PWZ vs. FUMB
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and First Trust Ultra Short Duration Municipal ETF (FUMB).
PWZ and FUMB 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. FUMB is an actively managed fund by First Trust. It was launched on Nov 1, 2018.
Performance
PWZ vs. FUMB - Performance Comparison
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PWZ vs. FUMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | -0.25% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 2.96% |
FUMB First Trust Ultra Short Duration Municipal ETF | 0.64% | 2.78% | 3.05% | 2.84% | -0.03% | 0.38% | 1.25% | 1.76% | 0.30% |
Returns By Period
In the year-to-date period, PWZ achieves a -0.25% return, which is significantly lower than FUMB's 0.64% 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%
FUMB
- 1D
- -0.10%
- 1M
- -0.07%
- YTD
- 0.64%
- 6M
- 1.13%
- 1Y
- 2.65%
- 3Y*
- 2.91%
- 5Y*
- 1.92%
- 10Y*
- —
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PWZ vs. FUMB - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than FUMB's 0.45% expense ratio.
Return for Risk
PWZ vs. FUMB — Risk / Return Rank
PWZ
FUMB
PWZ vs. FUMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and First Trust Ultra Short Duration Municipal ETF (FUMB). 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 | FUMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 2.59 | -2.08 |
Sortino ratioReturn per unit of downside risk | 0.73 | 3.52 | -2.79 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.63 | -0.51 |
Calmar ratioReturn relative to maximum drawdown | 0.64 | 4.57 | -3.93 |
Martin ratioReturn relative to average drawdown | 1.67 | 22.03 | -20.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PWZ | FUMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 2.59 | -2.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 1.65 | -1.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.98 | -0.54 |
Correlation
The correlation between PWZ and FUMB is 0.22, 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.
Dividends
PWZ vs. FUMB - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.58%, more than FUMB's 2.84% 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% |
FUMB First Trust Ultra Short Duration Municipal ETF | 2.84% | 2.90% | 2.86% | 2.24% | 1.02% | 0.43% | 0.94% | 1.74% | 0.15% | 0.00% | 0.00% | 0.00% |
Drawdowns
PWZ vs. FUMB - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than FUMB's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for PWZ and FUMB.
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Drawdown Indicators
| PWZ | FUMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -2.68% | -18.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.08% | -0.60% | -5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -1.25% | -16.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -3.19% | -0.22% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -0.19% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 0.12% | +2.20% |
Volatility
PWZ vs. FUMB - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to First Trust Ultra Short Duration Municipal ETF (FUMB) at 0.25%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than FUMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | FUMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 0.25% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 0.58% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 1.03% | +6.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 1.18% | +5.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 1.78% | +4.11% |