PWZ vs. THYM
PWZ (Invesco California AMT-Free Municipal Bond ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - PWZ is a Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. PWZ is passively managed, while THYM is actively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. PWZ charges 0.28%/yr vs 0.32%/yr for THYM.
Performance
PWZ vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 1.12% return, which is significantly lower than THYM's 2.25% return.
PWZ
- 1D
- -0.15%
- 1M
- -2.41%
- 6M
- 0.80%
- YTD
- 1.12%
- 1Y
- 7.38%
- 3Y*
- 2.53%
- 5Y*
- -0.32%
- 10Y*
- 1.66%
- ALL TIME*
- 3.16%
THYM
- 1D
- 0.00%
- 1M
- -2.31%
- 6M
- 1.43%
- YTD
- 2.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.43M | $5.37M | $5.33M | |
| $170.69K | $138.29K | $131.50K |
PWZ vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | -0.29% |
THYM T. Rowe Price High Income Municipal ETF | 2.25% | 0.25% |
Correlation
The correlation between PWZ and THYM is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.66 |
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Return for Risk
PWZ vs. THYM — Risk / Return Rank
PWZ
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PWZ vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and T. Rowe Price High Income Municipal ETF (THYM). 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 | THYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | — | — |
| Martin ratioReturn relative to average drawdown | 8.86 | — | — |
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Drawdowns
PWZ vs. THYM - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for PWZ and THYM.
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Drawdown Indicators
| PWZ | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -2.93% | -18.56% |
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 | -17.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -2.41% | -2.31% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -0.55% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | — | — |
Volatility
PWZ vs. THYM - Volatility Comparison
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Volatility by Period
| PWZ | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 4.41% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 4.41% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 4.41% | +1.47% |
PWZ vs. THYM - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than THYM's 0.32% expense ratio.
Dividends
PWZ vs. THYM - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.73%, more than THYM's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.73% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
THYM T. Rowe Price High Income Municipal ETF | 2.99% | 0.37% | 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 THYM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PWZ is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PWZ is cheaper with a 0.28% expense ratio, compared with 0.32% for THYM.
PWZ has the higher dividend yield at 3.73%, compared with 2.99% for THYM.
PWZ is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Invesco and T. Rowe Price. Their fees differ too: 0.28% for PWZ and 0.32% for THYM.
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