NYF vs. PZT
Compare and contrast key facts about iShares New York Muni Bond ETF (NYF) and Invesco New York AMT-Free Municipal Bond ETF (PZT).
NYF and PZT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. PZT is a passively managed fund by Invesco that tracks the performance of the ICE BofA New York Long-Term Core Plus Muni. It was launched on Oct 11, 2007. Both NYF and PZT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: NYF or PZT.
Key characteristics
| NYF | PZT | |
|---|---|---|
| YTD Return | 1.26% | 1.83% |
| 1Y Return | 6.58% | 9.50% |
| 3Y Return (Ann) | -0.28% | -1.28% |
| 5Y Return (Ann) | 0.96% | 0.84% |
| 10Y Return (Ann) | 2.03% | 2.47% |
| Sharpe Ratio | 1.87 | 1.47 |
| Sortino Ratio | 2.75 | 2.21 |
| Omega Ratio | 1.37 | 1.28 |
| Calmar Ratio | 0.86 | 0.72 |
| Martin Ratio | 7.79 | 7.38 |
| Ulcer Index | 0.86% | 1.32% |
| Daily Std Dev | 3.57% | 6.60% |
| Max Drawdown | -13.12% | -22.73% |
| Current Drawdown | -1.71% | -5.22% |
Correlation
The correlation between NYF and PZT is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
NYF vs. PZT - Performance Comparison
In the year-to-date period, NYF achieves a 1.26% return, which is significantly lower than PZT's 1.83% return. Over the past 10 years, NYF has underperformed PZT with an annualized return of 2.03%, while PZT has yielded a comparatively higher 2.47% 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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NYF vs. PZT - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is lower than PZT's 0.28% expense ratio.
Risk-Adjusted Performance
NYF vs. PZT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
Dividends
NYF vs. PZT - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 2.72%, less than PZT's 2.96% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 2.72% | 2.36% | 2.04% | 1.84% | 1.97% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% | 2.81% | 3.05% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.96% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.37% | 3.40% | 3.75% | 4.17% |
Drawdowns
NYF vs. PZT - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for NYF and PZT. For additional features, visit the drawdowns tool.
Volatility
NYF vs. PZT - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 1.79%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that NYF 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.