PZT vs. FLIA
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and Franklin Liberty International Aggregate Bond ETF (FLIA).
PZT and FLIA 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. FLIA is an actively managed fund by Franklin Templeton. It was launched on May 30, 2018.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZT or FLIA.
Key characteristics
| PZT | FLIA | |
|---|---|---|
| YTD Return | 1.83% | 1.23% |
| 1Y Return | 9.50% | 6.19% |
| 3Y Return (Ann) | -1.28% | -0.06% |
| 5Y Return (Ann) | 0.84% | 0.08% |
| Sharpe Ratio | 1.47 | 1.37 |
| Sortino Ratio | 2.21 | 2.03 |
| Omega Ratio | 1.28 | 1.26 |
| Calmar Ratio | 0.72 | 0.75 |
| Martin Ratio | 7.38 | 5.69 |
| Ulcer Index | 1.32% | 1.17% |
| Daily Std Dev | 6.60% | 4.88% |
| Max Drawdown | -22.73% | -11.24% |
| Current Drawdown | -5.22% | -3.24% |
Correlation
The correlation between PZT and FLIA is 0.32, 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. FLIA - Performance Comparison
In the year-to-date period, PZT achieves a 1.83% return, which is significantly higher than FLIA's 1.23% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PZT vs. FLIA - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than FLIA's 0.25% expense ratio.
Risk-Adjusted Performance
PZT vs. FLIA - 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 Franklin Liberty International Aggregate Bond ETF (FLIA). 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. FLIA - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 2.96%, more than FLIA's 0.93% 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% |
FLIA Franklin Liberty International Aggregate Bond ETF | 0.93% | 0.94% | 18.13% | 2.26% | 0.43% | 2.93% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PZT vs. FLIA - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than FLIA's maximum drawdown of -11.24%. Use the drawdown chart below to compare losses from any high point for PZT and FLIA. For additional features, visit the drawdowns tool.
Volatility
PZT vs. FLIA - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 2.10% compared to Franklin Liberty International Aggregate Bond ETF (FLIA) at 1.23%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than FLIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.