MLN vs. PZT
MLN (VanEck Long Muni ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - MLN tracks the Bloomberg AMT-Free Long Continuous while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 1.90%/yr for PZT. At a 0.47 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.28%/yr for PZT.
Performance
MLN vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly lower than PZT's 2.87% return. Over the past 10 years, MLN has underperformed PZT with an annualized return of 1.49%, while PZT has yielded a comparatively higher 1.90% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
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%
MLN vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
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 MLN and PZT is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008 | 0.47 |
The correlation between MLN and PZT shifts across timeframes, from 0.47 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. PZT — Risk / Return Rank
MLN
PZT
MLN vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | PZT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.11 | 2.02 | +0.09 |
Sortino ratioReturn per unit of downside risk | 3.15 | 2.82 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.45 | 1.40 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 3.66 | 3.02 | +0.65 |
Martin ratioReturn relative to average drawdown | 12.02 | 10.29 | +1.73 |
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
| MLN | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 2.02 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.00 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.27 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.37 | -0.05 |
Drawdowns
MLN vs. PZT - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for MLN and PZT.
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Drawdown Indicators
| MLN | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -22.73% | -5.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -3.17% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -9.00% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -19.13% | -5.33% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -19.13% | -5.33% |
Current DrawdownCurrent decline from peak | -6.58% | -1.42% | -5.16% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -3.91% | -1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.93% | -0.15% |
Volatility
MLN vs. PZT - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that MLN 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
| MLN | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 2.10% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 3.45% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 4.75% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 6.62% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 6.96% | +1.92% |
MLN vs. PZT - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
MLN vs. PZT - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than PZT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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
MLN and PZT have a correlation of 0.57, 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 MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs PZT's -22.73%.
On 10-year performance, PZT leads with 1.90% vs 1.49% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PZT has performed better with a 1.90% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.28% for PZT.
MLN has the higher dividend yield at 3.71%, compared with 3.58% for PZT.
MLN tracks Bloomberg AMT-Free Long 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 MLN and 0.28% for PZT.
MLN currently has the higher Sharpe Ratio (2.11 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.
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