PZT vs. BSMQ
PZT (Invesco New York AMT-Free Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds from Invesco - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past 5 years, PZT returned -0.03%/yr vs 0.29%/yr for BSMQ. At a 0.45 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.18%/yr for BSMQ.
Performance
PZT vs. BSMQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PZT achieves a 2.87% return, which is significantly higher than BSMQ's 0.73% return.
PZT
- 1D
- -0.31%
- 1M
- 1.38%
- YTD
- 2.87%
- 6M
- 3.17%
- 1Y
- 9.52%
- 3Y*
- 3.35%
- 5Y*
- -0.03%
- 10Y*
- 1.90%
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
PZT vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 0.24% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.24% |
Correlation
The correlation between PZT and BSMQ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.45 |
Over the past year, the correlation between PZT and BSMQ has dropped to 0.18 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PZT vs. BSMQ — Risk / Return Rank
PZT
BSMQ
PZT vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.
| PZT | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.48 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 9.43 | -6.41 |
| Martin ratioReturn relative to average drawdown | 10.29 | 24.69 | -14.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PZT | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 2.32 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.11 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.25 | +0.13 |
Drawdowns
PZT vs. BSMQ - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than BSMQ's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for PZT and BSMQ.
Loading charts...
Drawdown Indicators
| PZT | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -13.18% | -9.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -0.33% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -2.53% | -6.47% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -11.50% | -7.63% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.12% | -1.30% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -3.48% | -0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.12% | +0.81% |
Volatility
PZT vs. BSMQ - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 2.10% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.39%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PZT | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 0.39% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 0.94% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 1.33% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 2.68% | +3.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 4.79% | +2.17% |
PZT vs. BSMQ - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
PZT vs. BSMQ - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.58% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
PZT and BSMQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to BSMQ (0.39%). In terms of maximum drawdown, PZT dropped -22.73% vs BSMQ's -13.18%.
On 5-year performance, BSMQ leads with 0.29% vs -0.03% for PZT. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BSMQ has performed better with a 0.29% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.58%, compared with 2.76% for BSMQ.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. Their fees differ too: 0.28% for PZT and 0.18% for BSMQ.
BSMQ currently has the higher Sharpe Ratio (2.32 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for PZT and BSMQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer