PZA vs. HYMU
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and BlackRock High Yield Muni Income Bond ETF (HYMU).
PZA and HYMU 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. HYMU is an actively managed fund by BlackRock. It was launched on Mar 16, 2021.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZA or HYMU.
Performance
PZA vs. HYMU - Performance Comparison
Returns By Period
In the year-to-date period, PZA achieves a 1.34% return, which is significantly lower than HYMU's 7.50% return.
PZA
1.34%
-0.48%
2.31%
7.91%
0.66%
2.46%
HYMU
7.50%
-0.37%
4.30%
13.66%
N/A
N/A
Key characteristics
| PZA | HYMU | |
|---|---|---|
| Sharpe Ratio | 1.43 | 2.59 |
| Sortino Ratio | 2.08 | 3.83 |
| Omega Ratio | 1.27 | 1.52 |
| Calmar Ratio | 0.69 | 1.01 |
| Martin Ratio | 6.56 | 17.92 |
| Ulcer Index | 1.23% | 0.78% |
| Daily Std Dev | 5.63% | 5.39% |
| Max Drawdown | -24.49% | -22.55% |
| Current Drawdown | -4.71% | -2.08% |
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PZA vs. HYMU - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is lower than HYMU's 0.35% expense ratio.
Correlation
The correlation between PZA and HYMU is 0.64, 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.
Risk-Adjusted Performance
PZA vs. HYMU - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and BlackRock High Yield Muni Income Bond ETF (HYMU). 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.
Dividends
PZA vs. HYMU - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.19%, less than HYMU's 4.19% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.19% | 2.92% | 2.69% | 2.34% | 2.43% | 2.80% | 3.18% | 3.04% | 3.23% | 3.60% | 3.96% | 4.26% |
HYMU BlackRock High Yield Muni Income Bond ETF | 4.19% | 4.36% | 4.02% | 2.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PZA vs. HYMU - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, which is greater than HYMU's maximum drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for PZA and HYMU. For additional features, visit the drawdowns tool.
Volatility
PZA vs. HYMU - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 2.77% compared to BlackRock High Yield Muni Income Bond ETF (HYMU) at 2.05%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than HYMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.