HYMB vs. PZT
HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - HYMB tracks the Bloomberg Municipal Yield while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, HYMB returned 2.46%/yr vs 1.90%/yr for PZT. At a 0.41 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.28%/yr for PZT.
Performance
HYMB vs. PZT - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with HYMB at 2.87% and PZT at 2.87%. Over the past 10 years, HYMB has outperformed PZT with an annualized return of 2.46%, while PZT has yielded a comparatively lower 1.90% annualized return.
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
PZT
- 1D
- -0.31%
- 1M
- 1.38%
- YTD
- 2.87%
- 6M
- 3.17%
- 1Y
- 9.52%
- 3Y*
- 3.35%
- 5Y*
- -0.03%
- 10Y*
- 1.90%
HYMB vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
Correlation
The correlation between HYMB and PZT is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.41 |
Over the past year, HYMB and PZT have become more correlated (0.64) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
HYMB vs. PZT — Risk / Return Rank
HYMB
PZT
HYMB vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) 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.
| HYMB | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.40 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 3.02 | -0.61 |
| Martin ratioReturn relative to average drawdown | 8.51 | 10.29 | -1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYMB | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 2.02 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | -0.00 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.27 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.37 | +0.08 |
Drawdowns
HYMB vs. PZT - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for HYMB and PZT.
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Drawdown Indicators
| HYMB | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -22.73% | -6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.17% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | -9.00% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | -19.13% | -1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -19.13% | -10.44% |
Current DrawdownCurrent decline from peak | -0.04% | -1.42% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -3.91% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.93% | -0.05% |
Volatility
HYMB vs. PZT - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) is 1.35%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that HYMB 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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Volatility by Period
| HYMB | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 2.10% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 3.45% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 4.75% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.66% | 6.62% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 6.96% | +4.40% |
HYMB vs. PZT - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
HYMB vs. PZT - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.54%, more than PZT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.58% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
HYMB and PZT have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to HYMB (1.35%). In terms of maximum drawdown, HYMB dropped -29.57% vs PZT's -22.73%.
On 10-year performance, HYMB leads with 2.46% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, HYMB has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.46% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.58% for PZT.
HYMB tracks Bloomberg Municipal Yield, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for HYMB and 0.28% for PZT.
PZT currently has the higher Sharpe Ratio (2.02 vs 1.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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