PZA vs. HYMB

Last updated Jun 5, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, PZA returned 1.90%/yr vs 2.47%/yr for HYMB. A 0.56 correlation means they provide meaningful diversification when combined. PZA charges 0.28%/yr vs 0.35%/yr for HYMB.

Performance

PZA vs. HYMB - Performance Comparison

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

Returns By Period

In the year-to-date period, PZA achieves a 2.60% return, which is significantly lower than HYMB's 3.07% return. Over the past 10 years, PZA has underperformed HYMB with an annualized return of 1.90%, while HYMB has yielded a comparatively higher 2.47% annualized return.

PZA

• 1D: 0.26%
• 1M: 1.10%
• YTD: 2.60%
• 6M: 2.86%
• 1Y: 8.99%
• 3Y*: 3.37%
• 5Y*: 0.03%
• 10Y*: 1.90%

HYMB

• 1D: 0.20%
• 1M: 1.19%
• YTD: 3.07%
• 6M: 3.18%
• 1Y: 7.38%
• 3Y*: 5.23%
• 5Y*: 0.46%
• 10Y*: 2.47%

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

PZA vs. HYMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZA Invesco National AMT-Free Municipal Bond ETF	2.60%	1.81%	0.81%	8.64%	-13.17%	2.37%	5.07%	9.00%	-0.09%	6.95%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	3.07%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%

Correlation

The correlation between PZA and HYMB is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.56

Over the past year, PZA and HYMB have become more correlated (0.79) than their long-term average of 0.56, meaning their price movements have been converging.

PZA vs. HYMB - Sectors Allocation Comparison

Sectors	PZA	HYMB
Financial Services	1.2%	-
Consumer Cyclical	0.1%	-
Technology	0.0%	-
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	100.0%

Return for Risk

PZA vs. HYMB — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 66
PZA Sharpe Ratio Rank: 65
PZA Sortino Ratio Rank: 69
PZA Omega Ratio Rank: 79
PZA Calmar Ratio Rank: 58
PZA Martin Ratio Rank: 58

HYMB

HYMB Risk / Return Rank: 55
HYMB Sharpe Ratio Rank: 55
HYMB Sortino Ratio Rank: 56
HYMB Omega Ratio Rank: 62
HYMB Calmar Ratio Rank: 49
HYMB Martin Ratio Rank: 51

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. HYMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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	HYMB	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.83	+0.31
Sortino ratio: Return per unit of downside risk	3.11	2.62	+0.49
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio: Return relative to maximum drawdown	2.84	2.39	+0.45
Martin ratio: Return relative to average drawdown	10.03	8.46	+1.57
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. HYMB - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 2.14, which is comparable to the HYMB Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PZA and HYMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PZA	HYMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	1.83	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.07	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.22	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.45	-0.02

Drawdowns

PZA vs. HYMB - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for PZA and HYMB.

Drawdown Indicators

	PZA	HYMB	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-29.57%	+5.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-3.11%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-7.44%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-20.15%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	-29.57%	+7.88%
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-3.95%	-3.80%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.88%	+0.02%

Volatility

PZA vs. HYMB - Volatility Comparison

Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.49% compared to SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) at 1.35%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZA	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	1.35%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	3.14%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	4.06%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	6.66%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	11.35%	-4.27%

PZA vs. HYMB - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is lower than HYMB's 0.35% expense ratio.

Dividends

PZA vs. HYMB - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.63%, less than HYMB's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%
PZA Invesco National AMT-Free Municipal Bond ETF	3.63%	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 HYMB in my portfolio?

PZA and HYMB have a correlation of 0.79, 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 HYMB?

PZA has higher volatility (1.49%) compared to HYMB (1.35%). In terms of maximum drawdown, PZA dropped -24.49% vs HYMB's -29.57%.

Which ETF is better, PZA or HYMB?

On 10-year performance, HYMB leads with 2.47% vs 1.90% for PZA. On fees, PZA is cheaper at 0.28% per year. On volatility, HYMB has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZA or HYMB?

Over the 10-year period, HYMB has performed better with a 2.47% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZA or HYMB?

PZA is cheaper with a 0.28% expense ratio, compared with 0.35% for HYMB.

Which ETF pays a higher dividend yield, PZA or HYMB?

HYMB has the higher dividend yield at 4.54%, compared with 3.63% for PZA.

What is the main difference between PZA and HYMB?

PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.28% for PZA and 0.35% for HYMB.

Which has better risk-adjusted returns?

PZA currently has the higher Sharpe Ratio (2.14 vs 1.83), 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.