NXP vs. PZT

Last updated Jun 25, 2026

NXP (Nuveen Select Tax-Free Income Portfolio) is a stock, while PZT (Invesco New York AMT-Free Municipal Bond ETF) is Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni. Over the past 10 years, NXP returned 3.16%/yr vs 1.82%/yr for PZT. At a 0.18 correlation, their price movements are largely independent.

Performance

NXP vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Select Tax-Free Income Portfolio (NXP) and Invesco New York AMT-Free Municipal Bond ETF (PZT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NXP having a 3.36% return and PZT slightly higher at 3.37%. Over the past 10 years, NXP has outperformed PZT with an annualized return of 3.16%, while PZT has yielded a comparatively lower 1.82% annualized return.

NXP

• 1D: 0.00%
• 1M: 1.37%
• YTD: 3.36%
• 6M: 3.14%
• 1Y: 6.98%
• 3Y*: 3.66%
• 5Y*: -1.13%
• 10Y*: 3.16%

PZT

• 1D: 0.34%
• 1M: 2.47%
• YTD: 3.37%
• 6M: 3.21%
• 1Y: 8.84%
• 3Y*: 3.02%
• 5Y*: 0.02%
• 10Y*: 1.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NXP vs. PZT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NXP Nuveen Select Tax-Free Income Portfolio	3.36%	-2.73%	6.83%	10.68%	-9.51%	-7.36%	12.12%	20.94%	0.04%	9.30%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.37%	1.76%	1.17%	7.57%	-13.04%	2.67%	5.89%	9.52%	-0.55%	6.21%

Correlation

The correlation between NXP and PZT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.18

The correlation between NXP and PZT shifts across timeframes, from 0.18 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NXP vs. PZT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NXP

NXP Risk / Return Rank: 71
NXP Sharpe Ratio Rank: 72
NXP Sortino Ratio Rank: 64
NXP Omega Ratio Rank: 64
NXP Calmar Ratio Rank: 77
NXP Martin Ratio Rank: 78

PZT

PZT Risk / Return Rank: 65
PZT Sharpe Ratio Rank: 65
PZT Sortino Ratio Rank: 65
PZT Omega Ratio Rank: 71
PZT Calmar Ratio Rank: 64
PZT Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NXP vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Select Tax-Free Income Portfolio (NXP) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NXP	PZT	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.89	-0.96
Sortino ratio: Return per unit of downside risk	1.33	2.64	-1.31
Omega ratio: Gain probability vs. loss probability	1.18	1.37	-0.20
Calmar ratio: Return relative to maximum drawdown	2.08	2.80	-0.72
Martin ratio: Return relative to average drawdown	5.19	9.51	-4.33

NXP vs. PZT - Sharpe Ratio Comparison

The current NXP Sharpe Ratio is 0.93, which is lower than the PZT Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NXP and PZT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NXP vs. PZT - Drawdown Comparison

The maximum NXP drawdown since its inception was -27.64%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for NXP and PZT.

Drawdown Indicators

	NXP	PZT	Difference
Max Drawdown Largest peak-to-trough decline	-27.64%	-22.73%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-3.17%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-10.68%	-9.00%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-27.64%	-19.13%	-8.51%
Max Drawdown (10Y) Largest decline over 10 years	-27.64%	-19.13%	-8.51%
Current Drawdown Current decline from peak	-6.69%	-0.94%	-5.75%
Average Drawdown Average peak-to-trough decline	-6.79%	-3.90%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.93%	+0.42%

Volatility

NXP vs. PZT - Volatility Comparison

Nuveen Select Tax-Free Income Portfolio (NXP) has a higher volatility of 2.23% compared to Invesco New York AMT-Free Municipal Bond ETF (PZT) at 1.39%. This indicates that NXP's price experiences larger fluctuations and is considered to be riskier than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NXP	PZT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	1.39%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	3.52%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	4.70%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.71%	6.64%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	6.93%	+5.15%

Dividends

NXP vs. PZT - Dividend Comparison

NXP's dividend yield for the trailing twelve months is around 4.48%, more than PZT's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NXP Nuveen Select Tax-Free Income Portfolio	4.48%	4.47%	4.00%	3.94%	3.93%	3.42%	3.07%	3.33%	3.88%	3.79%	3.96%	3.99%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.60%	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

Can I hold both NXP and PZT in my portfolio?

NXP and PZT have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NXP or PZT?

NXP has higher volatility (2.23%) compared to PZT (1.39%). In terms of maximum drawdown, NXP dropped -27.64% vs PZT's -22.73%.

Which has better risk-adjusted returns?

PZT currently has the higher Sharpe Ratio (1.89 vs 0.93), 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.