NYF vs. PZT
NYF (iShares New York Muni Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - NYF tracks the S&P New York AMT-Free Municipal Bond Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, NYF returned 1.78%/yr vs 1.83%/yr for PZT. At a 0.39 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.28%/yr for PZT.
Performance
NYF vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 1.88% return, which is significantly lower than PZT's 3.03% return. Both investments have delivered pretty close results over the past 10 years, with NYF having a 1.78% annualized return and PZT not far ahead at 1.83%.
NYF
- 1D
- 0.33%
- 1M
- 1.72%
- YTD
- 1.88%
- 6M
- 2.09%
- 1Y
- 6.89%
- 3Y*
- 3.27%
- 5Y*
- 0.86%
- 10Y*
- 1.78%
PZT
- 1D
- 0.37%
- 1M
- 2.54%
- YTD
- 3.03%
- 6M
- 3.14%
- 1Y
- 9.20%
- 3Y*
- 3.14%
- 5Y*
- -0.07%
- 10Y*
- 1.83%
NYF vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.88% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.03% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
Correlation
The correlation between NYF and PZT is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.39 |
Over the past year, NYF and PZT have become more correlated (0.63) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
NYF vs. PZT — Risk / Return Rank
NYF
PZT
NYF vs. PZT - Risk-Adjusted Trends 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.
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.
| NYF | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.39 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.91 | -0.41 |
| Martin ratioReturn relative to average drawdown | 8.92 | 9.90 | -0.98 |
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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.
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Drawdown Indicators
| NYF | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -22.73% | +9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -3.17% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -9.00% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -19.13% | +6.42% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -19.13% | +6.01% |
Current DrawdownCurrent decline from peak | -0.20% | -1.27% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -3.90% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.93% | -0.16% |
Volatility
NYF vs. PZT - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.71%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 1.47%. 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.
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Volatility by Period
| NYF | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.47% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.13% | 3.51% | -1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 4.72% | -1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 6.63% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 6.93% | -2.45% |
NYF vs. PZT - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
NYF vs. PZT - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.08%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.08% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 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
NYF and PZT have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (1.47%) compared to NYF (0.71%). In terms of maximum drawdown, NYF dropped -13.12% vs PZT's -22.73%.
On 10-year performance, PZT leads with 1.83% vs 1.78% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.71%. 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 1.83% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.25% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.57%, compared with 3.08% for NYF.
NYF tracks S&P New York AMT-Free Municipal Bond Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for NYF and 0.28% for PZT.
NYF currently has the higher Sharpe Ratio (2.52 vs 1.96), 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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