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PZT vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZT vs. GSG

Last updated Jun 4, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, PZT returned 1.90%/yr vs 7.69%/yr for GSG. At a correlation of -0.06, they often move in opposite directions. PZT charges 0.28%/yr vs 0.75%/yr for GSG.

Performance

PZT vs. GSG - 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 iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PZT achieves a 2.87% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, PZT has underperformed GSG with an annualized return of 1.90%, while GSG has yielded a comparatively higher 7.69% annualized return.

PZT

1D
-0.31%
1M
1.38%
YTD
2.87%
6M
3.17%
1Y
9.52%
3Y*
3.35%
5Y*
-0.03%
10Y*
1.90%

GSG

1D
0.77%
1M
-4.83%
YTD
42.58%
6M
41.06%
1Y
51.52%
3Y*
19.31%
5Y*
15.74%
10Y*
7.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PZT vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PZT
Invesco New York AMT-Free Municipal Bond ETF		2.87%1.76%1.17%7.57%-13.04%2.67%5.89%9.52%-0.55%6.21%
GSG
iShares S&P GSCI Commodity-Indexed Trust		42.58%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%

Correlation

The correlation between PZT and GSG is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

-0.04

Correlation (10Y)
Calculated over the trailing 10-year period

-0.04

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2007

-0.06

Over the past year, the inverse relationship between PZT and GSG has strengthened: their correlation has moved from -0.06 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco New York AMT-Free Municipal Bond ETF

iShares S&P GSCI Commodity-Indexed Trust

Often compared with PZT:
PZT vs. NYFPZT vs. MINOPZT vs. FMNYPZT vs. VNYUXPZT vs. FLIAPZT vs. FTABXPZT vs. DGRO
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

PZT vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PZT
PZT Risk / Return Rank: 6161
Overall Rank
PZT Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
PZT Sortino Ratio Rank: 6060
Sortino Ratio Rank
PZT Omega Ratio Rank: 6666
Omega Ratio Rank
PZT Calmar Ratio Rank: 6161
Calmar Ratio Rank
PZT Martin Ratio Rank: 5858
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6565
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7575
Martin Ratio Rank
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. GSG - 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 iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.

PZTGSGDifference
Sharpe ratioReturn per unit of total volatility
2.02
2.26

-0.24

Sortino ratioReturn per unit of downside risk
2.82
2.88

-0.05

Omega ratioGain probability vs. loss probability

1.40

1.40

0.00

Calmar ratioReturn relative to maximum drawdown

3.02

5.47

-2.46

Martin ratioReturn relative to average drawdown

10.29

14.39

-4.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZT vs. GSG - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 2.02, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PZT and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PZTGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.02

2.26

-0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.00

0.70

-0.70

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.35

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

-0.09

+0.46

Drawdowns

PZT vs. GSG - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PZT and GSG.

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Drawdown Indicators

PZTGSGDifference

Max Drawdown

Largest peak-to-trough decline

-22.73%

-89.62%

+66.89%

Max Drawdown (1Y)

Largest decline over 1 year

-3.17%

-9.46%

+6.29%

Max Drawdown (3Y)

Largest decline over 3 years

-9.00%

-14.94%

+5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-19.13%

-29.12%

+9.99%

Max Drawdown (10Y)

Largest decline over 10 years

-19.13%

-57.64%

+38.51%

Current Drawdown

Current decline from peak

-1.42%

-56.95%

+55.53%

Average Drawdown

Average peak-to-trough decline

-3.91%

-63.71%

+59.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

3.59%

-2.66%

Volatility

PZT vs. GSG - Volatility Comparison

The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 2.10%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PZT experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZTGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

7.65%

-5.55%

Volatility (6M)

Calculated over the trailing 6-month period

3.45%

20.42%

-16.97%

Volatility (1Y)

Calculated over the trailing 1-year period

4.75%

22.95%

-18.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.62%

22.61%

-15.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

22.03%

-15.07%

PZT vs. GSG - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

PZT vs. GSG - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.58%, while GSG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GSG
iShares S&P GSCI Commodity-Indexed Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PZT
Invesco New York AMT-Free Municipal Bond ETF		3.58%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 GSG have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSG has higher volatility (7.65%) compared to PZT (2.10%). In terms of maximum drawdown, PZT dropped -22.73% vs GSG's -89.62%.

On 10-year performance, GSG leads with 7.69% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, PZT has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSG has performed better with a 7.69% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PZT is cheaper with a 0.28% expense ratio, compared with 0.75% for GSG.

PZT has the higher dividend yield at 3.58%, compared with 0.00% for GSG.

PZT is categorized as Municipal Bonds, while GSG is Commodities. PZT tracks ICE BofA New York Long-Term Core Plus Muni, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.28% for PZT and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (2.26 vs 2.02), 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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