PWZ vs. CALY

Last updated Jun 23, 2026

PWZ (Invesco California AMT-Free Municipal Bond ETF) is Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni, while CALY (Callaway Golf Company) is a stock. PWZ is passively managed, while CALY is actively managed. Over the past 10 years, PWZ returned 1.81%/yr vs 6.19%/yr for CALY. At a correlation of -0.02, they often move in opposite directions. PWZ charges 0.28%/yr vs 0.20%/yr for CALY.

Performance

PWZ vs. CALY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California AMT-Free Municipal Bond ETF (PWZ) and Callaway Golf Company (CALY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWZ achieves a 2.80% return, which is significantly lower than CALY's 54.41% return. Over the past 10 years, PWZ has underperformed CALY with an annualized return of 1.81%, while CALY has yielded a comparatively higher 6.19% annualized return.

PWZ

• 1D: 0.10%
• 1M: 2.19%
• YTD: 2.80%
• 6M: 2.89%
• 1Y: 8.71%
• 3Y*: 2.96%
• 5Y*: 0.19%
• 10Y*: 1.81%

CALY

• 1D: -1.10%
• 1M: 17.17%
• YTD: 54.41%
• 6M: 52.45%
• 1Y: 116.85%
• 3Y*: -2.09%
• 5Y*: -11.94%
• 10Y*: 6.19%

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

PWZ vs. CALY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWZ Invesco California AMT-Free Municipal Bond ETF	2.80%	1.26%	2.16%	6.55%	-11.35%	1.94%	4.90%	8.72%	0.32%	6.82%
CALY Callaway Golf Company	54.41%	48.47%	-45.19%	-27.39%	-28.02%	14.29%	13.39%	38.88%	10.07%	27.51%

Correlation

The correlation between PWZ and CALY is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007	-0.02

The correlation between PWZ and CALY shifts across timeframes, from -0.02 (all time) to 0.11 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PWZ vs. CALY — Risk / Return Rank

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

PWZ

PWZ Risk / Return Rank: 63
PWZ Sharpe Ratio Rank: 64
PWZ Sortino Ratio Rank: 71
PWZ Omega Ratio Rank: 74
PWZ Calmar Ratio Rank: 53
PWZ Martin Ratio Rank: 54

CALY

CALY Risk / Return Rank: 89
CALY Sharpe Ratio Rank: 89
CALY Sortino Ratio Rank: 85
CALY Omega Ratio Rank: 84
CALY Calmar Ratio Rank: 94
CALY Martin Ratio Rank: 92

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.

PWZ vs. CALY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Callaway Golf Company (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.

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.

	PWZ	CALY	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.00	+0.04
Sortino ratio: Return per unit of downside risk	3.09	2.60	+0.49
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.08
Calmar ratio: Return relative to maximum drawdown	2.52	5.77	-3.25
Martin ratio: Return relative to average drawdown	9.11	13.57	-4.45

PWZ vs. CALY - Sharpe Ratio Comparison

The current PWZ Sharpe Ratio is 2.04, which is comparable to the CALY Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of PWZ and CALY, 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

PWZ vs. CALY - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum CALY drawdown of -85.06%. Use the drawdown chart below to compare losses from any high point for PWZ and CALY.

Drawdown Indicators

	PWZ	CALY	Difference
Max Drawdown Largest peak-to-trough decline	-21.49%	-85.06%	+63.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.47%	-20.37%	+16.90%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-72.76%	+63.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.56%	-83.67%	+66.11%
Max Drawdown (10Y) Largest decline over 10 years	-17.56%	-85.06%	+67.50%
Current Drawdown Current decline from peak	-0.22%	-51.68%	+51.46%
Average Drawdown Average peak-to-trough decline	-3.53%	-50.54%	+47.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	8.64%	-7.68%

Volatility

PWZ vs. CALY - Volatility Comparison

The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.06%, while Callaway Golf Company (CALY) has a volatility of 11.34%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than CALY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWZ	CALY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	11.34%	-10.28%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	38.51%	-35.46%
Volatility (1Y) Calculated over the trailing 1-year period	4.29%	58.85%	-54.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	51.11%	-44.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	49.57%	-43.68%

PWZ vs. CALY - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is higher than CALY's 0.20% expense ratio.

Dividends

PWZ vs. CALY - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.88%, while CALY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALY Callaway Golf Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.19%	0.26%	0.29%	0.36%	0.42%
PWZ Invesco California AMT-Free Municipal Bond ETF	3.88%	3.41%	3.28%	2.84%	2.49%	2.28%	2.34%	2.51%	2.53%	2.48%	2.86%	3.16%

Frequently Asked Questions

Can I hold both PWZ and CALY in my portfolio?

PWZ and CALY have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWZ or CALY?

CALY has higher volatility (11.34%) compared to PWZ (1.06%). In terms of maximum drawdown, PWZ dropped -21.49% vs CALY's -85.06%.

Which has better risk-adjusted returns?

PWZ currently has the higher Sharpe Ratio (2.04 vs 2.00), 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.