PWZ vs. RMNY
PWZ (Invesco California AMT-Free Municipal Bond ETF) and RMNY (Rockefeller New York Municipal Bond ETF) are both Municipal Bonds funds. PWZ is passively managed, while RMNY is actively managed. Over the past year, PWZ returned 7.38% vs 6.48% for RMNY. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PWZ charges 0.28%/yr vs 0.55%/yr for RMNY.
Performance
PWZ vs. RMNY - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 1.12% return, which is significantly lower than RMNY's 1.72% return.
PWZ
- 1D
- -0.15%
- 1M
- -2.41%
- 6M
- 0.80%
- YTD
- 1.12%
- 1Y
- 7.38%
- 3Y*
- 2.53%
- 5Y*
- -0.32%
- 10Y*
- 1.66%
- ALL TIME*
- 3.16%
RMNY
- 1D
- -0.02%
- 1M
- -1.69%
- 6M
- 1.45%
- YTD
- 1.72%
- 1Y
- 6.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.43M | $5.37M | $5.33M | |
| $104.40K | $65.77K | $94.48K |
PWZ vs. RMNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | 1.26% | 0.41% |
RMNY Rockefeller New York Municipal Bond ETF | 1.72% | 2.35% | 0.80% |
Correlation
The correlation between PWZ and RMNY is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2024 | 0.68 |
The correlation between PWZ and RMNY shifts across timeframes, from 0.68 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PWZ vs. RMNY — Risk / Return Rank
PWZ
RMNY
PWZ vs. RMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Rockefeller New York Municipal Bond ETF (RMNY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PWZ | RMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.40 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 3.23 | -0.84 |
| Martin ratioReturn relative to average drawdown | 8.86 | 11.29 | -2.43 |
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Drawdowns
PWZ vs. RMNY - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than RMNY's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for PWZ and RMNY.
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Drawdown Indicators
| PWZ | RMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -5.70% | -15.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -2.28% | -1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -2.41% | -1.77% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -1.45% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.65% | +0.29% |
Volatility
PWZ vs. RMNY - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) and Rockefeller New York Municipal Bond ETF (RMNY) have volatilities of 1.05% and 1.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | RMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.07% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 2.95% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 3.83% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 5.08% | +1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 5.08% | +0.80% |
PWZ vs. RMNY - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than RMNY's 0.55% expense ratio.
Dividends
PWZ vs. RMNY - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.73%, less than RMNY's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.73% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
RMNY Rockefeller New York Municipal Bond ETF | 4.38% | 4.10% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PWZ and RMNY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMNY has higher volatility (1.07%) compared to PWZ (1.05%). In terms of maximum drawdown, PWZ dropped -21.49% vs RMNY's -5.70%.
On 1-year performance, PWZ leads with 7.38% vs 6.48% for RMNY. On fees, PWZ is cheaper at 0.28% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PWZ has performed better with a 7.38% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWZ is cheaper with a 0.28% expense ratio, compared with 0.55% for RMNY.
RMNY has the higher dividend yield at 4.38%, compared with 3.73% for PWZ.
They also come from different issuers: Invesco and Rockefeller. Their fees differ too: 0.28% for PWZ and 0.55% for RMNY.
PWZ currently has the higher Sharpe Ratio (1.95 vs 1.93), 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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