BSSX vs. PZT
BSSX (Invesco BulletShares 2033 Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds from Invesco - BSSX tracks the Invesco BulletShares USD Municipal Bond 2033 Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past year, BSSX returned 7.02% vs 9.78% for PZT. A 0.55 correlation means they provide meaningful diversification when combined. BSSX charges 0.18%/yr vs 0.28%/yr for PZT.
Performance
BSSX vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, BSSX achieves a 1.06% return, which is significantly lower than PZT's 3.19% return.
BSSX
- 1D
- 0.15%
- 1M
- 0.66%
- YTD
- 1.06%
- 6M
- 1.73%
- 1Y
- 7.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT
- 1D
- 0.31%
- 1M
- 1.45%
- YTD
- 3.19%
- 6M
- 3.54%
- 1Y
- 9.78%
- 3Y*
- 3.41%
- 5Y*
- 0.03%
- 10Y*
- 1.94%
BSSX vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSSX Invesco BulletShares 2033 Municipal Bond ETF | 1.06% | 3.79% | -0.09% | 7.50% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 6.30% |
Correlation
The correlation between BSSX and PZT is 0.55, 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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.55 |
The correlation between BSSX and PZT has been stable across timeframes, ranging from 0.55 to 0.55 - a consistent structural relationship.
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Return for Risk
BSSX vs. PZT — Risk / Return Rank
BSSX
PZT
BSSX vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) 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.
| BSSX | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.41 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.10 | -0.95 |
| Martin ratioReturn relative to average drawdown | 6.71 | 10.57 | -3.86 |
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
| BSSX | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.07 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.38 | +0.20 |
Drawdowns
BSSX vs. PZT - Drawdown Comparison
The maximum BSSX drawdown since its inception was -8.12%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for BSSX and PZT.
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Drawdown Indicators
| BSSX | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.12% | -22.73% | +14.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.28% | -3.17% | -0.11% |
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 DrawdownCurrent decline from peak | -0.97% | -1.11% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -3.91% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.93% | +0.12% |
Volatility
BSSX vs. PZT - Volatility Comparison
The current volatility for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) is 1.17%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that BSSX experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSSX | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 2.10% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 3.45% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 4.74% | -1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.83% | 6.63% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 6.96% | +0.87% |
BSSX vs. PZT - Expense Ratio Comparison
BSSX has a 0.18% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
BSSX vs. PZT - Dividend Comparison
BSSX's dividend yield for the trailing twelve months is around 3.30%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 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
BSSX and PZT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to BSSX (1.17%). In terms of maximum drawdown, BSSX dropped -8.12% vs PZT's -22.73%.
On 1-year performance, PZT leads with 9.78% 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, PZT has performed better with a 9.78% 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 PZT.
PZT has the higher dividend yield at 3.57%, compared with 3.30% for BSSX.
BSSX tracks Invesco BulletShares USD Municipal Bond 2033 Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. Their fees differ too: 0.18% for BSSX and 0.28% for PZT.
BSSX currently has the higher Sharpe Ratio (2.10 vs 2.07), 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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