PZA vs. RVNU
PZA (Invesco National AMT-Free Municipal Bond ETF) and RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) are both Municipal Bonds funds - PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index while RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index. Both are passively managed. Over the past 10 years, PZA returned 1.90%/yr vs 1.93%/yr for RVNU. At a 0.49 correlation, their price movements are largely independent. PZA charges 0.28%/yr vs 0.15%/yr for RVNU.
Performance
PZA vs. RVNU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PZA achieves a 2.60% return, which is significantly lower than RVNU's 3.90% return. Both investments have delivered pretty close results over the past 10 years, with PZA having a 1.90% annualized return and RVNU not far ahead at 1.93%.
PZA
- 1D
- 0.26%
- 1M
- 1.10%
- YTD
- 2.60%
- 6M
- 2.86%
- 1Y
- 8.99%
- 3Y*
- 3.37%
- 5Y*
- 0.03%
- 10Y*
- 1.90%
RVNU
- 1D
- 0.18%
- 1M
- 1.50%
- YTD
- 3.90%
- 6M
- 3.22%
- 1Y
- 9.36%
- 3Y*
- 3.44%
- 5Y*
- -0.19%
- 10Y*
- 1.93%
PZA vs. RVNU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 2.60% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.90% | 0.58% | 1.46% | 11.19% | -16.60% | 2.28% | 6.54% | 10.16% | -0.56% | 8.24% |
Correlation
The correlation between PZA and RVNU is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.49 |
The correlation between PZA and RVNU shifts across timeframes, from 0.49 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PZA vs. RVNU — Risk / Return Rank
PZA
RVNU
PZA vs. RVNU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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 | RVNU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.35 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.82 | -0.98 |
| Martin ratioReturn relative to average drawdown | 10.03 | 11.40 | -1.38 |
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 charts...
Sharpe Ratios by Period
| PZA | RVNU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | 1.84 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | -0.03 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.27 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.39 | +0.04 |
Drawdowns
PZA vs. RVNU - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, roughly equal to the maximum RVNU drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for PZA and RVNU.
Loading charts...
Drawdown Indicators
| PZA | RVNU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -23.51% | -0.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -2.46% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.89% | -10.35% | +2.46% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -23.51% | +4.96% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -23.51% | +1.82% |
Current DrawdownCurrent decline from peak | -0.98% | -2.63% | +1.65% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -4.98% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.83% | +0.07% |
Volatility
PZA vs. RVNU - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) have volatilities of 1.49% and 1.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PZA | RVNU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 1.43% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 3.41% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 5.12% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 7.19% | -1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 7.27% | -0.19% |
PZA vs. RVNU - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than RVNU's 0.15% expense ratio.
Dividends
PZA vs. RVNU - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.63%, more than RVNU's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.63% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.51% | 3.46% | 3.06% | 2.79% | 2.81% | 2.18% | 2.43% | 2.75% | 2.76% | 2.49% | 2.72% | 3.01% |
Frequently Asked Questions
PZA and RVNU have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZA has higher volatility (1.49%) compared to RVNU (1.43%). In terms of maximum drawdown, PZA dropped -24.49% vs RVNU's -23.51%.
On 10-year performance, RVNU leads with 1.93% vs 1.90% for PZA. On fees, RVNU is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RVNU has performed better with a 1.93% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RVNU is cheaper with a 0.15% expense ratio, compared with 0.28% for PZA.
PZA has the higher dividend yield at 3.63%, compared with 3.51% for RVNU.
PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index. They also come from different issuers: Invesco and Deutsche Bank. Their fees differ too: 0.28% for PZA and 0.15% for RVNU.
PZA currently has the higher Sharpe Ratio (2.14 vs 1.84), 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.
Find the right allocation for PZA and RVNU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer