PWZ vs. TAXS
PWZ (Invesco California AMT-Free Municipal Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - PWZ tracks the ICE BofA California Long-Term Core Plus Muni while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. PWZ charges 0.28%/yr vs 0.05%/yr for TAXS.
Performance
PWZ vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 2.41% return, which is significantly higher than TAXS's 0.93% return.
PWZ
- 1D
- -0.12%
- 1M
- 0.95%
- YTD
- 2.41%
- 6M
- 2.51%
- 1Y
- 9.09%
- 3Y*
- 3.20%
- 5Y*
- 0.12%
- 10Y*
- 1.89%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PWZ vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.41% | 6.01% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between PWZ and TAXS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.60 |
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Return for Risk
PWZ vs. TAXS — Risk / Return Rank
PWZ
TAXS
PWZ vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | — | — |
| Martin ratioReturn relative to average drawdown | 9.50 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PWZ | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | — | — |
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 | 2.78 | -2.32 |
Drawdowns
PWZ vs. TAXS - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for PWZ and TAXS.
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Drawdown Indicators
| PWZ | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -0.84% | -20.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -0.61% | -0.09% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -0.24% | -3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | — | — |
Volatility
PWZ vs. TAXS - Volatility Comparison
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Volatility by Period
| PWZ | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 1.00% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 1.00% | +5.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 1.00% | +4.89% |
PWZ vs. TAXS - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
PWZ vs. TAXS - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.58%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.58% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PWZ and TAXS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.28% for PWZ.
PWZ has the higher dividend yield at 3.58%, compared with 1.83% for TAXS.
PWZ tracks ICE BofA California Long-Term Core Plus Muni, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.28% for PWZ and 0.05% for TAXS.
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