PWZ vs. RVNU

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU).

PWZ and RVNU 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. RVNU is a passively managed fund by Deutsche Bank that tracks the performance of the Solactive Municipal Infrastructure Revenue Bond Index. It was launched on Jun 4, 2013. Both PWZ and RVNU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PWZ vs. RVNU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California AMT-Free Municipal Bond ETF (PWZ) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). The values are adjusted to include any dividend payments, if applicable.

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	-0.25%	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	1.00%	0.58%	1.46%	11.19%	-16.60%	2.28%	6.54%	10.16%	-0.56%	8.24%

Returns By Period

In the year-to-date period, PWZ achieves a -0.25% return, which is significantly lower than RVNU's 1.00% return. Both investments have delivered pretty close results over the past 10 years, with PWZ having a 1.87% annualized return and RVNU not far ahead at 1.89%.

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%

RVNU

• 1D: 0.55%
• 1M: -1.33%
• YTD: 1.00%
• 6M: 1.63%
• 1Y: 3.62%
• 3Y*: 2.69%
• 5Y*: -0.31%
• 10Y*: 1.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PWZ vs. RVNU - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is higher than RVNU's 0.15% expense ratio.

PWZ

Invesco California AMT-Free Municipal Bond ETF

RVNU

Xtrackers Municipal Infrastructure Revenue Bond ETF

Return for Risk

PWZ vs. RVNU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PWZ

PWZ Risk / Return Rank: 28
PWZ Sharpe Ratio Rank: 30
PWZ Sortino Ratio Rank: 26
PWZ Omega Ratio Rank: 32
PWZ Calmar Ratio Rank: 28
PWZ Martin Ratio Rank: 24

RVNU

RVNU Risk / Return Rank: 25
RVNU Sharpe Ratio Rank: 26
RVNU Sortino Ratio Rank: 23
RVNU Omega Ratio Rank: 26
RVNU Calmar Ratio Rank: 27
RVNU Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	PWZ	RVNU	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.46	+0.06
Sortino ratio Return per unit of downside risk	0.73	0.64	+0.09
Omega ratio Gain probability vs. loss probability	1.13	1.10	+0.02
Calmar ratio Return relative to maximum drawdown	0.64	0.61	+0.03
Martin ratio Return relative to average drawdown	1.67	1.46	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWZ vs. RVNU - Sharpe Ratio Comparison

The current PWZ Sharpe Ratio is 0.52, which is comparable to the RVNU Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of PWZ and RVNU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PWZ	RVNU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.46	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.04	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.26	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.36	+0.08

Correlation

The correlation between PWZ and RVNU is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PWZ vs. RVNU - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.58%, more than RVNU's 3.50% 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%
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.50%	3.46%	3.06%	2.79%	2.81%	2.18%	2.43%	2.75%	2.76%	2.49%	2.72%	3.01%

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.

Drawdown Indicators

	PWZ	RVNU	Difference
Max Drawdown Largest peak-to-trough decline	-21.49%	-23.51%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-6.12%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-17.56%	-23.51%	+5.95%
Max Drawdown (10Y) Largest decline over 10 years	-17.56%	-23.51%	+5.95%
Current Drawdown Current decline from peak	-3.19%	-5.35%	+2.16%
Average Drawdown Average peak-to-trough decline	-3.56%	-4.99%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.57%	-0.25%

Volatility

PWZ vs. RVNU - Volatility Comparison

The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.83%, while Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) has a volatility of 2.09%. 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.

Volatility by Period

	PWZ	RVNU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	2.09%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	3.48%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	7.27%	7.94%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	7.16%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	7.30%	-1.41%