MUNI vs. PZT
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. MUNI is actively managed, while PZT is passively managed. Over the past 10 years, MUNI returned 2.16%/yr vs 1.90%/yr for PZT. At a 0.48 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.28%/yr for PZT.
Performance
MUNI vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.24% return, which is significantly lower than PZT's 2.87% return. Over the past 10 years, MUNI has outperformed PZT with an annualized return of 2.16%, while PZT has yielded a comparatively lower 1.90% annualized return.
MUNI
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.44%
- 1Y
- 6.52%
- 3Y*
- 3.96%
- 5Y*
- 1.27%
- 10Y*
- 2.16%
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%
MUNI vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.24% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
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 MUNI and PZT is 0.61, 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 | 0.61 |
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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2009 | 0.48 |
The correlation between MUNI and PZT shifts across timeframes, from 0.48 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUNI vs. PZT — Risk / Return Rank
MUNI
PZT
MUNI vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.40 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 3.02 | -0.16 |
| Martin ratioReturn relative to average drawdown | 9.39 | 10.29 | -0.90 |
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
| MUNI | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 2.02 | +0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | -0.00 | +0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.27 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.37 | +0.41 |
Drawdowns
MUNI vs. PZT - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for MUNI and PZT.
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Drawdown Indicators
| MUNI | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -22.73% | +11.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.17% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -9.00% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -19.13% | +7.98% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -19.13% | +7.98% |
Current DrawdownCurrent decline from peak | -0.79% | -1.42% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.91% | +2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.93% | -0.23% |
Volatility
MUNI vs. PZT - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.77%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that MUNI 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
| MUNI | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 2.10% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 3.45% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 4.75% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 6.62% | -3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 6.96% | -3.11% |
MUNI vs. PZT - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
MUNI vs. PZT - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.29%, less than PZT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.29% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
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
MUNI and PZT have a correlation of 0.61, 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 MUNI (0.77%). In terms of maximum drawdown, MUNI dropped -11.15% vs PZT's -22.73%.
On 10-year performance, MUNI leads with 2.16% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUNI has performed better with a 2.16% return vs 1.90%. 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 0.35% for MUNI.
PZT has the higher dividend yield at 3.58%, compared with 3.29% for MUNI.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.35% for MUNI and 0.28% for PZT.
MUNI currently has the higher Sharpe Ratio (2.89 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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