PWZ vs. SWNTX
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Schwab Tax-Free Bond Fund™ (SWNTX).
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. SWNTX is managed by Charles Schwab. It was launched on Sep 10, 1992.
Performance
PWZ vs. SWNTX - Performance Comparison
Loading graphics...
PWZ vs. SWNTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 0.16% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
SWNTX Schwab Tax-Free Bond Fund™ | -0.44% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 4.29% |
Returns By Period
In the year-to-date period, PWZ achieves a 0.16% return, which is significantly higher than SWNTX's -0.44% return. Over the past 10 years, PWZ has outperformed SWNTX with an annualized return of 1.92%, while SWNTX has yielded a comparatively lower 1.57% annualized return.
PWZ
- 1D
- 0.42%
- 1M
- -1.84%
- YTD
- 0.16%
- 6M
- 1.87%
- 1Y
- 3.40%
- 3Y*
- 2.23%
- 5Y*
- 0.04%
- 10Y*
- 1.92%
SWNTX
- 1D
- 0.18%
- 1M
- -2.25%
- YTD
- -0.44%
- 6M
- 1.09%
- 1Y
- 3.51%
- 3Y*
- 2.64%
- 5Y*
- 0.48%
- 10Y*
- 1.57%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PWZ vs. SWNTX - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than SWNTX's 0.48% expense ratio.
Return for Risk
PWZ vs. SWNTX — Risk / Return Rank
PWZ
SWNTX
PWZ vs. SWNTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Schwab Tax-Free Bond Fund™ (SWNTX). 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 | SWNTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.47 | 0.88 | -0.40 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.18 | -0.51 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.25 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.69 | 1.06 | -0.37 |
Martin ratioReturn relative to average drawdown | 1.80 | 3.48 | -1.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PWZ | SWNTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 0.88 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.14 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.44 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 1.16 | -0.71 |
Correlation
The correlation between PWZ and SWNTX is 0.50, 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. SWNTX - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.57%, more than SWNTX's 3.25% yield.
| 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% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.25% | 3.78% | 3.20% | 2.54% | 1.73% | 1.62% | 2.34% | 2.58% | 2.41% | 2.21% | 3.14% | 2.71% |
Drawdowns
PWZ vs. SWNTX - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for PWZ and SWNTX.
Loading graphics...
Drawdown Indicators
| PWZ | SWNTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -13.26% | -8.23% |
Max Drawdown (1Y)Largest decline over 1 year | -6.08% | -4.40% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | -13.26% | -4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -13.26% | -4.30% |
Current DrawdownCurrent decline from peak | -2.79% | -2.52% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -1.89% | -1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 1.34% | +0.98% |
Volatility
PWZ vs. SWNTX - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.83% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 0.98%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than SWNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PWZ | SWNTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 0.98% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 1.57% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.28% | 4.43% | +2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 3.45% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 3.56% | +2.33% |