CALY vs. PWZ
Compare and contrast key facts about Blackrock Short-Term California Muni Bond ETF (CALY) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
CALY and PWZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CALY is an actively managed fund by BlackRock. It was launched on Jul 11, 2023. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CALY or PWZ.
Key characteristics
| CALY | PWZ | |
|---|---|---|
| YTD Return | 2.60% | 1.59% |
| 1Y Return | 3.58% | 8.52% |
| Sharpe Ratio | 3.43 | 1.42 |
| Sortino Ratio | 5.77 | 2.11 |
| Omega Ratio | 1.77 | 1.26 |
| Calmar Ratio | 11.98 | 0.70 |
| Martin Ratio | 47.57 | 7.57 |
| Ulcer Index | 0.08% | 1.13% |
| Daily Std Dev | 1.09% | 6.01% |
| Max Drawdown | -0.74% | -21.49% |
| Current Drawdown | -0.04% | -4.68% |
Correlation
The correlation between CALY and PWZ is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
CALY vs. PWZ - Performance Comparison
In the year-to-date period, CALY achieves a 2.60% return, which is significantly higher than PWZ's 1.59% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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CALY vs. PWZ - Expense Ratio Comparison
CALY has a 0.20% expense ratio, which is lower than PWZ's 0.28% expense ratio.
Risk-Adjusted Performance
CALY vs. PWZ - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackrock Short-Term California Muni Bond ETF (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.
Dividends
CALY vs. PWZ - Dividend Comparison
CALY's dividend yield for the trailing twelve months is around 2.88%, less than PWZ's 3.29% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALY Blackrock Short-Term California Muni Bond ETF | 2.88% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.29% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
Drawdowns
CALY vs. PWZ - Drawdown Comparison
The maximum CALY drawdown since its inception was -0.74%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for CALY and PWZ. For additional features, visit the drawdowns tool.
Volatility
CALY vs. PWZ - Volatility Comparison
The current volatility for Blackrock Short-Term California Muni Bond ETF (CALY) is 0.30%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 2.56%. This indicates that CALY experiences smaller price fluctuations and is considered to be less risky than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.