PZT vs. FMNY

Last updated Jun 24, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and FMNY (First Trust New York High Income Municipal ETF) are both Municipal Bonds funds. PZT is passively managed, while FMNY is actively managed. Over the past 5 years, PZT returned -0.04%/yr vs 0.64%/yr for FMNY. A 0.62 correlation means they provide meaningful diversification when combined. PZT charges 0.28%/yr vs 0.65%/yr for FMNY.

Performance

PZT vs. FMNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco New York AMT-Free Municipal Bond ETF (PZT) and First Trust New York High Income Municipal ETF (FMNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZT achieves a 3.02% return, which is significantly higher than FMNY's 2.11% 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%

FMNY

• 1D: 0.02%
• 1M: 1.36%
• YTD: 2.11%
• 6M: 1.98%
• 1Y: 7.29%
• 3Y*: 3.87%
• 5Y*: 0.64%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PZT vs. FMNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PZT Invesco New York AMT-Free Municipal Bond ETF	3.02%	1.76%	1.17%	7.57%	-13.04%	1.81%
FMNY First Trust New York High Income Municipal ETF	2.11%	3.94%	1.74%	6.14%	-10.65%	1.67%

Correlation

The correlation between PZT and FMNY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.62

The correlation between PZT and FMNY shifts across timeframes, from 0.48 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PZT vs. FMNY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZT

PZT Risk / Return Rank: 59
PZT Sharpe Ratio Rank: 59
PZT Sortino Ratio Rank: 58
PZT Omega Ratio Rank: 64
PZT Calmar Ratio Rank: 59
PZT Martin Ratio Rank: 56

FMNY

FMNY Risk / Return Rank: 70
FMNY Sharpe Ratio Rank: 76
FMNY Sortino Ratio Rank: 80
FMNY Omega Ratio Rank: 85
FMNY Calmar Ratio Rank: 57
FMNY Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PZT vs. FMNY - 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 First Trust New York High Income Municipal ETF (FMNY). 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	FMNY	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.25	-0.42
Sortino ratio: Return per unit of downside risk	2.56	3.27	-0.71
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	2.72	2.59	+0.13
Martin ratio: Return relative to average drawdown	9.22	8.28	+0.95

PZT vs. FMNY - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 1.83, which is comparable to the FMNY Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of PZT and FMNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PZT vs. FMNY - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, which is greater than FMNY's maximum drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for PZT and FMNY.

Drawdown Indicators

	PZT	FMNY	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-15.90%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.83%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	-5.88%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.13%	-15.90%	-3.23%
Max Drawdown (10Y) Largest decline over 10 years	-19.13%	—	—
Current Drawdown Current decline from peak	-1.28%	-0.48%	-0.80%
Average Drawdown Average peak-to-trough decline	-3.90%	-5.63%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.88%	+0.05%

Volatility

PZT vs. FMNY - Volatility Comparison

Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.38% compared to First Trust New York High Income Municipal ETF (FMNY) at 0.54%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZT	FMNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	0.54%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	2.35%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	3.25%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	4.00%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	3.97%	+2.96%

PZT vs. FMNY - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is lower than FMNY's 0.65% expense ratio.

Dividends

PZT vs. FMNY - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.61%, less than FMNY's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMNY First Trust New York High Income Municipal ETF	3.67%	3.64%	3.56%	3.25%	2.34%	0.72%	0.00%	0.00%	0.00%	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

Can I hold both PZT and FMNY in my portfolio?

PZT and FMNY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZT or FMNY?

PZT has higher volatility (1.38%) compared to FMNY (0.54%). In terms of maximum drawdown, PZT dropped -22.73% vs FMNY's -15.90%.

Which ETF is better, PZT or FMNY?

On 5-year performance, FMNY leads with 0.64% vs -0.04% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, FMNY has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZT or FMNY?

Over the 5-year period, FMNY has performed better with a 0.64% return vs -0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZT or FMNY?

PZT is cheaper with a 0.28% expense ratio, compared with 0.65% for FMNY.

Which ETF pays a higher dividend yield, PZT or FMNY?

FMNY has the higher dividend yield at 3.67%, compared with 3.61% for PZT.

What is the main difference between PZT and FMNY?

They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.28% for PZT and 0.65% for FMNY.

Which has better risk-adjusted returns?

FMNY currently has the higher Sharpe Ratio (2.25 vs 1.83), 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.