PWZ vs. CALY
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Blackrock Short-Term California Muni Bond ETF (CALY).
PWZ and CALY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007. CALY is an actively managed fund by BlackRock. It was launched on Jul 11, 2023.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PWZ or CALY.
Key characteristics
| PWZ | CALY | |
|---|---|---|
| YTD Return | 1.96% | 2.64% |
| 1Y Return | 8.91% | 3.77% |
| Sharpe Ratio | 1.58 | 3.54 |
| Sortino Ratio | 2.35 | 5.97 |
| Omega Ratio | 1.30 | 1.81 |
| Calmar Ratio | 0.78 | 12.38 |
| Martin Ratio | 8.50 | 49.19 |
| Ulcer Index | 1.12% | 0.08% |
| Daily Std Dev | 6.01% | 1.09% |
| Max Drawdown | -21.49% | -0.74% |
| Current Drawdown | -4.34% | 0.00% |
Correlation
The correlation between PWZ and CALY is 0.38, 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
PWZ vs. CALY - Performance Comparison
In the year-to-date period, PWZ achieves a 1.96% return, which is significantly lower than CALY's 2.64% 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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PWZ vs. CALY - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than CALY's 0.20% expense ratio.
Risk-Adjusted Performance
PWZ vs. CALY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Blackrock Short-Term California Muni Bond ETF (CALY). 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
PWZ vs. CALY - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.28%, more than CALY's 2.88% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.28% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
CALY Blackrock Short-Term California Muni Bond ETF | 2.88% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PWZ vs. CALY - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than CALY's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for PWZ and CALY. For additional features, visit the drawdowns tool.
Volatility
PWZ vs. CALY - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 2.54% compared to Blackrock Short-Term California Muni Bond ETF (CALY) at 0.29%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than CALY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.