Correlation
The correlation between FMNY and PZT is 0.12, 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.
FMNY vs. PZT
Compare and contrast key facts about First Trust New York High Income Municipal ETF (FMNY) and Invesco New York AMT-Free Municipal Bond ETF (PZT).
FMNY and PZT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMNY is an actively managed fund by First Trust. It was launched on May 12, 2021. PZT is a passively managed fund by Invesco that tracks the performance of the ICE BofA New York 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: FMNY or PZT.
Performance
FMNY vs. PZT - Performance Comparison
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Key characteristics
FMNY:
0.32
PZT:
-0.27
FMNY:
0.35
PZT:
-0.20
FMNY:
1.05
PZT:
0.97
FMNY:
0.17
PZT:
-0.14
FMNY:
0.68
PZT:
-0.54
FMNY:
1.78%
PZT:
3.02%
FMNY:
4.85%
PZT:
8.48%
FMNY:
-15.90%
PZT:
-22.72%
FMNY:
-5.44%
PZT:
-9.67%
Returns By Period
In the year-to-date period, FMNY achieves a -1.55% return, which is significantly higher than PZT's -4.07% return.
FMNY
-1.55%
-0.25%
-3.01%
1.54%
1.98%
N/A
N/A
PZT
-4.07%
-1.48%
-6.49%
-2.29%
0.24%
-0.45%
1.85%
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FMNY vs. PZT - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than PZT's 0.28% expense ratio.
Risk-Adjusted Performance
FMNY vs. PZT — Risk-Adjusted Performance Rank
FMNY
PZT
FMNY vs. PZT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
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Dividends
FMNY vs. PZT - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.74%, more than PZT's 3.36% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.74% | 3.57% | 3.25% | 2.35% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.36% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% | 3.75% |
Drawdowns
FMNY vs. PZT - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum PZT drawdown of -22.72%. Use the drawdown chart below to compare losses from any high point for FMNY and PZT.
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Volatility
FMNY vs. PZT - Volatility Comparison
The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.95%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 1.67%. This indicates that FMNY 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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