PZA vs. AMUN

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and abrdn Ultra Short Municipal Income Active ETF (AMUN).

PZA and AMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AMUN is an actively managed fund by abrdn. It was launched on Oct 20, 2025.

Performance

PZA vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco National AMT-Free Municipal Bond ETF (PZA) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

PZA vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
PZA Invesco National AMT-Free Municipal Bond ETF	0.00%	-0.17%
AMUN abrdn Ultra Short Municipal Income Active ETF	0.54%	0.14%

Returns By Period

PZA

• 1D: 0.39%
• 1M: -2.33%
• YTD: 0.00%
• 6M: 1.39%
• 1Y: 3.47%
• 3Y*: 2.36%
• 5Y*: -0.07%
• 10Y*: 1.85%

AMUN

• 1D: 0.02%
• 1M: -0.04%
• YTD: 0.54%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZA vs. AMUN - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is higher than AMUN's 0.25% expense ratio.

PZA

Invesco National AMT-Free Municipal Bond ETF

AMUN

abrdn Ultra Short Municipal Income Active ETF

Return for Risk

PZA vs. AMUN — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 29
PZA Sharpe Ratio Rank: 31
PZA Sortino Ratio Rank: 26
PZA Omega Ratio Rank: 34
PZA Calmar Ratio Rank: 30
PZA Martin Ratio Rank: 23

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.

PZA vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

	PZA	AMUN	Difference
Sharpe ratio Return per unit of total volatility	0.55	—	—
Sortino ratio Return per unit of downside risk	0.71	—	—
Omega ratio Gain probability vs. loss probability	1.13	—	—
Calmar ratio Return relative to maximum drawdown	0.72	—	—
Martin ratio Return relative to average drawdown	1.50	—	—
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

	PZA	AMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.39	-0.97

Correlation

The correlation between PZA and AMUN is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PZA vs. AMUN - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.65%, more than AMUN's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZA Invesco National AMT-Free Municipal Bond ETF	3.65%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.14%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PZA vs. AMUN - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for PZA and AMUN.

Drawdown Indicators

	PZA	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-0.61%	-23.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	—	—
Current Drawdown Current decline from peak	-3.49%	-0.05%	-3.44%
Average Drawdown Average peak-to-trough decline	-3.97%	-0.11%	-3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	—	—

Volatility

Volatility by Period

	PZA	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	1.12%	+5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	1.12%	+4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.07%	1.12%	+5.95%