PZA vs. BND
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Total Bond Market ETF (BND).
PZA and BND 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. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007. Both PZA and BND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PZA vs. BND - Performance Comparison
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PZA vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 0.39% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
BND Vanguard Total Bond Market ETF | 0.09% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Returns By Period
In the year-to-date period, PZA achieves a 0.39% return, which is significantly higher than BND's 0.09% return. Over the past 10 years, PZA has outperformed BND with an annualized return of 1.89%, while BND has yielded a comparatively lower 1.68% annualized return.
PZA
- 1D
- 0.39%
- 1M
- -1.53%
- YTD
- 0.39%
- 6M
- 1.61%
- 1Y
- 3.25%
- 3Y*
- 2.49%
- 5Y*
- 0.00%
- 10Y*
- 1.89%
BND
- 1D
- 0.04%
- 1M
- -1.30%
- YTD
- 0.09%
- 6M
- 0.74%
- 1Y
- 3.96%
- 3Y*
- 3.60%
- 5Y*
- 0.25%
- 10Y*
- 1.68%
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PZA vs. BND - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than BND's 0.03% expense ratio.
Return for Risk
PZA vs. BND — Risk / Return Rank
PZA
BND
PZA vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 0.93 | -0.41 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.32 | -0.65 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.16 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.75 | -1.01 |
Martin ratioReturn relative to average drawdown | 1.55 | 4.78 | -3.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZA | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.93 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.04 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.30 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.59 | -0.17 |
Correlation
The correlation between PZA and BND is 0.53, 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.
Dividends
PZA vs. BND - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.64%, less than BND's 3.93% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.64% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
BND Vanguard Total Bond Market ETF | 3.93% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Drawdowns
PZA vs. BND - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for PZA and BND.
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Drawdown Indicators
| PZA | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -18.58% | -5.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -2.44% | -2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -17.91% | -0.64% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -18.58% | -3.11% |
Current DrawdownCurrent decline from peak | -3.11% | -2.54% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -3.07% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 0.90% | +1.60% |
Volatility
PZA vs. BND - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.85% compared to Vanguard Total Bond Market ETF (BND) at 1.63%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.63% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 2.52% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 4.30% | +2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 6.00% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 5.52% | +1.55% |