PZA vs. SPHQ

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco S&P 500 Quality ETF (SPHQ).

PZA and SPHQ 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. SPHQ is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality Index. It was launched on Dec 6, 2005. Both PZA and SPHQ 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. SPHQ - 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 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

PZA vs. SPHQ - 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%
SPHQ Invesco S&P 500 Quality ETF	1.46%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Returns By Period

In the year-to-date period, PZA achieves a 0.39% return, which is significantly lower than SPHQ's 1.46% return. Over the past 10 years, PZA has underperformed SPHQ with an annualized return of 1.89%, while SPHQ has yielded a comparatively higher 13.63% 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%

SPHQ

• 1D: 0.89%
• 1M: -5.57%
• YTD: 1.46%
• 6M: 3.57%
• 1Y: 16.02%
• 3Y*: 18.54%
• 5Y*: 12.70%
• 10Y*: 13.63%

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

PZA vs. SPHQ - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

PZA

Invesco National AMT-Free Municipal Bond ETF

SPHQ

Invesco S&P 500 Quality ETF

Return for Risk

PZA vs. SPHQ — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 26
PZA Sharpe Ratio Rank: 27
PZA Sortino Ratio Rank: 22
PZA Omega Ratio Rank: 29
PZA Calmar Ratio Rank: 29
PZA Martin Ratio Rank: 22

SPHQ

SPHQ Risk / Return Rank: 54
SPHQ Sharpe Ratio Rank: 50
SPHQ Sortino Ratio Rank: 53
SPHQ Omega Ratio Rank: 50
SPHQ Calmar Ratio Rank: 55
SPHQ Martin Ratio Rank: 62

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. SPHQ - 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 Quality ETF (SPHQ). 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	SPHQ	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.94	-0.42
Sortino ratio Return per unit of downside risk	0.67	1.44	-0.77
Omega ratio Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio Return relative to maximum drawdown	0.74	1.45	-0.71
Martin ratio Return relative to average drawdown	1.55	6.35	-4.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZA vs. SPHQ - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 0.52, which is lower than the SPHQ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of PZA and SPHQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PZA	SPHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.94	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.78	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.77	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.50	-0.08

Correlation

The correlation between PZA and SPHQ is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PZA vs. SPHQ - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.64%, more than SPHQ's 1.18% 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%
SPHQ Invesco S&P 500 Quality ETF	1.18%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Drawdowns

PZA vs. SPHQ - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for PZA and SPHQ.

Drawdown Indicators

	PZA	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-57.83%	+33.34%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	-10.84%	+5.61%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-25.04%	+6.49%
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	-31.60%	+9.91%
Current Drawdown Current decline from peak	-3.11%	-5.92%	+2.81%
Average Drawdown Average peak-to-trough decline	-3.97%	-10.78%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.48%	+0.02%

Volatility

PZA vs. SPHQ - Volatility Comparison

The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.85%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.32%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZA	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	5.32%	-3.47%
Volatility (6M) Calculated over the trailing 6-month period	2.61%	9.67%	-7.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.30%	17.13%	-10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	16.40%	-10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.07%	17.81%	-10.74%