PZA vs. NJTFX
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX).
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. NJTFX is managed by T. Rowe Price. It was launched on Apr 29, 1991.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZA or NJTFX.
Performance
PZA vs. NJTFX - Performance Comparison
Returns By Period
In the year-to-date period, PZA achieves a 1.38% return, which is significantly lower than NJTFX's 2.87% return. Over the past 10 years, PZA has outperformed NJTFX with an annualized return of 2.48%, while NJTFX has yielded a comparatively lower 1.86% annualized return.
PZA
1.38%
-0.65%
2.24%
8.10%
0.73%
2.48%
NJTFX
2.87%
-0.34%
2.72%
7.82%
1.46%
1.86%
Key characteristics
| PZA | NJTFX | |
|---|---|---|
| Sharpe Ratio | 1.50 | 2.44 |
| Sortino Ratio | 2.17 | 3.69 |
| Omega Ratio | 1.28 | 1.55 |
| Calmar Ratio | 0.71 | 0.97 |
| Martin Ratio | 6.89 | 11.08 |
| Ulcer Index | 1.22% | 0.73% |
| Daily Std Dev | 5.63% | 3.33% |
| Max Drawdown | -24.49% | -17.09% |
| Current Drawdown | -4.67% | -1.19% |
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PZA vs. NJTFX - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is lower than NJTFX's 0.56% expense ratio.
Correlation
The correlation between PZA and NJTFX is 0.62, 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. NJTFX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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. NJTFX - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.19%, more than NJTFX's 3.12% 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% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 3.12% | 2.84% | 2.70% | 2.37% | 2.98% | 2.84% | 3.13% | 3.14% | 1.10% | 0.00% | 0.00% | 0.02% |
Drawdowns
PZA vs. NJTFX - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, which is greater than NJTFX's maximum drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for PZA and NJTFX. For additional features, visit the drawdowns tool.
Volatility
PZA vs. NJTFX - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 2.78% compared to T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) at 1.63%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than NJTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.