Correlation
The correlation between PZT and FTABX is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
PZT vs. FTABX
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and Fidelity Tax-Free Bond Fund (FTABX).
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. FTABX is managed by Fidelity. It was launched on Apr 10, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZT or FTABX.
Performance
PZT vs. FTABX - Performance Comparison
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Key characteristics
PZT:
-0.22
FTABX:
0.40
PZT:
-0.26
FTABX:
0.47
PZT:
0.97
FTABX:
1.08
PZT:
-0.17
FTABX:
0.31
PZT:
-0.67
FTABX:
1.01
PZT:
2.99%
FTABX:
1.79%
PZT:
8.48%
FTABX:
5.39%
PZT:
-22.72%
FTABX:
-15.53%
PZT:
-9.51%
FTABX:
-3.50%
Returns By Period
In the year-to-date period, PZT achieves a -3.91% return, which is significantly lower than FTABX's -1.45% return. Over the past 10 years, PZT has underperformed FTABX with an annualized return of 1.87%, while FTABX has yielded a comparatively higher 2.40% annualized return.
PZT
-3.91%
-1.60%
-6.01%
-1.87%
0.26%
-0.42%
1.87%
FTABX
-1.45%
-0.47%
-2.54%
2.16%
1.96%
1.14%
2.40%
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PZT vs. FTABX - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than FTABX's 0.25% expense ratio.
Risk-Adjusted Performance
PZT vs. FTABX — Risk-Adjusted Performance Rank
PZT
FTABX
PZT vs. FTABX - 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 Fidelity Tax-Free Bond Fund (FTABX). 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.
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Dividends
PZT vs. FTABX - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.36%, more than FTABX's 3.15% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.36% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% | 3.75% |
FTABX Fidelity Tax-Free Bond Fund | 3.15% | 3.03% | 2.90% | 2.87% | 2.67% | 2.86% | 2.94% | 3.22% | 3.49% | 3.92% | 3.58% | 3.62% |
Drawdowns
PZT vs. FTABX - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.72%, which is greater than FTABX's maximum drawdown of -15.53%. Use the drawdown chart below to compare losses from any high point for PZT and FTABX.
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Volatility
PZT vs. FTABX - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.66% compared to Fidelity Tax-Free Bond Fund (FTABX) at 0.68%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than FTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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