PZA vs. VCLT
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Long-Term Corporate Bond ETF (VCLT).
PZA and VCLT 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. VCLT is a passively managed fund by Vanguard that tracks the performance of the Barclays U.S. 10+ Year Corporate Index. It was launched on Nov 19, 2009. Both PZA and VCLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZA or VCLT.
Performance
PZA vs. VCLT - Performance Comparison
Returns By Period
In the year-to-date period, PZA achieves a 1.65% return, which is significantly higher than VCLT's -0.25% return. Both investments have delivered pretty close results over the past 10 years, with PZA having a 2.47% annualized return and VCLT not far ahead at 2.49%.
PZA
1.65%
1.41%
3.36%
7.15%
0.73%
2.47%
VCLT
-0.25%
-0.42%
3.28%
8.26%
-1.46%
2.49%
Key characteristics
| PZA | VCLT | |
|---|---|---|
| Sharpe Ratio | 1.28 | 0.76 |
| Sortino Ratio | 1.86 | 1.14 |
| Omega Ratio | 1.24 | 1.13 |
| Calmar Ratio | 0.64 | 0.31 |
| Martin Ratio | 5.80 | 2.22 |
| Ulcer Index | 1.23% | 3.72% |
| Daily Std Dev | 5.58% | 10.83% |
| Max Drawdown | -24.49% | -34.31% |
| Current Drawdown | -4.41% | -19.55% |
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PZA vs. VCLT - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than VCLT's 0.04% expense ratio.
Correlation
The correlation between PZA and VCLT is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
PZA vs. VCLT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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.
Dividends
PZA vs. VCLT - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.19%, less than VCLT's 5.00% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.19% | 2.92% | 2.69% | 2.34% | 2.43% | 2.80% | 3.18% | 3.04% | 3.23% | 3.60% | 3.96% | 4.26% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.00% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% | 4.29% | 4.83% |
Drawdowns
PZA vs. VCLT - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for PZA and VCLT. For additional features, visit the drawdowns tool.
Volatility
PZA vs. VCLT - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 2.54%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 3.50%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.