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PWZ vs. MUB
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PWZ vs. MUB

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and iShares National AMT-Free Muni Bond ETF (MUB).

PWZ and MUB 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. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. Both PWZ and MUB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PWZ vs. MUB - Performance Comparison

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

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PWZ vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PWZ
Invesco California AMT-Free Municipal Bond ETF		0.16%1.26%2.16%6.55%-11.35%1.94%4.90%8.72%0.32%6.82%
MUB
iShares National AMT-Free Muni Bond ETF		0.04%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Returns By Period

In the year-to-date period, PWZ achieves a 0.16% return, which is significantly higher than MUB's 0.04% return. Both investments have delivered pretty close results over the past 10 years, with PWZ having a 1.92% annualized return and MUB not far ahead at 2.00%.

PWZ

1D
0.42%
1M
-1.84%
YTD
0.16%
6M
1.87%
1Y
3.40%
3Y*
2.23%
5Y*
0.04%
10Y*
1.92%

MUB

1D
0.42%
1M
-1.55%
YTD
0.04%
6M
1.52%
1Y
4.03%
3Y*
2.67%
5Y*
0.88%
10Y*
2.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco California AMT-Free Municipal Bond ETF

iShares National AMT-Free Muni Bond ETF

Often compared with PWZ:
PWZ vs. CMFPWZ vs. FCALPWZ vs. VTEBPWZ vs. CALYPWZ vs. FCTFXPWZ vs. VWLTXPWZ vs. QQQ
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. MUNIMUB vs. NYFMUB vs. BNDMUB vs. HYD

PWZ vs. MUB - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is higher than MUB's 0.07% expense ratio.

PWZ
Invesco California AMT-Free Municipal Bond ETF
MUB
iShares National AMT-Free Muni Bond ETF

Return for Risk

PWZ vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PWZ
PWZ Risk / Return Rank: 2525
Overall Rank
PWZ Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
PWZ Sortino Ratio Rank: 2222
Sortino Ratio Rank
PWZ Omega Ratio Rank: 2626
Omega Ratio Rank
PWZ Calmar Ratio Rank: 2727
Calmar Ratio Rank
PWZ Martin Ratio Rank: 2424
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 4949
Overall Rank
MUB Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 4444
Sortino Ratio Rank
MUB Omega Ratio Rank: 5555
Omega Ratio Rank
MUB Calmar Ratio Rank: 4949
Calmar Ratio Rank
MUB Martin Ratio Rank: 4343
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PWZ vs. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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.

PWZMUBDifference

Sharpe ratio

Return per unit of total volatility

0.47

0.98

-0.51

Sortino ratio

Return per unit of downside risk

0.67

1.27

-0.61

Omega ratio

Gain probability vs. loss probability

1.11

1.21

-0.10

Calmar ratio

Return relative to maximum drawdown

0.69

1.33

-0.64

Martin ratio

Return relative to average drawdown

1.80

4.22

-2.43

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWZ vs. MUB - Sharpe Ratio Comparison

The current PWZ Sharpe Ratio is 0.47, which is lower than the MUB Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of PWZ and MUB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PWZMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.47

0.98

-0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.01

0.22

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.41

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.58

-0.13

Correlation

The correlation between PWZ and MUB is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PWZ vs. MUB - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.57%, more than MUB's 3.19% yield.

TTM20252024202320222021202020192018201720162015
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%
MUB
iShares National AMT-Free Muni Bond ETF		3.19%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%

Drawdowns

PWZ vs. MUB - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.49%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PWZ and MUB.

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Drawdown Indicators

PWZMUBDifference

Max Drawdown

Largest peak-to-trough decline

-21.49%

-13.68%

-7.81%

Max Drawdown (1Y)

Largest decline over 1 year

-6.08%

-3.30%

-2.78%

Max Drawdown (5Y)

Largest decline over 5 years

-17.56%

-11.88%

-5.68%

Max Drawdown (10Y)

Largest decline over 10 years

-17.56%

-13.68%

-3.88%

Current Drawdown

Current decline from peak

-2.79%

-1.87%

-0.92%

Average Drawdown

Average peak-to-trough decline

-3.56%

-2.24%

-1.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

1.04%

+1.28%

Volatility

PWZ vs. MUB - Volatility Comparison

Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 1.56%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PWZMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.83%

1.56%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

2.88%

2.07%

+0.81%

Volatility (1Y)

Calculated over the trailing 1-year period

7.28%

4.15%

+3.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.21%

4.04%

+2.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.89%

4.91%

+0.98%