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. A 0.61 correlation means they provide meaningful diversification when combined. 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 2.53% return, which is significantly lower than THYM's 3.19% 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%
THYM
- 1D
- 0.13%
- 1M
- 0.89%
- YTD
- 3.19%
- 6M
- 3.63%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PWZ vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.53% | -0.04% |
THYM T. Rowe Price High Income Municipal ETF | 3.19% | 0.27% |
Correlation
The correlation between PWZ and THYM is 0.61, 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 Nov 21, 2025 | 0.61 |
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Return for Risk
PWZ vs. THYM — Risk / Return Rank
PWZ
THYM
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.
| PWZ | THYM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.04 | — | — |
Sortino ratioReturn per unit of downside risk | 3.08 | — | — |
Omega ratioGain probability vs. loss probability | 1.42 | — | — |
Calmar ratioReturn relative to maximum drawdown | 2.36 | — | — |
Martin ratioReturn relative to average drawdown | 8.55 | — | — |
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 | THYM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | — | — |
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 | 1.56 | -1.10 |
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 | -17.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | — | — |
Current DrawdownCurrent decline from peak | -0.48% | 0.00% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -0.49% | -3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | — | — |
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 | 1.39% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 4.36% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 4.36% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 4.36% | +1.53% |
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 3.57%, more than THYM's 2.19% 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% |
THYM T. Rowe Price High Income Municipal ETF | 2.19% | 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 0.61, 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 3.57%, compared with 2.19% 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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