PZA vs. CALI

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and iShares Short-Term California Muni Active ETF (CALI).

PZA and CALI 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. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007. Both PZA and CALI 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. CALI - Performance Comparison

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

PZA vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PZA Invesco National AMT-Free Municipal Bond ETF	0.00%	1.81%	0.81%	3.62%
CALI iShares Short-Term California Muni Active ETF	0.30%	3.28%	2.84%	1.97%

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%

CALI

• 1D: 0.07%
• 1M: -0.46%
• YTD: 0.30%
• 6M: 0.80%
• 1Y: 2.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZA vs. CALI - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is higher than CALI's 0.08% expense ratio.

PZA

Invesco National AMT-Free Municipal Bond ETF

CALI

iShares Short-Term California Muni Active ETF

Return for Risk

PZA vs. CALI — 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

CALI

CALI Risk / Return Rank: 95
CALI Sharpe Ratio Rank: 96
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 93
CALI Martin Ratio Rank: 95

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. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and iShares Short-Term California Muni Active ETF (CALI). 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	CALI	Difference
Sharpe ratio Return per unit of total volatility	0.55	2.53	-1.97
Sortino ratio Return per unit of downside risk	0.71	3.29	-2.58
Omega ratio Gain probability vs. loss probability	1.13	1.63	-0.49
Calmar ratio Return relative to maximum drawdown	0.72	3.51	-2.80
Martin ratio Return relative to average drawdown	1.50	15.32	-13.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZA vs. CALI - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 0.55, which is lower than the CALI Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PZA and CALI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PZA	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	2.53	-1.97
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	2.76	-2.34

Correlation

The correlation between PZA and CALI is 0.37, 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. CALI - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.65%, more than CALI's 2.57% 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%
CALI iShares Short-Term California Muni Active ETF	2.57%	2.62%	3.14%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PZA vs. CALI - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for PZA and CALI.

Drawdown Indicators

	PZA	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-0.78%	-23.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	-0.78%	-4.45%
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%	-0.46%	-3.03%
Average Drawdown Average peak-to-trough decline	-3.97%	-0.08%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	0.18%	+2.31%

Volatility

PZA vs. CALI - Volatility Comparison

Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.90% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZA	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	0.34%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	0.52%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	1.09%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	1.13%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.07%	1.13%	+5.94%