PZA vs. QQQM
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco NASDAQ 100 ETF (QQQM).
PZA and QQQM 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. QQQM is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Oct 13, 2020. Both PZA and QQQM 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. QQQM - Performance Comparison
Loading graphics...
PZA vs. QQQM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 0.39% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 3.03% |
QQQM Invesco NASDAQ 100 ETF | -4.75% | 20.85% | 25.68% | 55.01% | -32.52% | 27.45% | 6.67% |
Returns By Period
In the year-to-date period, PZA achieves a 0.39% return, which is significantly higher than QQQM's -4.75% 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%
QQQM
- 1D
- 1.24%
- 1M
- -3.78%
- YTD
- -4.75%
- 6M
- -2.87%
- 1Y
- 24.28%
- 3Y*
- 22.91%
- 5Y*
- 13.24%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PZA vs. QQQM - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than QQQM's 0.15% expense ratio.
Return for Risk
PZA vs. QQQM — Risk / Return Rank
PZA
QQQM
PZA vs. QQQM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco NASDAQ 100 ETF (QQQM). 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 | QQQM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 1.09 | -0.57 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.68 | -1.01 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.24 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.02 | -1.27 |
Martin ratioReturn relative to average drawdown | 1.55 | 7.35 | -5.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PZA | QQQM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.09 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.60 | -0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.64 | -0.22 |
Correlation
The correlation between PZA and QQQM is 0.16, 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. QQQM - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.64%, more than QQQM's 0.53% 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% |
QQQM Invesco NASDAQ 100 ETF | 0.53% | 0.50% | 0.61% | 0.65% | 0.83% | 0.40% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PZA vs. QQQM - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for PZA and QQQM.
Loading graphics...
Drawdown Indicators
| PZA | QQQM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -35.04% | +10.55% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -12.55% | +7.32% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -35.04% | +16.49% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | — | — |
Current DrawdownCurrent decline from peak | -3.11% | -7.86% | +4.75% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -8.47% | +4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.44% | -0.94% |
Volatility
PZA vs. QQQM - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.85%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 6.58%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PZA | QQQM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 6.58% | -4.73% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 12.79% | -10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 22.45% | -16.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 22.24% | -16.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 22.26% | -15.19% |