PWZ vs. SPMO
PWZ (Invesco California AMT-Free Municipal Bond ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - PWZ is a Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, PWZ returned 1.79%/yr vs 21.03%/yr for SPMO. At a 0.05 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.13%/yr for SPMO.
Performance
PWZ vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 2.63% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, PWZ has underperformed SPMO with an annualized return of 1.79%, while SPMO has yielded a comparatively higher 21.03% annualized return.
PWZ
- 1D
- -0.16%
- 1M
- 2.02%
- YTD
- 2.63%
- 6M
- 2.63%
- 1Y
- 8.32%
- 3Y*
- 2.91%
- 5Y*
- 0.14%
- 10Y*
- 1.79%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
PWZ vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.63% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between PWZ and SPMO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.05 |
The correlation between PWZ and SPMO shifts across timeframes, from 0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PWZ vs. SPMO — Risk / Return Rank
PWZ
SPMO
PWZ vs. SPMO - 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 S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.45 | -1.04 |
| Martin ratioReturn relative to average drawdown | 8.70 | 12.97 | -4.27 |
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Drawdowns
PWZ vs. SPMO - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for PWZ and SPMO.
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Drawdown Indicators
| PWZ | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -30.95% | +9.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -12.70% | +9.23% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -20.13% | +11.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -22.74% | +5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -30.95% | +13.39% |
Current DrawdownCurrent decline from peak | -0.39% | -4.53% | +4.14% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -4.59% | +1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.37% | -2.41% |
Volatility
PWZ vs. SPMO - Volatility Comparison
The current volatility for Invesco California AMT-Free Municipal Bond ETF (PWZ) is 1.10%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that PWZ experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 11.75% | -10.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 17.78% | -14.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 20.55% | -16.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 19.88% | -13.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 20.60% | -14.71% |
PWZ vs. SPMO - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
PWZ vs. SPMO - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.61%, more than SPMO's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.61% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
PWZ and SPMO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to PWZ (1.10%). In terms of maximum drawdown, PWZ dropped -21.49% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 1.79% for PWZ. On fees, SPMO is cheaper at 0.13% per year. On volatility, PWZ has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 21.03% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.28% for PWZ.
PWZ has the higher dividend yield at 3.61%, compared with 0.68% for SPMO.
PWZ is categorized as Municipal Bonds, while SPMO is Momentum. PWZ tracks ICE BofA California Long-Term Core Plus Muni, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.28% for PWZ and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 vs 1.95), 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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