PZA vs. THYM

Last updated Jun 25, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and THYM (T. Rowe Price High Income Municipal 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 THYM is a High Yield Muni fund actively managed by T. Rowe Price. PZA is passively managed, while THYM is actively managed. A 0.71 correlation means they provide meaningful diversification when combined. PZA charges 0.28%/yr vs 0.32%/yr for THYM.

Performance

PZA vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco National AMT-Free Municipal Bond ETF (PZA) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZA achieves a 3.01% return, which is significantly lower than THYM's 4.16% return.

PZA

• 1D: 0.34%
• 1M: 2.45%
• YTD: 3.01%
• 6M: 3.05%
• 1Y: 8.89%
• 3Y*: 3.20%
• 5Y*: 0.10%
• 10Y*: 1.80%

THYM

• 1D: 0.53%
• 1M: 2.22%
• YTD: 4.16%
• 6M: 4.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZA vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
PZA Invesco National AMT-Free Municipal Bond ETF	3.01%	0.22%
THYM T. Rowe Price High Income Municipal ETF	4.16%	0.25%

Correlation

The correlation between PZA and THYM is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.71

Return for Risk

PZA vs. THYM — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 74
PZA Sharpe Ratio Rank: 76
PZA Sortino Ratio Rank: 80
PZA Omega Ratio Rank: 86
PZA Calmar Ratio Rank: 64
PZA Martin Ratio Rank: 62

THYM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and T. Rowe Price High Income Municipal ETF (THYM). 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	THYM	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.13	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	2.81	—	—
Martin ratio: Return relative to average drawdown	9.93	—	—

Drawdowns

PZA vs. THYM - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for PZA and THYM.

Drawdown Indicators

	PZA	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-2.93%	-21.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	—	—
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-3.94%	-0.46%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	—	—

Volatility

Volatility by Period

	PZA	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	4.35%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	4.35%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	4.35%	+2.73%

PZA vs. THYM - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

PZA vs. THYM - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.65%, more than THYM's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZA Invesco National AMT-Free Municipal Bond ETF	3.65%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%
THYM T. Rowe Price High Income Municipal ETF	2.17%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZA and THYM in my portfolio?

PZA and THYM have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PZA or THYM?

On fees, PZA is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZA or THYM?

PZA is cheaper with a 0.28% expense ratio, compared with 0.32% for THYM.

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

PZA has the higher dividend yield at 3.65%, compared with 2.17% for THYM.

What is the main difference between PZA and THYM?

PZA is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Invesco and T. Rowe Price. Their fees differ too: 0.28% for PZA and 0.32% for THYM.