PWZ vs. PPA
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco Aerospace & Defense ETF (PPA).
PWZ and PPA 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. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. Both PWZ and PPA 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. PPA - Performance Comparison
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PWZ vs. PPA - 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% |
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Returns By Period
In the year-to-date period, PWZ achieves a -0.25% return, which is significantly lower than PPA's 5.82% return. Over the past 10 years, PWZ has underperformed PPA with an annualized return of 1.87%, while PPA has yielded a comparatively higher 17.70% 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%
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
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PWZ vs. PPA - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than PPA's 0.61% expense ratio.
Return for Risk
PWZ vs. PPA — Risk / Return Rank
PWZ
PPA
PWZ vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 1.99 | -1.47 |
Sortino ratioReturn per unit of downside risk | 0.73 | 2.68 | -1.95 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.37 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 0.64 | 3.11 | -2.47 |
Martin ratioReturn relative to average drawdown | 1.67 | 12.51 | -10.84 |
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 | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.99 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 1.03 | -1.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.87 | -0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.66 | -0.21 |
Correlation
The correlation between PWZ and PPA is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
PWZ vs. PPA - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.58%, more than PPA's 0.40% 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% |
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Drawdowns
PWZ vs. PPA - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for PWZ and PPA.
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Drawdown Indicators
| PWZ | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -57.37% | +35.88% |
Max Drawdown (1Y)Largest decline over 1 year | -6.08% | -13.71% | +7.63% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -18.37% | +0.81% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -43.92% | +26.36% |
Current DrawdownCurrent decline from peak | -3.19% | -10.69% | +7.50% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -9.19% | +5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 3.41% | -1.09% |
Volatility
PWZ vs. PPA - Volatility Comparison
The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.83%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 7.16%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 7.16% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 15.07% | -12.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 21.64% | -14.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 18.19% | -11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 20.48% | -14.59% |