PWZ vs. RVNU

Last updated Jun 3, 2026

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 1.91%/yr vs 1.91%/yr for RVNU. At a 0.45 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.15%/yr for RVNU.

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.

Returns By Period

In the year-to-date period, PWZ achieves a 2.53% return, which is significantly lower than RVNU's 3.76% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PWZ at 1.91% and RVNU at 1.91%.

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%

RVNU

• 1D: 0.08%
• 1M: 1.22%
• YTD: 3.76%
• 6M: 3.09%
• 1Y: 10.00%
• 3Y*: 3.67%
• 5Y*: -0.18%
• 10Y*: 1.91%

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

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	2.53%	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	3.76%	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 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013	0.45

The correlation between PWZ and RVNU shifts across timeframes, from 0.45 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

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: 58
PWZ Sharpe Ratio Rank: 60
PWZ Sortino Ratio Rank: 66
PWZ Omega Ratio Rank: 69
PWZ Calmar Ratio Rank: 47
PWZ Martin Ratio Rank: 50

RVNU

RVNU Risk / Return Rank: 62
RVNU Sharpe Ratio Rank: 57
RVNU Sortino Ratio Rank: 62
RVNU Omega Ratio Rank: 60
RVNU Calmar Ratio Rank: 72
RVNU Martin Ratio Rank: 61

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	2.04	1.96	+0.08
Sortino ratio Return per unit of downside risk	3.08	2.94	+0.14
Omega ratio Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio Return relative to maximum drawdown	2.36	3.67	-1.31
Martin ratio Return relative to average drawdown	8.55	10.95	-2.41
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 2.04, which is comparable to the RVNU Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PWZ and RVNU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PWZ	RVNU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.96	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.02	+0.05
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	0.46	0.39	+0.07

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	-3.47%	-2.46%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-10.35%	+1.26%
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	-0.48%	-2.76%	+2.28%
Average Drawdown Average peak-to-trough decline	-3.54%	-4.98%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.83%	+0.13%

Volatility

PWZ vs. RVNU - Volatility Comparison

Invesco California AMT-Free Municipal Bond ETF (PWZ) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) have volatilities of 1.39% and 1.44%, 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.

Volatility by Period

	PWZ	RVNU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.44%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	3.42%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	5.20%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	7.19%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	7.28%	-1.39%

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 3.57%, more than RVNU's 3.51% 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%
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.51%	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

Can I hold both PWZ and RVNU in my portfolio?

PWZ and RVNU have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWZ or RVNU?

RVNU has higher volatility (1.44%) compared to PWZ (1.39%). In terms of maximum drawdown, PWZ dropped -21.49% vs RVNU's -23.51%.

Which ETF is better, PWZ or RVNU?

On 10-year performance, RVNU leads with 1.91% vs 1.91% for PWZ. On fees, RVNU is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWZ or RVNU?

Over the 10-year period, RVNU has performed better with a 1.91% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWZ or RVNU?

RVNU is cheaper with a 0.15% expense ratio, compared with 0.28% for PWZ.

Which ETF pays a higher dividend yield, PWZ or RVNU?

PWZ has the higher dividend yield at 3.57%, compared with 3.51% for RVNU.

What is the main difference between PWZ and 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.

Which has better risk-adjusted returns?

PWZ currently has the higher Sharpe Ratio (2.04 vs 1.96), 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.