NJTFX vs. PZA
Compare and contrast key facts about T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and Invesco National AMT-Free Municipal Bond ETF (PZA).
NJTFX is managed by T. Rowe Price. It was launched on Apr 29, 1991. PZA is a passively managed fund by Invesco that tracks the performance of the BofA ML National Long-Term Core Plus Municipal Securities Index. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: NJTFX or PZA.
Key characteristics
| NJTFX | PZA | |
|---|---|---|
| YTD Return | 2.69% | 1.17% |
| 1Y Return | 8.63% | 8.73% |
| 3Y Return (Ann) | -0.23% | -1.31% |
| 5Y Return (Ann) | 1.42% | 0.70% |
| 10Y Return (Ann) | 1.85% | 2.44% |
| Sharpe Ratio | 2.52 | 1.57 |
| Sortino Ratio | 3.86 | 2.29 |
| Omega Ratio | 1.58 | 1.29 |
| Calmar Ratio | 0.93 | 0.72 |
| Martin Ratio | 11.80 | 7.38 |
| Ulcer Index | 0.72% | 1.21% |
| Daily Std Dev | 3.38% | 5.70% |
| Max Drawdown | -17.09% | -24.49% |
| Current Drawdown | -1.37% | -4.87% |
Correlation
The correlation between NJTFX and PZA is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
NJTFX vs. PZA - Performance Comparison
In the year-to-date period, NJTFX achieves a 2.69% return, which is significantly higher than PZA's 1.17% return. Over the past 10 years, NJTFX has underperformed PZA with an annualized return of 1.85%, while PZA has yielded a comparatively higher 2.44% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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NJTFX vs. PZA - Expense Ratio Comparison
NJTFX has a 0.56% expense ratio, which is higher than PZA's 0.28% expense ratio.
Risk-Adjusted Performance
NJTFX vs. PZA - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and Invesco National AMT-Free Municipal Bond ETF (PZA). 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.
Dividends
NJTFX vs. PZA - Dividend Comparison
NJTFX's dividend yield for the trailing twelve months is around 3.12%, less than PZA's 3.20% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 3.12% | 2.84% | 2.70% | 2.37% | 2.98% | 2.84% | 3.13% | 3.14% | 1.10% | 0.00% | 0.00% | 0.02% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.20% | 2.92% | 2.69% | 2.34% | 2.43% | 2.80% | 3.18% | 3.04% | 3.23% | 3.60% | 3.96% | 4.26% |
Drawdowns
NJTFX vs. PZA - Drawdown Comparison
The maximum NJTFX drawdown since its inception was -17.09%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for NJTFX and PZA. For additional features, visit the drawdowns tool.
Volatility
NJTFX vs. PZA - Volatility Comparison
The current volatility for T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) is 1.62%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 2.86%. This indicates that NJTFX experiences smaller price fluctuations and is considered to be less risky than PZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.