CALY vs. PWZ

Last updated Apr 1, 2026

Compare and contrast key facts about Callaway Golf Company (CALY) and Invesco California AMT-Free Municipal Bond ETF (PWZ).

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.

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.

CALY vs. PWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALY Callaway Golf Company	18.94%	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	0.16%	1.26%	2.16%	6.55%	-11.35%	1.94%	4.90%	8.72%	0.32%	6.82%

Returns By Period

In the year-to-date period, CALY achieves a 18.94% return, which is significantly higher than PWZ's 0.16% return. Over the past 10 years, CALY has outperformed PWZ with an annualized return of 4.42%, while PWZ has yielded a comparatively lower 1.92% annualized return.

CALY

• 1D: 4.68%
• 1M: -1.28%
• YTD: 18.94%
• 6M: 46.11%
• 1Y: 110.62%
• 3Y*: -13.73%
• 5Y*: -12.56%
• 10Y*: 4.42%

PWZ

• 1D: 0.42%
• 1M: -1.84%
• YTD: 0.16%
• 6M: 1.87%
• 1Y: 3.40%
• 3Y*: 2.23%
• 5Y*: 0.04%
• 10Y*: 1.92%

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

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: 87
CALY Sharpe Ratio Rank: 87
CALY Sortino Ratio Rank: 82
CALY Omega Ratio Rank: 82
CALY Calmar Ratio Rank: 92
CALY Martin Ratio Rank: 92

PWZ

PWZ Risk / Return Rank: 25
PWZ Sharpe Ratio Rank: 25
PWZ Sortino Ratio Rank: 22
PWZ Omega Ratio Rank: 26
PWZ Calmar Ratio Rank: 27
PWZ Martin Ratio Rank: 24

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.

	CALY	PWZ	Difference
Sharpe ratio Return per unit of total volatility	1.72	0.47	+1.25
Sortino ratio Return per unit of downside risk	2.23	0.67	+1.57
Omega ratio Gain probability vs. loss probability	1.30	1.11	+0.19
Calmar ratio Return relative to maximum drawdown	4.58	0.69	+3.90
Martin ratio Return relative to average drawdown	12.19	1.80	+10.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CALY vs. PWZ - Sharpe Ratio Comparison

The current CALY Sharpe Ratio is 1.72, which is higher than the PWZ Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of CALY and PWZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CALY	PWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	0.47	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.01	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.33	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.44	-0.34

Correlation

The correlation between CALY and PWZ is -0.02. 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.

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 3.57%.

	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	3.57%	3.41%	3.28%	2.84%	2.49%	2.28%	2.34%	2.51%	2.53%	2.48%	2.86%	3.16%

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	-24.56%	-6.08%	-18.48%
Max Drawdown (5Y) Largest decline over 5 years	-85.06%	-17.56%	-67.50%
Max Drawdown (10Y) Largest decline over 10 years	-85.06%	-17.56%	-67.50%
Current Drawdown Current decline from peak	-62.78%	-2.79%	-59.99%
Average Drawdown Average peak-to-trough decline	-50.32%	-3.56%	-46.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.24%	2.32%	+6.92%

Volatility

CALY vs. PWZ - Volatility Comparison

Callaway Golf Company (CALY) has a higher volatility of 13.88% compared to Invesco California AMT-Free Municipal Bond ETF (PWZ) at 1.83%. 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	13.88%	1.83%	+12.05%
Volatility (6M) Calculated over the trailing 6-month period	41.49%	2.88%	+38.61%
Volatility (1Y) Calculated over the trailing 1-year period	64.74%	7.28%	+57.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	6.21%	+44.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.91%	5.89%	+43.02%