PWZ vs. RVNU
PWZ (Invesco California AMT-Free Municipal Bond ETF) and RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) are both Municipal Bonds funds - PWZ tracks the ICE BofA California Long-Term Core Plus Muni while RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index. Both are passively managed. Over the past 10 years, PWZ returned 1.66%/yr vs 1.68%/yr for RVNU. Their 0.46 correlation means their historical movements had little consistent relationship. PWZ charges 0.28%/yr vs 0.15%/yr for RVNU.
Performance
PWZ vs. RVNU - 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 RVNU's 2.38% return. Both investments have delivered pretty close results over the past 10 years, with PWZ having a 1.66% annualized return and RVNU not far ahead at 1.68%.
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%
RVNU
- 1D
- -0.44%
- 1M
- -2.64%
- 6M
- 1.68%
- YTD
- 2.38%
- 1Y
- 7.65%
- 3Y*
- 2.77%
- 5Y*
- -0.74%
- 10Y*
- 1.68%
- ALL TIME*
- 2.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.43M | $5.37M | $5.33M | |
| $970.49K | $605.73K | $654.06K |
PWZ vs. RVNU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 2.38% | 0.58% | 1.46% | 11.19% | -16.60% | 2.28% | 6.54% | 10.16% | -0.56% | 8.24% |
Correlation
The correlation between PWZ and RVNU is 0.53, 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. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.46 |
The correlation between PWZ and RVNU 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. RVNU — Risk / Return Rank
PWZ
RVNU
PWZ vs. RVNU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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 | RVNU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.31 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 3.12 | -0.73 |
| Martin ratioReturn relative to average drawdown | 8.86 | 10.37 | -1.52 |
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Drawdowns
PWZ vs. RVNU - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum RVNU drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for PWZ and RVNU.
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Drawdown Indicators
| PWZ | RVNU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -23.51% | +2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -2.64% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -9.81% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -17.39% | -23.21% | +5.82% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -23.51% | +5.95% |
Current DrawdownCurrent decline from peak | -2.41% | -4.05% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -4.95% | +1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.79% | +0.15% |
Volatility
PWZ vs. RVNU - Volatility Comparison
The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.05%, while Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) has a volatility of 1.50%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than RVNU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | RVNU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.50% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 3.70% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 5.01% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 7.22% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 7.25% | -1.37% |
PWZ vs. RVNU - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than RVNU's 0.15% expense ratio.
Dividends
PWZ vs. RVNU - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.73%, more than RVNU's 3.59% 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% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.30% | 3.46% | 3.06% | 2.79% | 2.81% | 2.18% | 2.43% | 2.75% | 2.76% | 2.49% | 2.72% | 3.01% |
Frequently Asked Questions
PWZ and RVNU have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RVNU has higher volatility (1.50%) compared to PWZ (1.05%). In terms of maximum drawdown, PWZ dropped -21.49% vs RVNU's -23.51%.
On 10-year performance, RVNU leads with 1.68% vs 1.66% for PWZ. On fees, RVNU is cheaper at 0.15% per year. On volatility, PWZ has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RVNU has performed better with a 1.68% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RVNU is cheaper with a 0.15% expense ratio, compared with 0.28% for PWZ.
PWZ has the higher dividend yield at 3.73%, compared with 3.30% for RVNU.
PWZ tracks ICE BofA California Long-Term Core Plus Muni, while RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index. They also come from different issuers: Invesco and Deutsche Bank. Their fees differ too: 0.28% for PWZ and 0.15% for RVNU.
PWZ currently has the higher Sharpe Ratio (1.95 vs 1.65), 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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