PZT vs. DGRO
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and iShares Core Dividend Growth ETF (DGRO).
PZT and DGRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PZT is a passively managed fund by Invesco that tracks the performance of the ICE BofA New York Long-Term Core Plus Muni. It was launched on Oct 11, 2007. DGRO is a passively managed fund by iShares that tracks the performance of the Morningstar US Dividend Growth Index. It was launched on Jun 10, 2014. Both PZT and DGRO 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: PZT or DGRO.
Key characteristics
| PZT | DGRO | |
|---|---|---|
| YTD Return | 1.83% | 20.38% |
| 1Y Return | 9.50% | 31.55% |
| 3Y Return (Ann) | -1.28% | 8.19% |
| 5Y Return (Ann) | 0.84% | 12.05% |
| 10Y Return (Ann) | 2.47% | 12.00% |
| Sharpe Ratio | 1.47 | 3.23 |
| Sortino Ratio | 2.21 | 4.57 |
| Omega Ratio | 1.28 | 1.60 |
| Calmar Ratio | 0.72 | 4.06 |
| Martin Ratio | 7.38 | 21.73 |
| Ulcer Index | 1.32% | 1.44% |
| Daily Std Dev | 6.60% | 9.68% |
| Max Drawdown | -22.73% | -35.10% |
| Current Drawdown | -5.22% | -0.76% |
Correlation
The correlation between PZT and DGRO is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
PZT vs. DGRO - Performance Comparison
In the year-to-date period, PZT achieves a 1.83% return, which is significantly lower than DGRO's 20.38% return. Over the past 10 years, PZT has underperformed DGRO with an annualized return of 2.47%, while DGRO has yielded a comparatively higher 12.00% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PZT vs. DGRO - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Risk-Adjusted Performance
PZT vs. DGRO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco New York AMT-Free Municipal Bond ETF (PZT) and iShares Core Dividend Growth ETF (DGRO). 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
PZT vs. DGRO - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 2.96%, more than DGRO's 2.16% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.96% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.37% | 3.40% | 3.75% | 4.17% |
DGRO iShares Core Dividend Growth ETF | 2.16% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% | 0.97% | 0.00% |
Drawdowns
PZT vs. DGRO - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for PZT and DGRO. For additional features, visit the drawdowns tool.
Volatility
PZT vs. DGRO - Volatility Comparison
The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 2.10%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 3.29%. This indicates that PZT experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.