Correlation
The correlation between PWZ and SCHP 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.
PWZ vs. SCHP
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Schwab U.S. TIPS ETF (SCHP).
PWZ and SCHP 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. SCHP is a passively managed fund by Charles Schwab that tracks the performance of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). It was launched on Aug 5, 2010. Both PWZ and SCHP 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 SCHP.
Performance
PWZ vs. SCHP - Performance Comparison
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Key characteristics
PWZ:
-0.21
SCHP:
1.12
PWZ:
-0.32
SCHP:
1.41
PWZ:
0.96
SCHP:
1.18
PWZ:
-0.22
SCHP:
0.49
PWZ:
-0.82
SCHP:
3.03
PWZ:
2.92%
SCHP:
1.59%
PWZ:
8.52%
SCHP:
4.77%
PWZ:
-21.49%
SCHP:
-14.26%
PWZ:
-8.64%
SCHP:
-4.60%
Returns By Period
In the year-to-date period, PWZ achieves a -4.69% return, which is significantly lower than SCHP's 2.92% return. Over the past 10 years, PWZ has underperformed SCHP with an annualized return of 1.89%, while SCHP has yielded a comparatively higher 2.39% annualized return.
PWZ
-4.69%
-0.22%
-5.21%
-1.72%
1.38%
-0.46%
1.89%
SCHP
2.92%
-0.56%
2.28%
5.19%
0.74%
1.43%
2.39%
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PWZ vs. SCHP - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than SCHP's 0.05% expense ratio.
Risk-Adjusted Performance
PWZ vs. SCHP — Risk-Adjusted Performance Rank
PWZ
SCHP
PWZ vs. SCHP - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Schwab U.S. TIPS ETF (SCHP). 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.
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Dividends
PWZ vs. SCHP - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.53%, more than SCHP's 3.29% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.53% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% | 3.80% |
SCHP Schwab U.S. TIPS ETF | 3.29% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.63% | 1.90% | 1.38% | 0.28% | 1.30% |
Drawdowns
PWZ vs. SCHP - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for PWZ and SCHP.
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Volatility
PWZ vs. SCHP - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) and Schwab U.S. TIPS ETF (SCHP) have volatilities of 1.52% and 1.55%, 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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