PZA vs. VOO
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard S&P 500 ETF (VOO).
PZA and VOO 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. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. Both PZA and VOO 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. VOO - Performance Comparison
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PZA vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 0.00% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
VOO Vanguard S&P 500 ETF | -4.42% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Returns By Period
Over the past 10 years, PZA has underperformed VOO with an annualized return of 1.85%, while VOO has yielded a comparatively higher 14.05% annualized return.
PZA
- 1D
- 0.39%
- 1M
- -2.33%
- YTD
- 0.00%
- 6M
- 1.39%
- 1Y
- 3.47%
- 3Y*
- 2.36%
- 5Y*
- -0.07%
- 10Y*
- 1.85%
VOO
- 1D
- 2.86%
- 1M
- -5.01%
- YTD
- -4.42%
- 6M
- -1.84%
- 1Y
- 17.67%
- 3Y*
- 18.27%
- 5Y*
- 11.75%
- 10Y*
- 14.05%
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PZA vs. VOO - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than VOO's 0.03% expense ratio.
Return for Risk
PZA vs. VOO — Risk / Return Rank
PZA
VOO
PZA vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.55 | 0.98 | -0.43 |
Sortino ratioReturn per unit of downside risk | 0.71 | 1.50 | -0.79 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.23 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.53 | -0.82 |
Martin ratioReturn relative to average drawdown | 1.50 | 7.29 | -5.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZA | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.98 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.70 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.78 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.83 | -0.41 |
Correlation
The correlation between PZA and VOO 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. VOO - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.65%, more than VOO's 1.19% yield.
| 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% |
VOO Vanguard S&P 500 ETF | 1.19% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Drawdowns
PZA vs. VOO - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PZA and VOO.
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Drawdown Indicators
| PZA | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -33.99% | +9.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -11.98% | +6.75% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -24.52% | +5.97% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -33.99% | +12.30% |
Current DrawdownCurrent decline from peak | -3.49% | -6.29% | +2.80% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -3.72% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.52% | -0.03% |
Volatility
PZA vs. VOO - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.90%, while Vanguard S&P 500 ETF (VOO) has a volatility of 5.29%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 5.29% | -3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 9.44% | -6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 18.10% | -11.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 16.82% | -10.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 17.99% | -10.92% |