PWZ vs. MEAR
PWZ (Invesco California AMT-Free Municipal Bond ETF) and MEAR (iShares Short Maturity Municipal Bond ETF) are both Municipal Bonds funds. PWZ is passively managed, while MEAR is actively managed. Over the past 10 years, PWZ returned 1.91%/yr vs 1.78%/yr for MEAR. At a 0.17 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.25%/yr for MEAR.
Performance
PWZ vs. MEAR - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 2.53% return, which is significantly higher than MEAR's 1.06% return. Over the past 10 years, PWZ has outperformed MEAR with an annualized return of 1.91%, while MEAR has yielded a comparatively lower 1.78% annualized return.
PWZ
- 1D
- 0.25%
- 1M
- 0.99%
- YTD
- 2.53%
- 6M
- 2.73%
- 1Y
- 8.84%
- 3Y*
- 3.24%
- 5Y*
- 0.17%
- 10Y*
- 1.91%
MEAR
- 1D
- 0.06%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.32%
- 1Y
- 3.35%
- 3Y*
- 3.58%
- 5Y*
- 2.42%
- 10Y*
- 1.78%
PWZ vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.53% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between PWZ and MEAR is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.17 |
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Return for Risk
PWZ vs. MEAR — Risk / Return Rank
PWZ
MEAR
PWZ vs. MEAR - 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 Short Maturity Municipal Bond ETF (MEAR). 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 | MEAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.04 | 3.93 | -1.88 |
Sortino ratioReturn per unit of downside risk | 3.08 | 6.30 | -3.22 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.93 | -0.51 |
Calmar ratioReturn relative to maximum drawdown | 2.36 | 7.07 | -4.71 |
Martin ratioReturn relative to average drawdown | 8.55 | 29.07 | -20.52 |
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 | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 3.93 | -1.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 2.47 | -2.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 1.18 | -0.85 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 1.11 | -0.65 |
Drawdowns
PWZ vs. MEAR - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for PWZ and MEAR.
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Drawdown Indicators
| PWZ | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -2.68% | -18.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -0.47% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -0.86% | -8.23% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -1.12% | -16.44% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -2.68% | -14.88% |
Current DrawdownCurrent decline from peak | -0.48% | 0.00% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -0.19% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.11% | +0.85% |
Volatility
PWZ vs. MEAR - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.39% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.24%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 0.24% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 0.61% | +2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 0.86% | +3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 0.98% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 1.52% | +4.37% |
PWZ vs. MEAR - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than MEAR's 0.25% expense ratio.
Dividends
PWZ vs. MEAR - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.57%, more than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.57% | 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 MEAR have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWZ has higher volatility (1.39%) compared to MEAR (0.24%). In terms of maximum drawdown, PWZ dropped -21.49% vs MEAR's -2.68%.
On 10-year performance, PWZ leads with 1.91% vs 1.78% for MEAR. On fees, MEAR is cheaper at 0.25% per year. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWZ has performed better with a 1.91% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEAR is cheaper with a 0.25% expense ratio, compared with 0.28% for PWZ.
PWZ has the higher dividend yield at 3.57%, compared with 2.84% for MEAR.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.28% for PWZ and 0.25% for MEAR.
MEAR currently has the higher Sharpe Ratio (3.92 vs 2.04), 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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