FTNJ vs. PZA
FTNJ (Franklin New Jersey Municipal Income ETF) and PZA (Invesco National AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - FTNJ tracks the Actively Managed while PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index. Both are passively managed. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FTNJ charges 0.35%/yr vs 0.28%/yr for PZA.
Performance
FTNJ vs. PZA - Performance Comparison
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Returns By Period
In the year-to-date period, FTNJ achieves a 0.82% return, which is significantly higher than PZA's 0.76% return.
FTNJ
- 1D
- 0.12%
- 1M
- -1.70%
- 6M
- 0.36%
- YTD
- 0.82%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PZA
- 1D
- -0.02%
- 1M
- -2.68%
- 6M
- 0.02%
- YTD
- 0.76%
- 1Y
- 6.61%
- 3Y*
- 2.52%
- 5Y*
- -0.50%
- 10Y*
- 1.60%
- ALL TIME*
- 3.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.38M | $1.09M | $908.42K | |
| $37.18M | $30.60M | $27.57M |
FTNJ vs. PZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTNJ Franklin New Jersey Municipal Income ETF | 0.82% | 0.34% |
PZA Invesco National AMT-Free Municipal Bond ETF | 0.76% | 0.18% |
Correlation
The correlation between FTNJ and PZA is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 10, 2025 | 0.67 |
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Return for Risk
FTNJ vs. PZA — Risk / Return Rank
FTNJ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PZA
FTNJ vs. PZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin New Jersey Municipal Income ETF (FTNJ) and Invesco National AMT-Free Municipal Bond ETF (PZA). 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.
| FTNJ | PZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.39 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.38 | — |
| Martin ratioReturn relative to average drawdown | — | 8.15 | — |
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Drawdowns
FTNJ vs. PZA - Drawdown Comparison
The maximum FTNJ drawdown since its inception was -2.72%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for FTNJ and PZA.
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Drawdown Indicators
| FTNJ | PZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.72% | -24.49% | +21.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.18% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.69% | — |
Current DrawdownCurrent decline from peak | -1.70% | -2.75% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -3.93% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.93% | — |
Volatility
FTNJ vs. PZA - Volatility Comparison
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Volatility by Period
| FTNJ | PZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.32% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.18% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 4.19% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 6.03% | -2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.25% | 7.09% | -3.84% |
FTNJ vs. PZA - Expense Ratio Comparison
FTNJ has a 0.35% expense ratio, which is higher than PZA's 0.28% expense ratio.
Dividends
FTNJ vs. PZA - Dividend Comparison
FTNJ's dividend yield for the trailing twelve months is around 2.30%, less than PZA's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTNJ Franklin New Jersey Municipal Income ETF | 2.30% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.77% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
Frequently Asked Questions
FTNJ and PZA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PZA is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PZA is cheaper with a 0.28% expense ratio, compared with 0.35% for FTNJ.
PZA has the higher dividend yield at 3.77%, compared with 2.30% for FTNJ.
FTNJ tracks Actively Managed, while PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.35% for FTNJ and 0.28% for PZA.
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