PZA vs. SOXQ
PZA (Invesco National AMT-Free Municipal Bond ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 5 years, PZA returned -0.42%/yr vs 29.96%/yr for SOXQ. Their 0.13 correlation means their historical movements had little consistent relationship. PZA charges 0.28%/yr vs 0.19%/yr for SOXQ.
Performance
PZA vs. SOXQ - Performance Comparison
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Returns By Period
In the year-to-date period, PZA achieves a 1.27% return, which is significantly lower than SOXQ's 72.20% return.
PZA
- 1D
- 0.48%
- 1M
- -2.19%
- 6M
- 0.39%
- YTD
- 1.27%
- 1Y
- 7.20%
- 3Y*
- 2.97%
- 5Y*
- -0.42%
- 10Y*
- 1.67%
- ALL TIME*
- 3.14%
SOXQ
- 1D
- 6.53%
- 1M
- -3.45%
- 6M
- 53.12%
- YTD
- 72.20%
- 1Y
- 117.36%
- 3Y*
- 49.65%
- 5Y*
- 29.96%
- 10Y*
- —
- ALL TIME*
- 30.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $39.95M | $31.47M | $27.68M | |
| $214.44M | $218.73M | $282.51M |
PZA vs. SOXQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 1.27% | 1.81% | 0.81% | 8.64% | -13.17% | 0.17% |
SOXQ Invesco PHLX Semiconductor ETF | 72.20% | 43.11% | 20.16% | 66.74% | -35.59% | 25.19% |
Correlation
The correlation between PZA and SOXQ is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021 | 0.13 |
The correlation between PZA and SOXQ shifts across timeframes, from 0.13 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PZA vs. SOXQ — Risk / Return Rank
PZA
SOXQ
PZA vs. SOXQ - 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 PHLX Semiconductor ETF (SOXQ). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PZA | SOXQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.40 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 4.13 | -1.86 |
| Martin ratioReturn relative to average drawdown | 7.59 | 16.72 | -9.13 |
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Drawdowns
PZA vs. SOXQ - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for PZA and SOXQ.
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Drawdown Indicators
| PZA | SOXQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -46.01% | +21.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -28.56% | +25.38% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | -39.36% | +31.62% |
Max Drawdown (5Y)Largest decline over 5 years | -18.29% | -46.01% | +27.72% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | — | — |
Current DrawdownCurrent decline from peak | -2.26% | -16.72% | +14.46% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -12.93% | +9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 7.05% | -6.10% |
Volatility
PZA vs. SOXQ - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.39%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 17.65%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | SOXQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 17.65% | -16.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 37.94% | -34.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 43.80% | -39.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 38.40% | -32.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 38.01% | -30.91% |
PZA vs. SOXQ - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than SOXQ's 0.19% expense ratio.
Dividends
PZA vs. SOXQ - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.75%, more than SOXQ's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.75% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
SOXQ Invesco PHLX Semiconductor ETF | 0.30% | 0.50% | 0.68% | 0.87% | 1.36% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PZA and SOXQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXQ has higher volatility (17.65%) compared to PZA (1.39%). In terms of maximum drawdown, PZA dropped -24.49% vs SOXQ's -46.01%.
On 5-year performance, SOXQ leads with 29.96% vs -0.42% for PZA. On fees, SOXQ is cheaper at 0.19% per year. On volatility, PZA has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXQ has performed better with a 29.96% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXQ is cheaper with a 0.19% expense ratio, compared with 0.28% for PZA.
PZA has the higher dividend yield at 3.75%, compared with 0.30% for SOXQ.
PZA is categorized as Municipal Bonds, while SOXQ is Semiconductors. PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while SOXQ tracks PHLX Semiconductor Sector Index. Their fees differ too: 0.28% for PZA and 0.19% for SOXQ.
SOXQ currently has the higher Sharpe Ratio (2.70 vs 1.76), 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.
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