PZA vs. ACTHX
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco High Yield Municipal Fund (ACTHX).
PZA is a passively managed fund by Invesco that tracks the performance of the BofA ML National Long-Term Core Plus Municipal Securities Index. It was launched on Oct 11, 2007. ACTHX is managed by Invesco. It was launched on Jan 1, 1986.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZA or ACTHX.
Performance
PZA vs. ACTHX - Performance Comparison
Returns By Period
In the year-to-date period, PZA achieves a 1.65% return, which is significantly lower than ACTHX's 5.53% return. Over the past 10 years, PZA has underperformed ACTHX with an annualized return of 2.47%, while ACTHX has yielded a comparatively higher 3.41% annualized return.
PZA
1.65%
1.41%
3.36%
7.15%
0.73%
2.47%
ACTHX
5.53%
1.25%
5.30%
11.26%
1.17%
3.41%
Key characteristics
| PZA | ACTHX | |
|---|---|---|
| Sharpe Ratio | 1.28 | 2.26 |
| Sortino Ratio | 1.86 | 3.45 |
| Omega Ratio | 1.24 | 1.55 |
| Calmar Ratio | 0.64 | 0.80 |
| Martin Ratio | 5.80 | 10.85 |
| Ulcer Index | 1.23% | 1.04% |
| Daily Std Dev | 5.58% | 4.99% |
| Max Drawdown | -24.49% | -27.29% |
| Current Drawdown | -4.41% | -4.37% |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PZA vs. ACTHX - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Correlation
The correlation between PZA and ACTHX is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
PZA vs. ACTHX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco High Yield Municipal Fund (ACTHX). 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.
Dividends
PZA vs. ACTHX - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.19%, less than ACTHX's 5.13% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.19% | 2.92% | 2.69% | 2.34% | 2.43% | 2.80% | 3.18% | 3.04% | 3.23% | 3.60% | 3.96% | 4.26% |
ACTHX Invesco High Yield Municipal Fund | 5.13% | 5.06% | 4.73% | 3.95% | 4.30% | 4.32% | 4.75% | 4.72% | 5.17% | 4.99% | 5.21% | 5.91% |
Drawdowns
PZA vs. ACTHX - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum ACTHX drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for PZA and ACTHX. For additional features, visit the drawdowns tool.
Volatility
PZA vs. ACTHX - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 2.54% compared to Invesco High Yield Municipal Fund (ACTHX) at 2.02%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.