PWZ vs. PUSH
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and PGIM Ultra Short Municipal Bond ETF (PUSH).
PWZ and PUSH 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. PUSH is an actively managed fund by PGIM. It was launched on Jun 24, 2024.
Performance
PWZ vs. PUSH - Performance Comparison
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PWZ vs. PUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | -0.25% | 1.26% | 1.79% |
PUSH PGIM Ultra Short Municipal Bond ETF | 0.64% | 4.16% | 1.74% |
Returns By Period
In the year-to-date period, PWZ achieves a -0.25% return, which is significantly lower than PUSH'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%
PUSH
- 1D
- 0.01%
- 1M
- -0.37%
- YTD
- 0.64%
- 6M
- 1.46%
- 1Y
- 3.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PWZ vs. PUSH - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than PUSH's 0.15% expense ratio.
Return for Risk
PWZ vs. PUSH — Risk / Return Rank
PWZ
PUSH
PWZ vs. PUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and PGIM Ultra Short Municipal Bond ETF (PUSH). 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 | PUSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 2.27 | -1.75 |
Sortino ratioReturn per unit of downside risk | 0.73 | 3.31 | -2.58 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.61 | -0.48 |
Calmar ratioReturn relative to maximum drawdown | 0.64 | 4.34 | -3.70 |
Martin ratioReturn relative to average drawdown | 1.67 | 15.34 | -13.67 |
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 | PUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 2.27 | -1.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | — | — |
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 | 2.84 | -2.40 |
Correlation
The correlation between PWZ and PUSH is 0.36, 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. PUSH - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.58%, which matches PUSH's 3.60% 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% |
PUSH PGIM Ultra Short Municipal Bond ETF | 3.60% | 3.45% | 1.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PWZ vs. PUSH - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PWZ and PUSH.
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Drawdown Indicators
| PWZ | PUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -0.85% | -20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.08% | -0.85% | -5.23% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -3.19% | -0.37% | -2.82% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -0.11% | -3.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 0.24% | +2.08% |
Volatility
PWZ vs. PUSH - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.23%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | PUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 0.23% | +1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 1.08% | +1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 1.64% | +5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 1.33% | +4.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 1.33% | +4.56% |