CALY vs. PWZ

Last updated Jun 23, 2026

CALY (Callaway Golf Company) is a stock, while PWZ (Invesco California AMT-Free Municipal Bond ETF) is Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni. CALY is actively managed, while PWZ is passively managed. Over the past 10 years, CALY returned 6.19%/yr vs 1.81%/yr for PWZ. At a correlation of -0.02, they often move in opposite directions. CALY charges 0.20%/yr vs 0.28%/yr for PWZ.

Performance

CALY vs. PWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Callaway Golf Company (CALY) and Invesco California AMT-Free Municipal Bond ETF (PWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALY achieves a 54.41% return, which is significantly higher than PWZ's 2.80% return. Over the past 10 years, CALY has outperformed PWZ with an annualized return of 6.19%, while PWZ has yielded a comparatively lower 1.81% annualized return.

CALY

• 1D: -1.10%
• 1M: 17.17%
• YTD: 54.41%
• 6M: 52.45%
• 1Y: 116.85%
• 3Y*: -2.09%
• 5Y*: -11.94%
• 10Y*: 6.19%

PWZ

• 1D: 0.10%
• 1M: 2.19%
• YTD: 2.80%
• 6M: 2.89%
• 1Y: 8.71%
• 3Y*: 2.96%
• 5Y*: 0.19%
• 10Y*: 1.81%

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

CALY vs. PWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALY Callaway Golf Company	54.41%	48.47%	-45.19%	-27.39%	-28.02%	14.29%	13.39%	38.88%	10.07%	27.51%
PWZ Invesco California AMT-Free Municipal Bond ETF	2.80%	1.26%	2.16%	6.55%	-11.35%	1.94%	4.90%	8.72%	0.32%	6.82%

Correlation

The correlation between CALY and PWZ is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007	-0.02

The correlation between CALY and PWZ shifts across timeframes, from -0.02 (all time) to 0.11 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CALY vs. PWZ — Risk / Return Rank

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

CALY

CALY Risk / Return Rank: 89
CALY Sharpe Ratio Rank: 89
CALY Sortino Ratio Rank: 85
CALY Omega Ratio Rank: 84
CALY Calmar Ratio Rank: 94
CALY Martin Ratio Rank: 92

PWZ

PWZ Risk / Return Rank: 63
PWZ Sharpe Ratio Rank: 64
PWZ Sortino Ratio Rank: 71
PWZ Omega Ratio Rank: 74
PWZ Calmar Ratio Rank: 53
PWZ Martin Ratio Rank: 54

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.

CALY vs. PWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Callaway Golf Company (CALY) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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.

	CALY	PWZ	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.04	-0.04
Sortino ratio: Return per unit of downside risk	2.60	3.09	-0.49
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.08
Calmar ratio: Return relative to maximum drawdown	5.77	2.52	+3.25
Martin ratio: Return relative to average drawdown	13.57	9.11	+4.45

CALY vs. PWZ - Sharpe Ratio Comparison

The current CALY Sharpe Ratio is 2.00, which is comparable to the PWZ Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CALY and PWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CALY vs. PWZ - Drawdown Comparison

The maximum CALY drawdown since its inception was -85.06%, which is greater than PWZ's maximum drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for CALY and PWZ.

Drawdown Indicators

	CALY	PWZ	Difference
Max Drawdown Largest peak-to-trough decline	-85.06%	-21.49%	-63.57%
Max Drawdown (1Y) Largest decline over 1 year	-20.37%	-3.47%	-16.90%
Max Drawdown (3Y) Largest decline over 3 years	-72.76%	-9.09%	-63.67%
Max Drawdown (5Y) Largest decline over 5 years	-83.67%	-17.56%	-66.11%
Max Drawdown (10Y) Largest decline over 10 years	-85.06%	-17.56%	-67.50%
Current Drawdown Current decline from peak	-51.68%	-0.22%	-51.46%
Average Drawdown Average peak-to-trough decline	-50.54%	-3.53%	-47.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.64%	0.96%	+7.68%

Volatility

CALY vs. PWZ - Volatility Comparison

Callaway Golf Company (CALY) has a higher volatility of 11.34% compared to Invesco California AMT-Free Municipal Bond ETF (PWZ) at 1.06%. This indicates that CALY's price experiences larger fluctuations and is considered to be riskier than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALY	PWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	1.06%	+10.28%
Volatility (6M) Calculated over the trailing 6-month period	38.51%	3.05%	+35.46%
Volatility (1Y) Calculated over the trailing 1-year period	58.85%	4.29%	+54.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.11%	6.25%	+44.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.57%	5.89%	+43.68%

CALY vs. PWZ - Expense Ratio Comparison

CALY has a 0.20% expense ratio, which is lower than PWZ's 0.28% expense ratio.

Dividends

CALY vs. PWZ - Dividend Comparison

CALY has not paid dividends to shareholders, while PWZ's dividend yield for the trailing twelve months is around 3.88%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALY Callaway Golf Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.19%	0.26%	0.29%	0.36%	0.42%
PWZ Invesco California AMT-Free Municipal Bond ETF	3.88%	3.41%	3.28%	2.84%	2.49%	2.28%	2.34%	2.51%	2.53%	2.48%	2.86%	3.16%

Frequently Asked Questions

Can I hold both CALY and PWZ in my portfolio?

CALY and PWZ have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALY or PWZ?

CALY has higher volatility (11.34%) compared to PWZ (1.06%). In terms of maximum drawdown, CALY dropped -85.06% vs PWZ's -21.49%.

Which has better risk-adjusted returns?

PWZ currently has the higher Sharpe Ratio (2.04 vs 2.00), 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.