PWZ vs. PZT
PWZ (Invesco California AMT-Free Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds from Invesco - PWZ tracks the ICE BofA California Long-Term Core Plus Muni while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, PWZ returned 1.91%/yr vs 1.94%/yr for PZT. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.28% expense ratio.
Performance
PWZ vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 2.53% return, which is significantly lower than PZT's 3.19% return. Both investments have delivered pretty close results over the past 10 years, with PWZ having a 1.91% annualized return and PZT not far ahead at 1.94%.
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%
PZT
- 1D
- 0.53%
- 1M
- 1.58%
- YTD
- 3.19%
- 6M
- 3.42%
- 1Y
- 9.47%
- 3Y*
- 3.46%
- 5Y*
- 0.07%
- 10Y*
- 1.94%
PWZ vs. PZT - 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% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
Correlation
The correlation between PWZ and PZT is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007 | 0.46 |
The correlation between PWZ and PZT shifts across timeframes, from 0.46 (all time) to 0.65 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PWZ vs. PZT — Risk / Return Rank
PWZ
PZT
PWZ vs. PZT - 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 New York AMT-Free Municipal Bond ETF (PZT). 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 | PZT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.04 | 2.01 | +0.03 |
Sortino ratioReturn per unit of downside risk | 3.08 | 2.81 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.40 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.93 | -0.57 |
Martin ratioReturn relative to average drawdown | 8.55 | 10.01 | -1.47 |
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 | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.01 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.01 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.28 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.38 | +0.08 |
Drawdowns
PWZ vs. PZT - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for PWZ and PZT.
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Drawdown Indicators
| PWZ | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -22.73% | +1.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -3.17% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -9.00% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -19.13% | +1.57% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -19.13% | +1.57% |
Current DrawdownCurrent decline from peak | -0.48% | -1.11% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -3.91% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.93% | +0.03% |
Volatility
PWZ vs. PZT - Volatility Comparison
The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.39%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.07%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 2.07% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 3.46% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 4.74% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 6.62% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 6.96% | -1.07% |
PWZ vs. PZT - Expense Ratio Comparison
Both PWZ and PZT have an expense ratio of 0.28%.
Dividends
PWZ vs. PZT - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.57%, which matches PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
PWZ and PZT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.07%) compared to PWZ (1.39%). In terms of maximum drawdown, PWZ dropped -21.49% vs PZT's -22.73%.
On 10-year performance, PZT leads with 1.94% vs 1.91% for PWZ. Both ETFs have the same 0.28% expense ratio. On volatility, PWZ has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PZT has performed better with a 1.94% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWZ and PZT have the same expense ratio: 0.28% per year.
PWZ and PZT have nearly identical dividend yields, around 3.57%.
PWZ tracks ICE BofA California Long-Term Core Plus Muni, while PZT tracks ICE BofA New York Long-Term Core Plus Muni.
PWZ currently has the higher Sharpe Ratio (2.04 vs 2.01), 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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