PWZ vs. SOXQ

Last updated Jun 3, 2026

PWZ (Invesco California AMT-Free Municipal Bond ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - PWZ is a Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 3 years, PWZ returned 3.24%/yr vs 58.65%/yr for SOXQ. At a 0.13 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.19%/yr for SOXQ.

Performance

PWZ vs. SOXQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco PHLX Semiconductor ETF (SOXQ). 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 SOXQ's 93.97% return.

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%

SOXQ

• 1D: 5.90%
• 1M: 29.63%
• YTD: 93.97%
• 6M: 92.43%
• 1Y: 185.41%
• 3Y*: 58.65%
• 5Y*: —
• 10Y*: —

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

PWZ vs. SOXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PWZ Invesco California AMT-Free Municipal Bond ETF	2.53%	1.26%	2.16%	6.55%	-11.35%	0.03%
SOXQ Invesco PHLX Semiconductor ETF	93.97%	43.11%	20.16%	66.74%	-35.59%	24.82%

Correlation

The correlation between PWZ and SOXQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.13

PWZ vs. SOXQ - Sectors Allocation Comparison

Sectors	PWZ	SOXQ
Financial Services	6.9%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

PWZ vs. SOXQ — 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

SOXQ

SOXQ Risk / Return Rank: 97
SOXQ Sharpe Ratio Rank: 98
SOXQ Sortino Ratio Rank: 95
SOXQ Omega Ratio Rank: 95
SOXQ Calmar Ratio Rank: 97
SOXQ Martin Ratio Rank: 97

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. SOXQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco PHLX Semiconductor ETF (SOXQ). 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	SOXQ	Difference
Sharpe ratio Return per unit of total volatility	2.04	5.53	-3.48
Sortino ratio Return per unit of downside risk	3.08	5.28	-2.20
Omega ratio Gain probability vs. loss probability	1.42	1.73	-0.32
Calmar ratio Return relative to maximum drawdown	2.36	12.19	-9.82
Martin ratio Return relative to average drawdown	8.55	46.84	-38.30
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. SOXQ - Sharpe Ratio Comparison

The current PWZ Sharpe Ratio is 2.04, which is lower than the SOXQ Sharpe Ratio of 5.53. The chart below compares the historical Sharpe Ratios of PWZ and SOXQ, 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	SOXQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	5.53	-3.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.97	-0.51

Drawdowns

PWZ vs. SOXQ - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for PWZ and SOXQ.

Drawdown Indicators

	PWZ	SOXQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.49%	-46.01%	+24.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.47%	-15.59%	+12.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-39.36%	+30.27%
Max Drawdown (5Y) Largest decline over 5 years	-17.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.56%	—	—
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-3.54%	-12.97%	+9.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	4.06%	-3.10%

Volatility

PWZ vs. SOXQ - Volatility Comparison

The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.39%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 13.56%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWZ	SOXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	13.56%	-12.17%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	26.69%	-23.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	33.79%	-29.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	36.39%	-30.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	36.39%	-30.50%

PWZ vs. SOXQ - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is higher than SOXQ's 0.19% expense ratio.

Dividends

PWZ vs. SOXQ - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.57%, more than SOXQ's 0.26% 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%
SOXQ Invesco PHLX Semiconductor ETF	0.26%	0.50%	0.68%	0.87%	1.36%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWZ and SOXQ in my portfolio?

PWZ and SOXQ have a correlation of 0.17, 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 SOXQ?

SOXQ has higher volatility (13.56%) compared to PWZ (1.39%). In terms of maximum drawdown, PWZ dropped -21.49% vs SOXQ's -46.01%.

Which ETF is better, PWZ or SOXQ?

On 3-year performance, SOXQ leads with 58.65% vs 3.24% for PWZ. On fees, SOXQ is cheaper at 0.19% per year. On volatility, PWZ has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWZ or SOXQ?

Over the 3-year period, SOXQ has performed better with a 58.65% return vs 3.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWZ or SOXQ?

SOXQ is cheaper with a 0.19% expense ratio, compared with 0.28% for PWZ.

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

PWZ has the higher dividend yield at 3.57%, compared with 0.26% for SOXQ.

What is the main difference between PWZ and SOXQ?

PWZ is categorized as Municipal Bonds, while SOXQ is Semiconductors. PWZ tracks ICE BofA California Long-Term Core Plus Muni, while SOXQ tracks PHLX Semiconductor Sector Index. Their fees differ too: 0.28% for PWZ and 0.19% for SOXQ.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (5.53 vs 2.04), 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.