PZA vs. VTEI
Compare and contrast key facts about Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI).
PZA and VTEI 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. VTEI is a passively managed fund by Vanguard that tracks the performance of the S&P Intermediate Term National AMT-Free Municipal Bond Index. It was launched on Jan 29, 2024. Both PZA and VTEI 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. VTEI - Performance Comparison
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PZA vs. VTEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 0.39% | 1.81% | 1.64% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
Returns By Period
In the year-to-date period, PZA achieves a 0.39% return, which is significantly higher than VTEI's -0.10% 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%
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PZA vs. VTEI - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is higher than VTEI's 0.08% expense ratio.
Return for Risk
PZA vs. VTEI — Risk / Return Rank
PZA
VTEI
PZA vs. VTEI - 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 Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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 | VTEI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 1.24 | -0.72 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.56 | -0.89 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.31 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.37 | -0.63 |
Martin ratioReturn relative to average drawdown | 1.55 | 4.52 | -2.96 |
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 | VTEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.24 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.90 | -0.48 |
Correlation
The correlation between PZA and VTEI is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PZA vs. VTEI - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.64%, more than VTEI's 3.05% 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% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PZA vs. VTEI - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for PZA and VTEI.
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Drawdown Indicators
| PZA | VTEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -3.64% | -20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -5.23% | -3.33% | -1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | — | — |
Current DrawdownCurrent decline from peak | -3.11% | -2.05% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -0.73% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 1.01% | +1.49% |
Volatility
PZA vs. VTEI - Volatility Comparison
Invesco National AMT-Free Municipal Bond ETF (PZA) has a higher volatility of 1.85% compared to Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) at 1.14%. This indicates that PZA's price experiences larger fluctuations and is considered to be riskier than VTEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | VTEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.14% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 1.55% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 3.43% | +2.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 3.09% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 3.09% | +3.98% |