PZA vs. SPHD

Last updated Jun 5, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility 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 SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PZA returned 1.90%/yr vs 7.17%/yr for SPHD. At a 0.04 correlation, their price movements are largely independent. PZA charges 0.28%/yr vs 0.30%/yr for SPHD.

Performance

PZA vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZA achieves a 2.60% return, which is significantly lower than SPHD's 5.63% return. Over the past 10 years, PZA has underperformed SPHD with an annualized return of 1.90%, while SPHD has yielded a comparatively higher 7.17% annualized return.

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%

SPHD

• 1D: 1.20%
• 1M: 0.01%
• YTD: 5.63%
• 6M: 6.27%
• 1Y: 10.27%
• 3Y*: 11.98%
• 5Y*: 5.73%
• 10Y*: 7.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PZA vs. SPHD - 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.63%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between PZA and SPHD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.04

The correlation between PZA and SPHD shifts across timeframes, from 0.04 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.

PZA vs. SPHD - Sectors Allocation Comparison

Sectors	PZA	SPHD
Financial Services	1.2%	15.6%
Consumer Cyclical	0.1%	3.4%
Technology	0.0%	1.5%
Industrials	0.0%	0.0%
Basic Materials	-	-
Communication Services	-	8.6%
Consumer Defensive	-	17.8%
Energy	-	14.1%
Healthcare	-	5.1%
Real Estate	-	20.1%
Utilities	-	13.7%

Return for Risk

PZA vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZA

PZA Risk / Return Rank: 66
PZA Sharpe Ratio Rank: 65
PZA Sortino Ratio Rank: 69
PZA Omega Ratio Rank: 79
PZA Calmar Ratio Rank: 58
PZA Martin Ratio Rank: 58

SPHD

SPHD Risk / Return Rank: 27
SPHD Sharpe Ratio Rank: 27
SPHD Sortino Ratio Rank: 27
SPHD Omega Ratio Rank: 24
SPHD Calmar Ratio Rank: 29
SPHD Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PZA vs. SPHD - 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 S&P 500® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.93	+1.21
Sortino ratio: Return per unit of downside risk	3.11	1.43	+1.68
Omega ratio: Gain probability vs. loss probability	1.46	1.16	+0.30
Calmar ratio: Return relative to maximum drawdown	2.84	1.41	+1.43
Martin ratio: Return relative to average drawdown	10.03	3.51	+6.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZA vs. SPHD - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 2.14, which is higher than the SPHD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of PZA and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PZA	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.93	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.41	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.41	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.58	-0.15

Drawdowns

PZA vs. SPHD - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PZA and SPHD.

Drawdown Indicators

	PZA	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-41.39%	+16.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-7.33%	+4.15%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-13.29%	+5.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-19.50%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	-41.39%	+19.70%
Current Drawdown Current decline from peak	-0.98%	-4.24%	+3.26%
Average Drawdown Average peak-to-trough decline	-3.95%	-4.70%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.94%	-2.04%

Volatility

PZA vs. SPHD - Volatility Comparison

The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.49%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.22%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZA	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	3.22%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	7.60%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	11.10%	-6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	14.17%	-8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	17.64%	-10.56%

PZA vs. SPHD - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is lower than SPHD's 0.30% expense ratio.

Dividends

PZA vs. SPHD - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.63%, less than SPHD's 4.57% 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.57%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both PZA and SPHD in my portfolio?

PZA and SPHD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZA or SPHD?

SPHD has higher volatility (3.22%) compared to PZA (1.49%). In terms of maximum drawdown, PZA dropped -24.49% vs SPHD's -41.39%.

Which ETF is better, PZA or SPHD?

On 10-year performance, SPHD leads with 7.17% vs 1.90% for PZA. On fees, PZA is cheaper at 0.28% per year. On volatility, PZA has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZA or SPHD?

Over the 10-year period, SPHD has performed better with a 7.17% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZA or SPHD?

PZA is cheaper with a 0.28% expense ratio, compared with 0.30% for SPHD.

Which ETF pays a higher dividend yield, PZA or SPHD?

SPHD has the higher dividend yield at 4.57%, compared with 3.63% for PZA.

What is the main difference between PZA and SPHD?

PZA is categorized as Municipal Bonds, while SPHD is Dividend. PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.28% for PZA and 0.30% for SPHD.

Which has better risk-adjusted returns?

PZA currently has the higher Sharpe Ratio (2.14 vs 0.93), 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.