PZA vs. NVG
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Nuveen AMT-Free Municipal Credit Income Fund (NVG).
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.
Performance
PZA vs. NVG - Performance Comparison
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PZA vs. NVG - 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% |
NVG Nuveen AMT-Free Municipal Credit Income Fund | 0.63% | 11.61% | 10.79% | 1.94% | -28.47% | 12.14% | 6.40% | 25.63% | -4.03% | 13.19% |
Returns By Period
In the year-to-date period, PZA achieves a 0.39% return, which is significantly lower than NVG's 0.63% return. Over the past 10 years, PZA has underperformed NVG with an annualized return of 1.89%, while NVG has yielded a comparatively higher 3.89% 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%
NVG
- 1D
- 1.46%
- 1M
- -4.78%
- YTD
- 0.63%
- 6M
- 4.53%
- 1Y
- 8.78%
- 3Y*
- 8.96%
- 5Y*
- -0.06%
- 10Y*
- 3.89%
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Return for Risk
PZA vs. NVG — Risk / Return Rank
PZA
NVG
PZA vs. NVG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). 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 | NVG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 0.76 | -0.24 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.09 | -0.42 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.16 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.87 | -0.13 |
Martin ratioReturn relative to average drawdown | 1.55 | 2.85 | -1.30 |
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 | NVG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.76 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | -0.01 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.30 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.39 | +0.03 |
Correlation
The correlation between PZA and NVG is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PZA vs. NVG - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.64%, less than NVG's 7.58% 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% |
NVG Nuveen AMT-Free Municipal Credit Income Fund | 7.58% | 7.49% | 6.74% | 4.45% | 6.18% | 4.69% | 5.24% | 4.94% | 6.07% | 5.67% | 6.17% | 5.46% |
Drawdowns
PZA vs. NVG - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum NVG drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for PZA and NVG.
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Drawdown Indicators
| PZA | NVG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -41.72% | +17.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -10.44% | +5.21% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -40.58% | +22.03% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -40.58% | +18.89% |
Current DrawdownCurrent decline from peak | -3.11% | -9.26% | +6.15% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -7.92% | +3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.20% | -0.70% |
Volatility
PZA vs. NVG - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.85%, while Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a volatility of 5.39%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than NVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | NVG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 5.39% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 7.51% | -4.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 11.64% | -5.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 12.90% | -6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 12.80% | -5.73% |