PWZ vs. CMF

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and iShares California Muni Bond ETF (CMF).

PWZ and CMF 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. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both PWZ and CMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PWZ vs. CMF - Performance Comparison

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

PWZ vs. CMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWZ Invesco California AMT-Free Municipal Bond ETF	-0.25%	1.26%	2.16%	6.55%	-11.35%	1.94%	4.90%	8.72%	0.32%	6.82%
CMF iShares California Muni Bond ETF	-0.57%	3.36%	1.65%	5.71%	-8.27%	0.78%	4.50%	6.94%	0.99%	4.63%

Returns By Period

In the year-to-date period, PWZ achieves a -0.25% return, which is significantly higher than CMF's -0.57% return. Over the past 10 years, PWZ has outperformed CMF with an annualized return of 1.87%, while CMF has yielded a comparatively lower 1.72% annualized return.

PWZ

• 1D: 0.25%
• 1M: -2.61%
• YTD: -0.25%
• 6M: 1.66%
• 1Y: 3.75%
• 3Y*: 2.09%
• 5Y*: -0.04%
• 10Y*: 1.87%

CMF

• 1D: 0.25%
• 1M: -2.42%
• YTD: -0.57%
• 6M: 1.16%
• 1Y: 4.10%
• 3Y*: 2.44%
• 5Y*: 0.58%
• 10Y*: 1.72%

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

PWZ vs. CMF - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is higher than CMF's 0.25% expense ratio.

PWZ

Invesco California AMT-Free Municipal Bond ETF

CMF

iShares California Muni Bond ETF

Return for Risk

PWZ vs. CMF — Risk / Return Rank

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

PWZ

PWZ Risk / Return Rank: 28
PWZ Sharpe Ratio Rank: 30
PWZ Sortino Ratio Rank: 26
PWZ Omega Ratio Rank: 32
PWZ Calmar Ratio Rank: 28
PWZ Martin Ratio Rank: 24

CMF

CMF Risk / Return Rank: 50
CMF Sharpe Ratio Rank: 54
CMF Sortino Ratio Rank: 44
CMF Omega Ratio Rank: 64
CMF Calmar Ratio Rank: 48
CMF Martin Ratio Rank: 40

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. CMF - Risk-Adjusted Trends Comparison

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

	PWZ	CMF	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.92	-0.40
Sortino ratio Return per unit of downside risk	0.73	1.15	-0.42
Omega ratio Gain probability vs. loss probability	1.13	1.23	-0.10
Calmar ratio Return relative to maximum drawdown	0.64	1.13	-0.50
Martin ratio Return relative to average drawdown	1.67	3.54	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWZ vs. CMF - Sharpe Ratio Comparison

The current PWZ Sharpe Ratio is 0.52, which is lower than the CMF Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of PWZ and CMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PWZ	CMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.92	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.14	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.34	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.39	+0.06

Correlation

The correlation between PWZ and CMF is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PWZ vs. CMF - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.58%, more than CMF's 2.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWZ Invesco California AMT-Free Municipal Bond ETF	3.58%	3.41%	3.28%	2.84%	2.49%	2.28%	2.34%	2.51%	2.53%	2.48%	2.86%	3.16%
CMF iShares California Muni Bond ETF	2.98%	2.94%	2.78%	2.29%	1.91%	1.58%	1.80%	2.03%	2.17%	2.09%	2.21%	2.55%

Drawdowns

PWZ vs. CMF - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.49%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for PWZ and CMF.

Drawdown Indicators

	PWZ	CMF	Difference
Max Drawdown Largest peak-to-trough decline	-21.49%	-16.45%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-3.84%	-2.24%
Max Drawdown (5Y) Largest decline over 5 years	-17.56%	-12.45%	-5.11%
Max Drawdown (10Y) Largest decline over 10 years	-17.56%	-14.57%	-2.99%
Current Drawdown Current decline from peak	-3.19%	-2.42%	-0.77%
Average Drawdown Average peak-to-trough decline	-3.56%	-4.80%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.23%	+1.09%

Volatility

PWZ vs. CMF - Volatility Comparison

Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to iShares California Muni Bond ETF (CMF) at 1.56%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWZ	CMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	1.56%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	2.00%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.27%	4.48%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	4.17%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	5.07%	+0.82%