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.
Performance
PZA vs. NJTFX - Performance Comparison
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PZA vs. NJTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 0.29% | 6.48% | 2.88% | 7.18% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Returns By Period
In the year-to-date period, PZA achieves a 0.39% return, which is significantly higher than NJTFX's 0.29% return. Over the past 10 years, PZA has underperformed NJTFX with an annualized return of 1.89%, while NJTFX has yielded a comparatively higher 2.50% 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%
NJTFX
- 1D
- 0.27%
- 1M
- -1.91%
- YTD
- 0.29%
- 6M
- 2.82%
- 1Y
- 7.06%
- 3Y*
- 4.41%
- 5Y*
- 1.61%
- 10Y*
- 2.50%
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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.
Return for Risk
PZA vs. NJTFX — Risk / Return Rank
PZA
NJTFX
PZA vs. NJTFX - Risk-Adjusted Trends 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.
| PZA | NJTFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 1.52 | -1.00 |
Sortino ratioReturn per unit of downside risk | 0.67 | 2.03 | -1.36 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.43 | -0.30 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.66 | -0.92 |
Martin ratioReturn relative to average drawdown | 1.55 | 5.82 | -4.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZA | NJTFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.52 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.41 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.65 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.27 | -0.85 |
Correlation
The correlation between PZA and NJTFX is 0.61, 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. NJTFX - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.64%, less than NJTFX's 6.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 6.15% | 5.81% | 3.19% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
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 -15.19%. Use the drawdown chart below to compare losses from any high point for PZA and NJTFX.
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Drawdown Indicators
| PZA | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -15.19% | -9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -4.84% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -15.19% | -3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -15.19% | -6.50% |
Current DrawdownCurrent decline from peak | -3.11% | -2.16% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -1.82% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 1.38% | +1.12% |
Volatility
PZA vs. NJTFX - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.85% compared to T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) at 1.09%. 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.
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Volatility by Period
| PZA | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.09% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 1.75% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 4.95% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 3.96% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 3.86% | +3.21% |