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PZA vs. IEF
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PZA vs. IEF

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and iShares 7-10 Year Treasury Bond ETF (IEF).

PZA and IEF 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. IEF is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 7-10 Year Treasury Bond Index. It was launched on Jul 26, 2002. Both PZA and IEF 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. IEF - 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 7-10 Year Treasury Bond ETF (IEF). The values are adjusted to include any dividend payments, if applicable.

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PZA vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEF
iShares 7-10 Year Treasury Bond ETF		-0.22%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Returns By Period

In the year-to-date period, PZA achieves a 0.39% return, which is significantly higher than IEF's -0.22% return. Over the past 10 years, PZA has outperformed IEF with an annualized return of 1.89%, while IEF has yielded a comparatively lower 0.78% 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%

IEF

1D
-0.09%
1M
-1.82%
YTD
-0.22%
6M
0.37%
1Y
3.49%
3Y*
2.22%
5Y*
-0.78%
10Y*
0.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco National AMT-Free Municipal Bond ETF

iShares 7-10 Year Treasury Bond ETF

Often compared with PZA:
PZA vs. VTEBPZA vs. MUBPZA vs. HYMUPZA vs. NJTFXPZA vs. VNJTXPZA vs. BNDPZA vs. VTEI
Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. SHYIEF vs. IEIIEF vs. BNDIEF vs. TIP

PZA vs. IEF - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is higher than IEF's 0.15% expense ratio.

PZA
Invesco National AMT-Free Municipal Bond ETF
IEF
iShares 7-10 Year Treasury Bond ETF

Return for Risk

PZA vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PZA
PZA Risk / Return Rank: 2626
Overall Rank
PZA Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
PZA Sortino Ratio Rank: 2222
Sortino Ratio Rank
PZA Omega Ratio Rank: 2929
Omega Ratio Rank
PZA Calmar Ratio Rank: 2929
Calmar Ratio Rank
PZA Martin Ratio Rank: 2222
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 3434
Overall Rank
IEF Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 3232
Sortino Ratio Rank
IEF Omega Ratio Rank: 2626
Omega Ratio Rank
IEF Calmar Ratio Rank: 4444
Calmar Ratio Rank
IEF Martin Ratio Rank: 3333
Martin Ratio Rank
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. IEF - 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 7-10 Year Treasury Bond ETF (IEF). 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.

PZAIEFDifference

Sharpe ratio

Return per unit of total volatility

0.52

0.66

-0.14

Sortino ratio

Return per unit of downside risk

0.67

0.97

-0.31

Omega ratio

Gain probability vs. loss probability

1.13

1.11

+0.01

Calmar ratio

Return relative to maximum drawdown

0.74

1.20

-0.46

Martin ratio

Return relative to average drawdown

1.55

2.98

-1.43

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. IEF - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 0.52, which is comparable to the IEF Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of PZA and IEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PZAIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.52

0.66

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.00

-0.10

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.12

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.51

-0.09

Correlation

The correlation between PZA and IEF is 0.52, 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. IEF - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.64%, less than IEF's 3.85% yield.

TTM20252024202320222021202020192018201720162015
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%
IEF
iShares 7-10 Year Treasury Bond ETF		3.85%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%

Drawdowns

PZA vs. IEF - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, roughly equal to the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for PZA and IEF.

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Drawdown Indicators

PZAIEFDifference

Max Drawdown

Largest peak-to-trough decline

-24.49%

-23.93%

-0.56%

Max Drawdown (1Y)

Largest decline over 1 year

-5.23%

-3.22%

-2.01%

Max Drawdown (5Y)

Largest decline over 5 years

-18.55%

-21.40%

+2.85%

Max Drawdown (10Y)

Largest decline over 10 years

-21.69%

-23.93%

+2.24%

Current Drawdown

Current decline from peak

-3.11%

-10.96%

+7.85%

Average Drawdown

Average peak-to-trough decline

-3.97%

-5.30%

+1.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.50%

1.29%

+1.21%

Volatility

PZA vs. IEF - Volatility Comparison

Invesco National AMT-Free Municipal Bond ETF (PZA) and iShares 7-10 Year Treasury Bond ETF (IEF) have volatilities of 1.85% and 1.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZAIEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.85%

1.91%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.61%

3.22%

-0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

6.30%

5.35%

+0.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.96%

7.70%

-1.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.07%

6.63%

+0.44%