PWZ vs. QQQ
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco QQQ (QQQ).
PWZ and QQQ 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. QQQ is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 10, 1999. Both PWZ and QQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PWZ or QQQ.
Key characteristics
| PWZ | QQQ | |
|---|---|---|
| YTD Return | 2.25% | 26.09% |
| 1Y Return | 9.83% | 39.88% |
| 3Y Return (Ann) | -1.02% | 9.90% |
| 5Y Return (Ann) | 0.91% | 21.46% |
| 10Y Return (Ann) | 2.49% | 18.52% |
| Sharpe Ratio | 1.54 | 2.22 |
| Sortino Ratio | 2.28 | 2.92 |
| Omega Ratio | 1.29 | 1.40 |
| Calmar Ratio | 0.73 | 2.86 |
| Martin Ratio | 8.31 | 10.44 |
| Ulcer Index | 1.11% | 3.72% |
| Daily Std Dev | 6.04% | 17.47% |
| Max Drawdown | -21.49% | -82.98% |
| Current Drawdown | -4.06% | 0.00% |
Correlation
The correlation between PWZ and QQQ is -0.04. 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.
Performance
PWZ vs. QQQ - Performance Comparison
In the year-to-date period, PWZ achieves a 2.25% return, which is significantly lower than QQQ's 26.09% return. Over the past 10 years, PWZ has underperformed QQQ with an annualized return of 2.49%, while QQQ has yielded a comparatively higher 18.52% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PWZ vs. QQQ - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than QQQ's 0.20% expense ratio.
Risk-Adjusted Performance
PWZ vs. QQQ - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco QQQ (QQQ). 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.
Dividends
PWZ vs. QQQ - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.27%, more than QQQ's 0.59% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.27% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
QQQ Invesco QQQ | 0.59% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% | 1.41% | 1.02% |
Drawdowns
PWZ vs. QQQ - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum QQQ drawdown of -82.98%. Use the drawdown chart below to compare losses from any high point for PWZ and QQQ. For additional features, visit the drawdowns tool.
Volatility
PWZ vs. QQQ - Volatility Comparison
The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 2.52%, while Invesco QQQ (QQQ) has a volatility of 5.17%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.