PZA vs. ACTHX

Last updated Aug 2, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and ACTHX (Invesco High Yield Municipal Fund) are both funds - PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index, while ACTHX is a High Yield Muni fund managed by Invesco. Over the past 10 years, PZA returned 1.60%/yr vs 2.45%/yr for ACTHX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PZA charges 0.28%/yr vs 1.39%/yr for ACTHX.

Performance

PZA vs. ACTHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco High Yield Municipal Fund (ACTHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZA achieves a 0.76% return, which is significantly lower than ACTHX's 1.36% return. Over the past 10 years, PZA has underperformed ACTHX with an annualized return of 1.60%, while ACTHX has yielded a comparatively higher 2.45% annualized return.

PZA

• 1D: -0.02%
• 1M: -2.68%
• 6M: 0.02%
• YTD: 0.76%
• 1Y: 6.61%
• 3Y*: 2.52%
• 5Y*: -0.50%
• 10Y*: 1.60%
• ALL TIME*: 3.12%

ACTHX

• 1D: -0.49%
• 1M: -2.39%
• 6M: 0.90%
• YTD: 1.36%
• 1Y: 6.75%
• 3Y*: 4.24%
• 5Y*: 0.06%
• 10Y*: 2.45%
• ALL TIME*: 4.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACTHX Invesco High Yield Municipal Fund	$0.00	$0.00	$0.00
PZA Invesco National AMT-Free Municipal Bond ETF	$37.18M	$30.60M	$27.57M

PZA vs. ACTHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZA Invesco National AMT-Free Municipal Bond ETF	0.76%	1.81%	0.81%	8.64%	-13.17%	2.37%	5.07%	9.00%	-0.09%	6.95%
ACTHX Invesco High Yield Municipal Fund	1.36%	4.38%	5.54%	4.34%	-13.94%	6.29%	3.25%	10.12%	1.44%	9.10%

Correlation

The correlation between PZA and ACTHX is 0.54, 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.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007	0.58

The correlation between PZA and ACTHX shifts across timeframes, from 0.54 (1 year) to 0.69 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PZA vs. ACTHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PZA

PZA Risk / Return Rank: 76
PZA Sharpe Ratio Rank: 79
PZA Sortino Ratio Rank: 80
PZA Omega Ratio Rank: 87
PZA Calmar Ratio Rank: 68
PZA Martin Ratio Rank: 67

ACTHX

ACTHX Risk / Return Rank: 87
ACTHX Sharpe Ratio Rank: 88
ACTHX Sortino Ratio Rank: 91
ACTHX Omega Ratio Rank: 91
ACTHX Calmar Ratio Rank: 82
ACTHX Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PZA vs. ACTHX - Risk-Adjusted Trends 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.

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.

	PZA	ACTHX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.16	-0.35
Sortino ratio: Return per unit of downside risk	2.60	3.49	-0.89
Omega ratio: Gain probability vs. loss probability	1.39	1.51	-0.13
Calmar ratio: Return relative to maximum drawdown	2.38	2.73	-0.35
Martin ratio: Return relative to average drawdown	8.15	10.02	-1.87

PZA vs. ACTHX - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 1.81, which is comparable to the ACTHX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PZA and ACTHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	PZA	ACTHX	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-27.29%	+2.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-2.98%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-7.74%	-8.79%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-19.83%	+1.43%
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	-19.83%	-1.86%
Current Drawdown Current decline from peak	-2.75%	-2.50%	-0.25%
Average Drawdown Average peak-to-trough decline	-3.93%	-3.54%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.81%	+0.12%

Volatility

PZA vs. ACTHX - Volatility Comparison

Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.32% compared to Invesco High Yield Municipal Fund (ACTHX) at 1.03%. 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.

Volatility by Period

	PZA	ACTHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.03%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	2.90%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	3.78%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	5.75%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	5.40%	+1.69%

PZA vs. ACTHX - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is lower than ACTHX's 1.39% expense ratio.

Dividends

PZA vs. ACTHX - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.77%, less than ACTHX's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACTHX Invesco High Yield Municipal Fund	4.98%	7.14%	5.64%	4.22%	4.72%	3.95%	4.33%	4.70%	4.78%	4.71%	5.11%	4.93%
PZA Invesco National AMT-Free Municipal Bond ETF	3.77%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%

Frequently Asked Questions

Can I hold both PZA and ACTHX in my portfolio?

PZA and ACTHX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZA or ACTHX?

PZA has higher volatility (1.32%) compared to ACTHX (1.03%). In terms of maximum drawdown, PZA dropped -24.49% vs ACTHX's -27.29%.

Which has better risk-adjusted returns?

ACTHX currently has the higher Sharpe Ratio (2.16 vs 1.81), 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.