HYMU vs. PZA

Last updated Jun 3, 2026

HYMU (BlackRock High Yield Muni Income Bond ETF) and PZA (Invesco National AMT-Free Municipal Bond ETF) are both exchange-traded funds - HYMU is a High Yield Muni fund actively managed by BlackRock, while PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index. HYMU is actively managed, while PZA is passively managed. HYMU charges 0.35%/yr vs 0.28%/yr for PZA.

Performance

HYMU vs. PZA - Performance Comparison

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

Returns By Period

HYMU

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PZA

• 1D: 0.26%
• 1M: 0.88%
• YTD: 2.47%
• 6M: 2.78%
• 1Y: 9.14%
• 3Y*: 3.33%
• 5Y*: 0.04%
• 10Y*: 1.88%

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

HYMU vs. PZA - Yearly Performance Comparison

	2026 (YTD)
HYMU BlackRock High Yield Muni Income Bond ETF	0.00%
PZA Invesco National AMT-Free Municipal Bond ETF	0.65%

Return for Risk

HYMU vs. PZA — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 64
PZA Sharpe Ratio Rank: 65
PZA Sortino Ratio Rank: 68
PZA Omega Ratio Rank: 78
PZA Calmar Ratio Rank: 54
PZA Martin Ratio Rank: 55

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.

HYMU vs. PZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Muni Income Bond ETF (HYMU) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HYMU	PZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.18	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.43	—

Drawdowns

HYMU vs. PZA - Drawdown Comparison

The maximum HYMU drawdown since its inception was 0.00%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for HYMU and PZA.

Drawdown Indicators

	HYMU	PZA	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-24.49%	+24.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.18%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.89%	—
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	0.00%	-1.10%	+1.10%
Average Drawdown Average peak-to-trough decline	0.00%	-3.95%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.90%	—

Volatility

Volatility by Period

	HYMU	PZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	4.24%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	6.00%	-6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	7.08%	-7.08%

HYMU vs. PZA - Expense Ratio Comparison

HYMU has a 0.35% expense ratio, which is higher than PZA's 0.28% expense ratio.

Dividends

HYMU vs. PZA - Dividend Comparison

HYMU has not paid dividends to shareholders, while PZA's dividend yield for the trailing twelve months is around 3.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMU BlackRock High Yield Muni Income Bond ETF	0.00%	0.00%	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	3.63%	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

Which ETF is better, HYMU or PZA?

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.

Which ETF is cheaper, HYMU or PZA?

PZA is cheaper with a 0.28% expense ratio, compared with 0.35% for HYMU.

Which ETF pays a higher dividend yield, HYMU or PZA?

PZA has the higher dividend yield at 3.63%, compared with 0.00% for HYMU.

What is the main difference between HYMU and PZA?

HYMU is categorized as High Yield Muni, while PZA is Municipal Bonds. They also come from different issuers: BlackRock and Invesco. Their fees differ too: 0.35% for HYMU and 0.28% for PZA.