PZA vs. HYMU

Last updated Jun 3, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and HYMU (BlackRock High Yield Muni Income Bond ETF) are both exchange-traded funds - PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index, while HYMU is a High Yield Muni fund actively managed by BlackRock. PZA is passively managed, while HYMU is actively managed. PZA charges 0.28%/yr vs 0.35%/yr for HYMU.

Performance

PZA vs. HYMU - Performance Comparison

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

Returns By Period

PZA

• 1D: 0.26%
• 1M: 0.88%
• YTD: 2.47%
• 6M: 2.78%
• 1Y: 9.14%
• 3Y*: 3.33%
• 5Y*: 0.04%
• 10Y*: 1.88%

HYMU

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZA vs. HYMU - Yearly Performance Comparison

	2026 (YTD)
PZA Invesco National AMT-Free Municipal Bond ETF	0.65%
HYMU BlackRock High Yield Muni Income Bond ETF	0.00%

Return for Risk

PZA vs. HYMU — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 64
PZA Sharpe Ratio Rank: 65
PZA Sortino Ratio Rank: 68
PZA Omega Ratio Rank: 78
PZA Calmar Ratio Rank: 54
PZA Martin Ratio Rank: 55

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. HYMU - Risk-Adjusted Trends 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.

	PZA	HYMU	Difference
Sharpe ratio Return per unit of total volatility	2.18	—	—
Sortino ratio Return per unit of downside risk	3.16	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	2.72	—	—
Martin ratio Return relative to average drawdown	9.63	—	—
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	HYMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	—	—

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 0.00%. Use the drawdown chart below to compare losses from any high point for PZA and HYMU.

Drawdown Indicators

	PZA	HYMU	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	0.00%	-24.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	—	—
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	-1.10%	0.00%	-1.10%
Average Drawdown Average peak-to-trough decline	-3.95%	0.00%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	—	—

Volatility

Volatility by Period

	PZA	HYMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	0.00%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	0.00%	+6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	0.00%	+7.08%

PZA vs. HYMU - Expense Ratio Comparison

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

Dividends

PZA vs. HYMU - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.63%, while HYMU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMU BlackRock High Yield Muni Income Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Which ETF is better, PZA or HYMU?

On fees, PZA is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZA or HYMU?

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

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

PZA has the higher dividend yield at 3.63%, compared with 0.00% for HYMU.

What is the main difference between PZA and HYMU?

PZA is categorized as Municipal Bonds, while HYMU is High Yield Muni. They also come from different issuers: Invesco and BlackRock. Their fees differ too: 0.28% for PZA and 0.35% for HYMU.