HIMU vs. PZA

Last updated Apr 2, 2026

Compare and contrast key facts about iShares High Yield Muni Active ETF (HIMU) and Invesco National AMT-Free Municipal Bond ETF (PZA).

HIMU and PZA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HIMU is an actively managed fund by iShares. It was launched on Feb 7, 2025. PZA is a passively managed fund by Invesco that tracks the performance of the BofA ML National Long-Term Core Plus Municipal Securities Index. It was launched on Oct 11, 2007.

Performance

HIMU vs. PZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Muni Active ETF (HIMU) and Invesco National AMT-Free Municipal Bond ETF (PZA). The values are adjusted to include any dividend payments, if applicable.

HIMU vs. PZA - Yearly Performance Comparison

	2026 (YTD)	2025
HIMU iShares High Yield Muni Active ETF	0.17%	1.14%
PZA Invesco National AMT-Free Municipal Bond ETF	0.00%	1.27%

Returns By Period

HIMU

• 1D: 0.80%
• 1M: -1.50%
• YTD: 0.17%
• 6M: 0.98%
• 1Y: 2.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PZA

• 1D: 0.39%
• 1M: -1.91%
• YTD: 0.00%
• 6M: 1.21%
• 1Y: 2.85%
• 3Y*: 2.36%
• 5Y*: -0.07%
• 10Y*: 1.85%

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

HIMU vs. PZA - Expense Ratio Comparison

HIMU has a 0.42% expense ratio, which is higher than PZA's 0.28% expense ratio.

HIMU

iShares High Yield Muni Active ETF

PZA

Invesco National AMT-Free Municipal Bond ETF

Return for Risk

HIMU vs. PZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIMU

HIMU Risk / Return Rank: 19
HIMU Sharpe Ratio Rank: 19
HIMU Sortino Ratio Rank: 17
HIMU Omega Ratio Rank: 19
HIMU Calmar Ratio Rank: 20
HIMU Martin Ratio Rank: 21

PZA

PZA Risk / Return Rank: 29
PZA Sharpe Ratio Rank: 31
PZA Sortino Ratio Rank: 26
PZA Omega Ratio Rank: 34
PZA Calmar Ratio Rank: 30
PZA Martin Ratio Rank: 23

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.

HIMU vs. PZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Muni Active ETF (HIMU) 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.

	HIMU	PZA	Difference
Sharpe ratio Return per unit of total volatility	0.31	0.55	-0.25
Sortino ratio Return per unit of downside risk	0.46	0.71	-0.25
Omega ratio Gain probability vs. loss probability	1.07	1.13	-0.06
Calmar ratio Return relative to maximum drawdown	0.41	0.72	-0.31
Martin ratio Return relative to average drawdown	1.34	1.50	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIMU vs. PZA - Sharpe Ratio Comparison

The current HIMU Sharpe Ratio is 0.31, which is lower than the PZA Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of HIMU and PZA, 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

	HIMU	PZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.55	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.42	-0.27

Correlation

The correlation between HIMU and PZA is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HIMU vs. PZA - Dividend Comparison

HIMU's dividend yield for the trailing twelve months is around 5.22%, more than PZA's 3.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMU iShares High Yield Muni Active ETF	5.22%	4.57%	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	3.65%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%

Drawdowns

HIMU vs. PZA - Drawdown Comparison

The maximum HIMU drawdown since its inception was -8.01%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for HIMU and PZA.

Drawdown Indicators

	HIMU	PZA	Difference
Max Drawdown Largest peak-to-trough decline	-8.01%	-24.49%	+16.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-5.23%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.69%	—
Current Drawdown Current decline from peak	-1.80%	-3.49%	+1.69%
Average Drawdown Average peak-to-trough decline	-1.93%	-3.97%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.49%	-0.40%

Volatility

HIMU vs. PZA - Volatility Comparison

iShares High Yield Muni Active ETF (HIMU) has a higher volatility of 2.34% compared to Invesco National AMT-Free Municipal Bond ETF (PZA) at 1.90%. This indicates that HIMU's price experiences larger fluctuations and is considered to be riskier than PZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMU	PZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	1.90%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.59%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	8.09%	6.29%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	5.96%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	7.07%	+0.75%