PZT vs. FLIA
PZT (Invesco New York AMT-Free Municipal Bond ETF) and FLIA (Franklin Liberty International Aggregate Bond ETF) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while FLIA is a International Government Bonds fund actively managed by Franklin Templeton. PZT is passively managed, while FLIA is actively managed. Over the past 5 years, PZT returned -0.04%/yr vs 0.98%/yr for FLIA. At a 0.34 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.25%/yr for FLIA.
Performance
PZT vs. FLIA - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 3.02% return, which is significantly higher than FLIA's 1.63% return.
PZT
- 1D
- 0.06%
- 1M
- 2.13%
- YTD
- 3.02%
- 6M
- 3.02%
- 1Y
- 8.57%
- 3Y*
- 2.90%
- 5Y*
- -0.04%
- 10Y*
- 1.78%
FLIA
- 1D
- -0.05%
- 1M
- 0.78%
- YTD
- 1.63%
- 6M
- 1.53%
- 1Y
- 2.32%
- 3Y*
- 3.49%
- 5Y*
- 0.98%
- 10Y*
- —
PZT vs. FLIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.02% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | 0.56% |
FLIA Franklin Liberty International Aggregate Bond ETF | 1.63% | 2.12% | 2.42% | 7.17% | -7.68% | -1.98% | 1.37% | 7.58% | -2.32% |
Correlation
The correlation between PZT and FLIA is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.34 |
The correlation between PZT and FLIA shifts across timeframes, from 0.34 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PZT vs. FLIA — Risk / Return Rank
PZT
FLIA
PZT vs. FLIA - 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 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.
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 | FLIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.13 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.14 | +1.57 |
| Martin ratioReturn relative to average drawdown | 9.22 | 3.00 | +6.22 |
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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.
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Drawdown Indicators
| PZT | FLIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -11.24% | -11.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -2.04% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -2.77% | -6.23% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -9.42% | -9.71% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -1.28% | -0.20% | -1.08% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -3.78% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.78% | +0.15% |
Volatility
PZT vs. FLIA - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.38% compared to Franklin Liberty International Aggregate Bond ETF (FLIA) at 0.64%. 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.
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Volatility by Period
| PZT | FLIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 0.64% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 2.50% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 3.32% | +1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 4.42% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 4.70% | +2.23% |
PZT vs. FLIA - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than FLIA's 0.25% expense ratio.
Dividends
PZT vs. FLIA - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.61%, more than FLIA's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLIA Franklin Liberty International Aggregate Bond ETF | 2.68% | 2.62% | 2.97% | 0.93% | 18.12% | 2.26% | 0.43% | 2.93% | 1.23% | 0.00% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.61% | 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 FLIA have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (1.38%) compared to FLIA (0.64%). In terms of maximum drawdown, PZT dropped -22.73% vs FLIA's -11.24%.
On 5-year performance, FLIA leads with 0.98% vs -0.04% for PZT. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLIA has performed better with a 0.98% return vs -0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLIA is cheaper with a 0.25% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.61%, compared with 2.68% for FLIA.
PZT is categorized as Municipal Bonds, while FLIA is International Government Bonds. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.28% for PZT and 0.25% for FLIA.
PZT currently has the higher Sharpe Ratio (1.83 vs 0.71), 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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