PWZ vs. MEAR
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and iShares Short Maturity Municipal Bond ETF (MEAR).
PWZ and MEAR 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. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.
Performance
PWZ vs. MEAR - Performance Comparison
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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 | -0.25% | 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 | 0.47% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Returns By Period
In the year-to-date period, PWZ achieves a -0.25% return, which is significantly lower than MEAR's 0.47% return. Over the past 10 years, PWZ has outperformed MEAR with an annualized return of 1.87%, while MEAR has yielded a comparatively lower 1.74% 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%
MEAR
- 1D
- 0.12%
- 1M
- -0.31%
- YTD
- 0.47%
- 6M
- 1.07%
- 1Y
- 3.12%
- 3Y*
- 3.50%
- 5Y*
- 2.30%
- 10Y*
- 1.74%
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PWZ vs. MEAR - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than MEAR's 0.25% expense ratio.
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 | 0.52 | 2.71 | -2.19 |
Sortino ratioReturn per unit of downside risk | 0.73 | 3.63 | -2.91 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.70 | -0.57 |
Calmar ratioReturn relative to maximum drawdown | 0.64 | 3.69 | -3.05 |
Martin ratioReturn relative to average drawdown | 1.67 | 20.82 | -19.15 |
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 | 0.52 | 2.71 | -2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 2.37 | -2.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 1.15 | -0.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 1.09 | -0.65 |
Correlation
The correlation between PWZ and MEAR is 0.17, 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. MEAR - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.58%, more than MEAR's 2.87% 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% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.87% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
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 | -6.08% | -0.86% | -5.22% |
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 | -3.19% | -0.35% | -2.84% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -0.19% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 0.15% | +2.17% |
Volatility
PWZ vs. MEAR - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.36%. 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 | 1.83% | 0.36% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 0.60% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 1.16% | +6.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 0.98% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 1.52% | +4.37% |