, BSCP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSCP or PZT?

BSCP is cheaper with a 0.10% expense ratio, compared with 0.28% for PZT.

Which ETF pays a higher dividend yield, BSCP or PZT?

PZT has the higher dividend yield at 3.60%, compared with 1.92% for BSCP.

What is the main difference between BSCP and PZT?

BSCP is categorized as Corporate Bonds, while PZT is Municipal Bonds. BSCP tracks NASDAQ BulletShares USD Corporate Bond 2025 Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. Their fees differ too: 0.10% for BSCP and 0.28% for PZT.