PWZ vs. VWLTX
PWZ (Invesco California AMT-Free Municipal Bond ETF) and VWLTX (Vanguard Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, PWZ returned 1.66%/yr vs 2.32%/yr for VWLTX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. PWZ charges 0.28%/yr vs 0.17%/yr for VWLTX.
Performance
PWZ vs. VWLTX - Performance Comparison
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Returns By Period
In the year-to-date period, PWZ achieves a 1.12% return, which is significantly higher than VWLTX's 0.47% return. Over the past 10 years, PWZ has underperformed VWLTX with an annualized return of 1.66%, while VWLTX has yielded a comparatively higher 2.32% annualized 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%
VWLTX
- 1D
- -0.28%
- 1M
- -2.20%
- 6M
- -0.20%
- YTD
- 0.47%
- 1Y
- 5.87%
- 3Y*
- 3.89%
- 5Y*
- 0.73%
- 10Y*
- 2.32%
- ALL TIME*
- 3.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.43M | $5.37M | $5.33M | |
| $0.00 | $0.00 | $0.00 |
PWZ vs. VWLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 0.47% | 4.80% | 2.44% | 7.56% | -10.43% | 1.83% | 6.21% | 8.77% | 0.89% | 6.45% |
Correlation
The correlation between PWZ and VWLTX 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 (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007 | 0.53 |
The correlation between PWZ and VWLTX shifts across timeframes, from 0.53 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PWZ vs. VWLTX — Risk / Return Rank
PWZ
VWLTX
PWZ vs. VWLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX). 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 | VWLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.52 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.21 | +0.18 |
| Martin ratioReturn relative to average drawdown | 8.86 | 7.57 | +1.29 |
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Drawdowns
PWZ vs. VWLTX - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, smaller than the maximum VWLTX drawdown of -49.97%. Use the drawdown chart below to compare losses from any high point for PWZ and VWLTX.
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Drawdown Indicators
| PWZ | VWLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.49% | -49.97% | +28.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.47% | -3.09% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -5.77% | -3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -17.39% | -16.01% | -1.38% |
Max Drawdown (10Y)Largest decline over 10 years | -17.56% | -16.01% | -1.55% |
Current DrawdownCurrent decline from peak | -2.41% | -2.20% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -10.14% | +6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.90% | +0.04% |
Volatility
PWZ vs. VWLTX - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) have volatilities of 1.05% and 1.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWZ | VWLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.01% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 2.54% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 3.15% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 4.62% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 4.51% | +1.37% |
PWZ vs. VWLTX - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than VWLTX's 0.17% expense ratio.
Dividends
PWZ vs. VWLTX - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.73%, more than VWLTX's 3.46% 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% |
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.46% | 4.51% | 3.98% | 3.09% | 2.91% | 2.65% | 3.24% | 3.82% | 3.49% | 3.70% | 3.98% | 3.79% |
Frequently Asked Questions
PWZ and VWLTX 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.
PWZ has higher volatility (1.05%) compared to VWLTX (1.01%). In terms of maximum drawdown, PWZ dropped -21.49% vs VWLTX's -49.97%.
VWLTX currently has the higher Sharpe Ratio (2.17 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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