PWZ vs. ZMUN

Last updated Jun 3, 2026

PWZ (Invesco California AMT-Free Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - PWZ tracks the ICE BofA California Long-Term Core Plus Muni while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.14 correlation, their price movements are largely independent. PWZ charges 0.28%/yr vs 0.30%/yr for ZMUN.

Performance

PWZ vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California AMT-Free Municipal Bond ETF (PWZ) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWZ achieves a 2.53% return, which is significantly higher than ZMUN's 1.59% 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%

ZMUN

• 1D: 0.07%
• 1M: 0.24%
• YTD: 1.59%
• 6M: 1.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PWZ vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
PWZ Invesco California AMT-Free Municipal Bond ETF	2.53%	1.92%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.59%	0.73%

Correlation

The correlation between PWZ and ZMUN is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.14

Return for Risk

PWZ vs. ZMUN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PWZ

PWZ Risk / Return Rank: 58
PWZ Sharpe Ratio Rank: 60
PWZ Sortino Ratio Rank: 66
PWZ Omega Ratio Rank: 69
PWZ Calmar Ratio Rank: 47
PWZ Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PWZ vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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	ZMUN	Difference
Sharpe ratio Return per unit of total volatility	2.04	—	—
Sortino ratio Return per unit of downside risk	3.08	—	—
Omega ratio Gain probability vs. loss probability	1.42	—	—
Calmar ratio Return relative to maximum drawdown	2.36	—	—
Martin ratio Return 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.

Sharpe Ratios by Period

	PWZ	ZMUN	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	6.55	-6.09

Drawdowns

PWZ vs. ZMUN - Drawdown Comparison

The maximum PWZ drawdown since its inception was -21.49%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for PWZ and ZMUN.

Drawdown Indicators

	PWZ	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-21.49%	-0.09%	-21.40%
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 Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.01%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	—	—

Volatility

Volatility by Period

	PWZ	ZMUN	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%	0.54%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	0.54%	+5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	0.54%	+5.35%

PWZ vs. ZMUN - Expense Ratio Comparison

PWZ has a 0.28% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

PWZ vs. ZMUN - Dividend Comparison

PWZ's dividend yield for the trailing twelve months is around 3.57%, more than ZMUN's 2.28% 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%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWZ and ZMUN in my portfolio?

PWZ and ZMUN have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PWZ or ZMUN?

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.

Which ETF is cheaper, PWZ or ZMUN?

PWZ is cheaper with a 0.28% expense ratio, compared with 0.30% for ZMUN.

Which ETF pays a higher dividend yield, PWZ or ZMUN?

PWZ has the higher dividend yield at 3.57%, compared with 2.28% for ZMUN.

What is the main difference between PWZ and ZMUN?

PWZ tracks ICE BofA California Long-Term Core Plus Muni, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.28% for PWZ and 0.30% for ZMUN.