MBNE vs. PZT
MBNE (SPDR Nuveen Municipal Bond ESG ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. MBNE is actively managed, while PZT is passively managed. Over the past 3 years, MBNE returned 2.95%/yr vs 3.41%/yr for PZT. A 0.57 correlation means they provide meaningful diversification when combined. MBNE charges 0.43%/yr vs 0.28%/yr for PZT.
Performance
MBNE vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, MBNE achieves a 0.84% return, which is significantly lower than PZT's 3.19% return.
MBNE
- 1D
- 0.00%
- 1M
- 0.05%
- YTD
- 0.84%
- 6M
- 0.94%
- 1Y
- 4.70%
- 3Y*
- 2.95%
- 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%
MBNE vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MBNE SPDR Nuveen Municipal Bond ESG ETF | 0.84% | 2.45% | 1.27% | 5.82% | -0.71% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | -5.05% |
Correlation
The correlation between MBNE and PZT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.57 |
The correlation between MBNE and PZT shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MBNE vs. PZT — Risk / Return Rank
MBNE
PZT
MBNE vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.
| MBNE | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 3.10 | -0.76 |
| Martin ratioReturn relative to average drawdown | 7.16 | 10.57 | -3.41 |
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
| MBNE | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.67 | 2.07 | -0.40 |
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 | 0.63 | 0.38 | +0.25 |
Drawdowns
MBNE vs. PZT - Drawdown Comparison
The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for MBNE and PZT.
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Drawdown Indicators
| MBNE | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.19% | -22.73% | +16.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -3.17% | +1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | -9.00% | +4.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.13% | — |
Current DrawdownCurrent decline from peak | -1.04% | -1.11% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -3.91% | +2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.93% | -0.27% |
Volatility
MBNE vs. PZT - Volatility Comparison
The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.33%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that MBNE 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
| MBNE | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 2.10% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 3.45% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 4.74% | -1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.70% | 6.63% | -2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.70% | 6.96% | -3.26% |
MBNE vs. PZT - Expense Ratio Comparison
MBNE has a 0.43% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
MBNE vs. PZT - Dividend Comparison
MBNE's dividend yield for the trailing twelve months is around 3.15%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBNE SPDR Nuveen Municipal Bond ESG ETF | 3.15% | 3.63% | 3.32% | 3.01% | 1.81% | 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
MBNE and PZT have a correlation of 0.43, 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 MBNE (0.33%). In terms of maximum drawdown, MBNE dropped -6.19% vs PZT's -22.73%.
On 3-year performance, PZT leads with 3.41% vs 2.95% for MBNE. On fees, PZT is cheaper at 0.28% per year. On volatility, MBNE has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PZT has performed better with a 3.41% return vs 2.95%. 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 0.43% for MBNE.
PZT has the higher dividend yield at 3.57%, compared with 3.15% for MBNE.
They also come from different issuers: State Street and Invesco. Their fees differ too: 0.43% for MBNE and 0.28% for PZT.
PZT currently has the higher Sharpe Ratio (2.07 vs 1.67), 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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