PZA vs. MUB
PZA (Invesco National AMT-Free Municipal Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, PZA returned 1.76%/yr vs 1.90%/yr for MUB. A 0.64 correlation means they provide meaningful diversification when combined. PZA charges 0.28%/yr vs 0.07%/yr for MUB.
Performance
PZA vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, PZA achieves a 2.66% return, which is significantly higher than MUB's 1.48% return. Over the past 10 years, PZA has underperformed MUB with an annualized return of 1.76%, while MUB has yielded a comparatively higher 1.90% annualized return.
PZA
- 1D
- -0.26%
- 1M
- 2.10%
- YTD
- 2.66%
- 6M
- 2.79%
- 1Y
- 8.47%
- 3Y*
- 3.09%
- 5Y*
- 0.04%
- 10Y*
- 1.76%
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
PZA vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 2.66% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between PZA and MUB is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007 | 0.64 |
The correlation between PZA and MUB shifts across timeframes, from 0.64 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PZA vs. MUB — Risk / Return Rank
PZA
MUB
PZA vs. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PZA | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.46 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.31 | +0.37 |
| Martin ratioReturn relative to average drawdown | 9.46 | 8.02 | +1.45 |
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Drawdowns
PZA vs. MUB - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PZA and MUB.
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Drawdown Indicators
| PZA | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -13.68% | -10.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -2.79% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.89% | -5.34% | -2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -11.88% | -6.67% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -13.68% | -8.01% |
Current DrawdownCurrent decline from peak | -0.92% | -0.47% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -2.23% | -1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.80% | +0.10% |
Volatility
PZA vs. MUB - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.08% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.77%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.77% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.27% | +0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 2.88% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 4.07% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 4.92% | +2.16% |
PZA vs. MUB - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
PZA vs. MUB - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.66%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.66% | 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
PZA and MUB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZA has higher volatility (1.08%) compared to MUB (0.77%). In terms of maximum drawdown, PZA dropped -24.49% vs MUB's -13.68%.
On 10-year performance, MUB leads with 1.90% vs 1.76% for PZA. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 1.90% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.28% for PZA.
PZA has the higher dividend yield at 3.66%, compared with 3.17% for MUB.
PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.28% for PZA and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.23 vs 2.05), 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.
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