PortfoliosLab logo
PortfoliosLab logo
Tools
Portfolios
Screeners
Discussions
CALY vs. PWZ
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

CALY vs. PWZ

Last updated May 12, 2025

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.

Correlation

The correlation between CALY and PWZ is -0.80. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Performance

CALY vs. PWZ - Performance Comparison

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

Loading data...

Key characteristics

Daily Std Dev

CALY:

1.29%

PWZ:

2.93%

Max Drawdown

CALY:

-0.18%

PWZ:

-0.13%

Current Drawdown

CALY:

-0.08%

PWZ:

0.00%

Returns By Period

CALY

YTD

N/A

1M

N/A

6M

N/A

1Y

N/A

5Y*

N/A

10Y*

N/A

PWZ

YTD

N/A

1M

N/A

6M

N/A

1Y

N/A

5Y*

N/A

10Y*

N/A

*Annualized

Compare stocks, funds, or ETFs

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

CALY vs. PWZ - Expense Ratio Comparison

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

PWZ
Invesco California AMT-Free Municipal Bond ETF
CALY
Blackrock Short-Term California Muni Bond ETF

Risk-Adjusted Performance

CALY vs. PWZ — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CALY
The Risk-Adjusted Performance Rank of CALY is 9696
Overall Rank
The Sharpe Ratio Rank of CALY is 9696
Sharpe Ratio Rank
The Sortino Ratio Rank of CALY is 9696
Sortino Ratio Rank
The Omega Ratio Rank of CALY is 9696
Omega Ratio Rank
The Calmar Ratio Rank of CALY is 9797
Calmar Ratio Rank
The Martin Ratio Rank of CALY is 9797
Martin Ratio Rank
PWZ
The Risk-Adjusted Performance Rank of PWZ is 1010
Overall Rank
The Sharpe Ratio Rank of PWZ is 1010
Sharpe Ratio Rank
The Sortino Ratio Rank of PWZ is 1010
Sortino Ratio Rank
The Omega Ratio Rank of PWZ is 1010
Omega Ratio Rank
The Calmar Ratio Rank of PWZ is 1111
Calmar Ratio Rank
The Martin Ratio Rank of PWZ is 1010
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.

No data
No data
No data
No data
No data

Loading data...

Dividends

CALY vs. PWZ - Dividend Comparison

CALY's dividend yield for the trailing twelve months is around 2.98%, less than PWZ's 3.48% yield.

TTM20242023202220212020201920182017201620152014
CALY
Blackrock Short-Term California Muni Bond ETF		2.98%0.00%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		3.48%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

CALY vs. PWZ - Drawdown Comparison

The maximum CALY drawdown since its inception was -0.18%, which is greater than PWZ's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for CALY and PWZ. For additional features, visit the drawdowns tool.

Loading data...

Volatility

CALY vs. PWZ - Volatility Comparison

Loading data...