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BSSX vs. PZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BSSX vs. PZA

Last updated Jun 5, 2026

BSSX (Invesco BulletShares 2033 Municipal Bond ETF) and PZA (Invesco National AMT-Free Municipal Bond ETF) are both Municipal Bonds funds from Invesco - BSSX tracks the Invesco BulletShares USD Municipal Bond 2033 Index while PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index. Both are passively managed. Over the past year, BSSX returned 7.02% vs 8.99% for PZA. A 0.64 correlation means they provide meaningful diversification when combined. BSSX charges 0.18%/yr vs 0.28%/yr for PZA.

Performance

BSSX vs. PZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2033 Municipal Bond ETF (BSSX) and Invesco National AMT-Free Municipal Bond ETF (PZA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BSSX achieves a 1.06% return, which is significantly lower than PZA's 2.60% return.

BSSX

1D
0.15%
1M
0.66%
YTD
1.06%
6M
1.73%
1Y
7.02%
3Y*
—
5Y*
—
10Y*
—

PZA

1D
0.26%
1M
1.10%
YTD
2.60%
6M
2.86%
1Y
8.99%
3Y*
3.37%
5Y*
0.03%
10Y*
1.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BSSX vs. PZA - Yearly Performance Comparison

2026 (YTD)202520242023
BSSX
Invesco BulletShares 2033 Municipal Bond ETF		1.06%3.79%-0.09%7.50%
PZA
Invesco National AMT-Free Municipal Bond ETF		2.60%1.81%0.81%7.00%

Correlation

The correlation between BSSX and PZA is 0.61, 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

0.61

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2023

0.64

The correlation between BSSX and PZA has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.

BSSX vs. PZA - Sectors Allocation Comparison

Sectors
BSSX
PZA

Financial Services

3.1%
1.2%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

0.1%

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

0.0%

Real Estate

-

-

Technology

-

0.0%

Utilities

-

-

Financial Services

BSSX
3.1%
PZA
1.2%

Basic Materials

BSSX

-

PZA

-

Communication Services

BSSX

-

PZA

-

Consumer Cyclical

BSSX

-

PZA
0.1%

Consumer Defensive

BSSX

-

PZA

-

Energy

BSSX

-

PZA

-

Healthcare

BSSX

-

PZA

-

Industrials

BSSX

-

PZA
0.0%

Real Estate

BSSX

-

PZA

-

Technology

BSSX

-

PZA
0.0%

Utilities

BSSX

-

PZA

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco BulletShares 2033 Municipal Bond ETF

Invesco National AMT-Free Municipal Bond ETF

Often compared with BSSX:
BSSX vs. IBMOBSSX vs. OVMBSSX vs. FMHIBSSX vs. AMUNBSSX vs. MEARBSSX vs. SPHDBSSX vs. SMMU
Often compared with PZA:
PZA vs. VTEBPZA vs. MUBPZA vs. HYMUPZA vs. NJTFXPZA vs. VNJTXPZA vs. BNDPZA vs. VTEI

Return for Risk

BSSX vs. PZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BSSX
BSSX Risk / Return Rank: 5959
Overall Rank
BSSX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
BSSX Sortino Ratio Rank: 7070
Sortino Ratio Rank
BSSX Omega Ratio Rank: 7575
Omega Ratio Rank
BSSX Calmar Ratio Rank: 4444
Calmar Ratio Rank
BSSX Martin Ratio Rank: 4242
Martin Ratio Rank
PZA
PZA Risk / Return Rank: 6666
Overall Rank
PZA Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
PZA Sortino Ratio Rank: 6969
Sortino Ratio Rank
PZA Omega Ratio Rank: 7979
Omega Ratio Rank
PZA Calmar Ratio Rank: 5858
Calmar Ratio Rank
PZA Martin Ratio Rank: 5858
Martin Ratio Rank
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.

BSSX vs. PZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) 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.

BSSXPZADifference
Sharpe ratioReturn per unit of total volatility
2.10
2.14

-0.04

Sortino ratioReturn per unit of downside risk
3.13
3.11

+0.03

Omega ratioGain probability vs. loss probability

1.44

1.46

-0.03

Calmar ratioReturn relative to maximum drawdown

2.15

2.84

-0.69

Martin ratioReturn relative to average drawdown

6.71

10.03

-3.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSSX vs. PZA - Sharpe Ratio Comparison

The current BSSX Sharpe Ratio is 2.10, which is comparable to the PZA Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of BSSX 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.

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Sharpe Ratios by Period

BSSXPZADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

2.14

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.00

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.27

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.43

+0.15

Drawdowns

BSSX vs. PZA - Drawdown Comparison

The maximum BSSX drawdown since its inception was -8.12%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for BSSX and PZA.

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Drawdown Indicators

BSSXPZADifference

Max Drawdown

Largest peak-to-trough decline

-8.12%

-24.49%

+16.37%

Max Drawdown (1Y)

Largest decline over 1 year

-3.28%

-3.18%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

—

-7.89%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.55%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-21.69%

—

Current Drawdown

Current decline from peak

-0.97%

-0.98%

+0.01%

Average Drawdown

Average peak-to-trough decline

-3.26%

-3.95%

+0.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

0.90%

+0.15%

Volatility

BSSX vs. PZA - Volatility Comparison

The current volatility for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) is 1.17%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 1.49%. This indicates that BSSX 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

BSSXPZADifference

Volatility (1M)

Calculated over the trailing 1-month period

1.17%

1.49%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

2.37%

2.90%

-0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

3.36%

4.23%

-0.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.83%

6.00%

+1.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.83%

7.08%

+0.75%

BSSX vs. PZA - Expense Ratio Comparison

BSSX has a 0.18% expense ratio, which is lower than PZA's 0.28% expense ratio.

Dividends

BSSX vs. PZA - Dividend Comparison

BSSX's dividend yield for the trailing twelve months is around 3.30%, less than PZA's 3.63% yield.

PositionTTM20252024202320222021202020192018201720162015
BSSX
Invesco BulletShares 2033 Municipal Bond ETF		3.30%3.27%3.29%0.95%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PZA
Invesco National AMT-Free Municipal Bond ETF		3.63%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

BSSX and PZA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PZA has higher volatility (1.49%) compared to BSSX (1.17%). In terms of maximum drawdown, BSSX dropped -8.12% vs PZA's -24.49%.

On 1-year performance, PZA leads with 8.99% vs 7.02% for BSSX. On fees, BSSX is cheaper at 0.18% per year. On volatility, BSSX has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, PZA has performed better with a 8.99% return vs 7.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BSSX is cheaper with a 0.18% expense ratio, compared with 0.28% for PZA.

PZA has the higher dividend yield at 3.63%, compared with 3.30% for BSSX.

BSSX tracks Invesco BulletShares USD Municipal Bond 2033 Index, while PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index. Their fees differ too: 0.18% for BSSX and 0.28% for PZA.

PZA currently has the higher Sharpe Ratio (2.14 vs 2.10), 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.

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