ITM vs. PZT
ITM (VanEck Intermediate Muni ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, ITM returned 1.95%/yr vs 1.90%/yr for PZT. At a 0.48 correlation, their price movements are largely independent. ITM charges 0.24%/yr vs 0.28%/yr for PZT.
Performance
ITM vs. PZT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ITM achieves a 0.61% return, which is significantly lower than PZT's 2.87% return. Both investments have delivered pretty close results over the past 10 years, with ITM having a 1.95% annualized return and PZT not far behind at 1.90%.
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
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%
ITM vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
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 ITM and PZT is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | 0.48 |
The correlation between ITM and PZT shifts across timeframes, from 0.48 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ITM vs. PZT — Risk / Return Rank
ITM
PZT
ITM vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.
| ITM | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.40 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 3.02 | -0.88 |
| Martin ratioReturn relative to average drawdown | 6.84 | 10.29 | -3.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ITM | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 2.02 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | -0.00 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.27 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.37 | +0.06 |
Drawdowns
ITM vs. PZT - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for ITM and PZT.
Loading charts...
Drawdown Indicators
| ITM | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -22.73% | -2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -3.17% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -9.00% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | -19.13% | +4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -19.13% | -5.62% |
Current DrawdownCurrent decline from peak | -1.33% | -1.42% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -3.91% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.93% | +0.14% |
Volatility
ITM vs. PZT - Volatility Comparison
The current volatility for VanEck Intermediate Muni ETF (ITM) is 1.01%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that ITM 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.
Loading charts...
Volatility by Period
| ITM | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 2.10% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 3.45% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 4.75% | -1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 6.62% | -2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 6.96% | +0.14% |
ITM vs. PZT - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
ITM vs. PZT - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, less than PZT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
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
ITM and PZT have a correlation of 0.60, 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 ITM (1.01%). In terms of maximum drawdown, ITM dropped -24.75% vs PZT's -22.73%.
On 10-year performance, ITM leads with 1.95% vs 1.90% for PZT. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ITM has performed better with a 1.95% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.58%, compared with 2.93% for ITM.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.24% for ITM and 0.28% for PZT.
ITM currently has the higher Sharpe Ratio (2.58 vs 2.02), 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.
Find the right allocation for ITM and PZT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer