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.
Key characteristics
| PZT | FTABX | |
|---|---|---|
| YTD Return | 2.05% | 2.06% |
| 1Y Return | 8.69% | 7.56% |
| 3Y Return (Ann) | -1.21% | -0.46% |
| 5Y Return (Ann) | 0.87% | 1.23% |
| 10Y Return (Ann) | 2.49% | 2.45% |
| Sharpe Ratio | 1.48 | 1.96 |
| Sortino Ratio | 2.22 | 2.91 |
| Omega Ratio | 1.28 | 1.46 |
| Calmar Ratio | 0.77 | 0.82 |
| Martin Ratio | 7.38 | 7.96 |
| Ulcer Index | 1.32% | 0.89% |
| Daily Std Dev | 6.60% | 3.63% |
| Max Drawdown | -22.73% | -15.78% |
| Current Drawdown | -5.01% | -2.33% |
Correlation
The correlation between PZT and FTABX is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
PZT vs. FTABX - Performance Comparison
The year-to-date returns for both investments are quite close, with PZT having a 2.05% return and FTABX slightly higher at 2.06%. Both investments have delivered pretty close results over the past 10 years, with PZT having a 2.49% annualized return and FTABX not far behind at 2.45%. 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. 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 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.
Dividends
PZT vs. FTABX - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 2.95%, less than FTABX's 3.00% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.95% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.37% | 3.40% | 3.75% | 4.17% |
FTABX Fidelity Tax-Free Bond Fund | 3.00% | 2.90% | 2.85% | 2.40% | 2.60% | 2.84% | 3.02% | 3.07% | 3.37% | 3.58% | 3.62% | 3.86% |
Drawdowns
PZT vs. FTABX - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than FTABX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for PZT and FTABX. For additional features, visit the drawdowns tool.
Volatility
PZT vs. FTABX - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 2.08% compared to Fidelity Tax-Free Bond Fund (FTABX) at 1.84%. 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.