PZT vs. COM
PZT (Invesco New York AMT-Free Municipal Bond ETF) and COM (Direxion Auspice Broad Commodity Strategy ETF) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while COM is a Commodities fund tracking the Auspice Broad Commodity ER Index. Both are passively managed. Over the past 5 years, PZT returned -0.07%/yr vs 8.46%/yr for COM. At a 0.00 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.70%/yr for COM.
Performance
PZT vs. COM - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 3.03% return, which is significantly lower than COM's 12.75% return.
PZT
- 1D
- 0.37%
- 1M
- 2.30%
- YTD
- 3.03%
- 6M
- 3.14%
- 1Y
- 8.59%
- 3Y*
- 3.14%
- 5Y*
- -0.07%
- 10Y*
- 1.83%
COM
- 1D
- -0.12%
- 1M
- -3.75%
- YTD
- 12.75%
- 6M
- 13.46%
- 1Y
- 18.97%
- 3Y*
- 6.23%
- 5Y*
- 8.46%
- 10Y*
- —
PZT vs. COM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.03% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 4.96% |
COM Direxion Auspice Broad Commodity Strategy ETF | 12.75% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -1.97% |
Correlation
The correlation between PZT and COM is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2017 | 0.00 |
The correlation between PZT and COM shifts across timeframes, from -0.23 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PZT vs. COM — Risk / Return Rank
PZT
COM
PZT vs. COM - 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 Direxion Auspice Broad Commodity Strategy ETF (COM). 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.
| PZT | COM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.34 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.82 | +0.10 |
| Martin ratioReturn relative to average drawdown | 9.90 | 9.30 | +0.60 |
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Drawdowns
PZT vs. COM - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than COM's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for PZT and COM.
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Drawdown Indicators
| PZT | COM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -15.95% | -6.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -6.81% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -8.50% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -14.02% | -5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -1.27% | -6.38% | +5.11% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -6.28% | +2.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.06% | -1.13% |
Volatility
PZT vs. COM - Volatility Comparison
The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 1.47%, while Direxion Auspice Broad Commodity Strategy ETF (COM) has a volatility of 2.15%. This indicates that PZT experiences smaller price fluctuations and is considered to be less risky than COM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | COM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 2.15% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 8.57% | -5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 10.51% | -5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 9.53% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 9.76% | -2.83% |
PZT vs. COM - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is lower than COM's 0.70% expense ratio.
Dividends
PZT vs. COM - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.57%, more than COM's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.51% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 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 COM have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COM has higher volatility (2.15%) compared to PZT (1.47%). In terms of maximum drawdown, PZT dropped -22.73% vs COM's -15.95%.
On 5-year performance, COM leads with 8.46% vs -0.07% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, PZT has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COM has performed better with a 8.46% return vs -0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PZT is cheaper with a 0.28% expense ratio, compared with 0.70% for COM.
PZT has the higher dividend yield at 3.57%, compared with 2.51% for COM.
PZT is categorized as Municipal Bonds, while COM is Commodities. PZT tracks ICE BofA New York Long-Term Core Plus Muni, while COM tracks Auspice Broad Commodity ER Index. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.28% for PZT and 0.70% for COM.
PZT currently has the higher Sharpe Ratio (1.96 vs 1.82), 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.
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