IBMM vs. PZT

Last updated Jun 5, 2026

IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. IBMM charges 0.18%/yr vs 0.28%/yr for PZT.

Performance

IBMM vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and Invesco New York AMT-Free Municipal Bond ETF (PZT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMM

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

PZT

• 1D: 0.31%
• 1M: 1.45%
• YTD: 3.19%
• 6M: 3.54%
• 1Y: 9.78%
• 3Y*: 3.41%
• 5Y*: 0.03%
• 10Y*: 1.94%

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

IBMM vs. PZT - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
PZT Invesco New York AMT-Free Municipal Bond ETF	2.76%

Return for Risk

IBMM vs. PZT — Risk / Return Rank

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

PZT

PZT Risk / Return Rank: 64
PZT Sharpe Ratio Rank: 63
PZT Sortino Ratio Rank: 63
PZT Omega Ratio Rank: 70
PZT Calmar Ratio Rank: 63
PZT Martin Ratio Rank: 60

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.

IBMM vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) 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.

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

Sharpe Ratios by Period

	IBMM	PZT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.07	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.38	—

Drawdowns

IBMM vs. PZT - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for IBMM and PZT.

Drawdown Indicators

	IBMM	PZT	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-22.73%	+22.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.13%	—
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	0.00%	-3.91%	+3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.93%	—

Volatility

Volatility by Period

	IBMM	PZT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	4.74%	-4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	6.63%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	6.96%	-6.96%

IBMM vs. PZT - Expense Ratio Comparison

IBMM has a 0.18% expense ratio, which is lower than PZT's 0.28% expense ratio.

Dividends

IBMM vs. PZT - Dividend Comparison

IBMM has not paid dividends to shareholders, while PZT's dividend yield for the trailing twelve months is around 3.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBMM iShares iBonds Dec 2024 Term Muni 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%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.57%	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

Which ETF is better, IBMM or PZT?

On fees, IBMM is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBMM or PZT?

IBMM is cheaper with a 0.18% expense ratio, compared with 0.28% for PZT.

Which ETF pays a higher dividend yield, IBMM or PZT?

PZT has the higher dividend yield at 3.57%, compared with 0.00% for IBMM.

What is the main difference between IBMM and PZT?

IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IBMM and 0.28% for PZT.