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PWZ vs. FCAL
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between PWZ and FCAL is 0.01, 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. FCAL - Performance Comparison

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

10.00%15.00%20.00%December2025FebruaryMarchAprilMay
10.76%
17.97%
PWZ
FCAL

Key characteristics

Sharpe Ratio

PWZ:

-0.12

FCAL:

0.17

Sortino Ratio

PWZ:

-0.10

FCAL:

0.25

Omega Ratio

PWZ:

0.99

FCAL:

1.04

Calmar Ratio

PWZ:

-0.09

FCAL:

0.14

Martin Ratio

PWZ:

-0.39

FCAL:

0.58

Ulcer Index

PWZ:

2.60%

FCAL:

1.58%

Daily Std Dev

PWZ:

8.50%

FCAL:

5.45%

Max Drawdown

PWZ:

-21.48%

FCAL:

-14.81%

Current Drawdown

PWZ:

-8.05%

FCAL:

-4.21%

Returns By Period

In the year-to-date period, PWZ achieves a -4.07% return, which is significantly lower than FCAL's -1.45% return.


PWZ

YTD

-4.07%

1M

-2.28%

6M

-3.96%

1Y

-1.66%

5Y*

0.20%

10Y*

1.90%

FCAL

YTD

-1.45%

1M

-2.08%

6M

-1.44%

1Y

0.71%

5Y*

1.77%

10Y*

N/A

*Annualized

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PWZ vs. FCAL - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is lower than FCAL's 0.50% expense ratio.


Risk-Adjusted Performance

PWZ vs. FCAL — Risk-Adjusted Performance Rank

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

PWZ
The Risk-Adjusted Performance Rank of PWZ is 1212
Overall Rank
The Sharpe Ratio Rank of PWZ is 1313
Sharpe Ratio Rank
The Sortino Ratio Rank of PWZ is 1111
Sortino Ratio Rank
The Omega Ratio Rank of PWZ is 1111
Omega Ratio Rank
The Calmar Ratio Rank of PWZ is 1212
Calmar Ratio Rank
The Martin Ratio Rank of PWZ is 1111
Martin Ratio Rank

FCAL
The Risk-Adjusted Performance Rank of FCAL is 2626
Overall Rank
The Sharpe Ratio Rank of FCAL is 2727
Sharpe Ratio Rank
The Sortino Ratio Rank of FCAL is 2222
Sortino Ratio Rank
The Omega Ratio Rank of FCAL is 2222
Omega Ratio Rank
The Calmar Ratio Rank of FCAL is 2828
Calmar Ratio Rank
The Martin Ratio Rank of FCAL is 2929
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

PWZ vs. FCAL - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and First Trust California Municipal High Income ETF (FCAL). 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.


The current PWZ Sharpe Ratio is -0.12, which is lower than the FCAL Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of PWZ and FCAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-0.500.000.501.001.502.00December2025FebruaryMarchAprilMay
-0.12
0.17
PWZ
FCAL

Dividends

PWZ vs. FCAL - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.48%, more than FCAL's 3.15% yield.


TTM20242023202220212020201920182017201620152014
PWZ
Invesco California AMT-Free Municipal Bond ETF
3.48%3.28%2.84%2.49%2.28%2.34%2.51%2.53%2.49%2.86%3.16%3.80%
FCAL
First Trust California Municipal High Income ETF
3.15%2.99%2.74%2.38%2.03%2.11%2.68%2.99%1.30%0.00%0.00%0.00%

Drawdowns

PWZ vs. FCAL - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.48%, which is greater than FCAL's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for PWZ and FCAL. For additional features, visit the drawdowns tool.


-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%December2025FebruaryMarchAprilMay
-8.05%
-4.21%
PWZ
FCAL

Volatility

PWZ vs. FCAL - Volatility Comparison

Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 5.86% compared to First Trust California Municipal High Income ETF (FCAL) at 3.47%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than FCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%6.00%December2025FebruaryMarchAprilMay
5.86%
3.47%
PWZ
FCAL