PWZ vs. FBND
PWZ (Invesco California AMT-Free Municipal Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - PWZ is a Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. PWZ is passively managed, while FBND is actively managed. Over the past 10 years, PWZ returned 1.79%/yr vs 2.54%/yr for FBND. At a 0.49 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.36%/yr for FBND.
Performance
PWZ vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 2.63% return, which is significantly higher than FBND's 0.72% return. Over the past 10 years, PWZ has underperformed FBND with an annualized return of 1.79%, while FBND has yielded a comparatively higher 2.54% annualized return.
PWZ
- 1D
- -0.16%
- 1M
- 2.02%
- YTD
- 2.63%
- 6M
- 2.63%
- 1Y
- 8.32%
- 3Y*
- 2.91%
- 5Y*
- 0.14%
- 10Y*
- 1.79%
FBND
- 1D
- 0.11%
- 1M
- 0.69%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 4.71%
- 3Y*
- 4.73%
- 5Y*
- 0.79%
- 10Y*
- 2.54%
PWZ vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.63% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
FBND Fidelity Total Bond ETF | 0.72% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between PWZ and FBND is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.49 |
The correlation between PWZ and FBND shifts across timeframes, from 0.49 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PWZ vs. FBND — Risk / Return Rank
PWZ
FBND
PWZ vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Fidelity Total Bond ETF (FBND). 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 | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.21 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 1.77 | +0.63 |
| Martin ratioReturn relative to average drawdown | 8.70 | 5.07 | +3.63 |
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Drawdowns
PWZ vs. FBND - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for PWZ and FBND.
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Drawdown Indicators
| PWZ | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -17.25% | -4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -2.66% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -5.94% | -3.15% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -17.25% | -0.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -17.25% | -0.31% |
Current DrawdownCurrent decline from peak | -0.39% | -1.21% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -3.34% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.93% | +0.03% |
Volatility
PWZ vs. FBND - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) and Fidelity Total Bond ETF (FBND) have volatilities of 1.10% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.13% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.84% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 3.83% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 5.93% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 6.10% | -0.21% |
PWZ vs. FBND - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
PWZ vs. FBND - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.61%, less than FBND's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.69% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.61% | 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
PWZ and FBND have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.13%) compared to PWZ (1.10%). In terms of maximum drawdown, PWZ dropped -21.49% vs FBND's -17.25%.
On 10-year performance, FBND leads with 2.54% vs 1.79% for PWZ. On fees, PWZ is cheaper at 0.28% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FBND has performed better with a 2.54% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWZ is cheaper with a 0.28% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.69%, compared with 3.61% for PWZ.
PWZ is categorized as Municipal Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.28% for PWZ and 0.36% for FBND.
PWZ currently has the higher Sharpe Ratio (1.95 vs 1.24), 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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