PZT vs. HYMB
PZT (Invesco New York AMT-Free Municipal Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, PZT returned 1.90%/yr vs 2.46%/yr for HYMB. At a 0.41 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.35%/yr for HYMB.
Performance
PZT vs. HYMB - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with PZT at 2.87% and HYMB at 2.87%. Over the past 10 years, PZT has underperformed HYMB with an annualized return of 1.90%, while HYMB has yielded a comparatively higher 2.46% 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%
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
PZT vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between PZT and HYMB is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.41 |
Over the past year, PZT and HYMB have become more correlated (0.64) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
PZT vs. HYMB — Risk / Return Rank
PZT
HYMB
PZT vs. HYMB - 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 SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.
| PZT | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.40 | +0.61 |
| Martin ratioReturn relative to average drawdown | 10.29 | 8.51 | +1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZT | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 1.84 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.06 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.22 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.45 | -0.08 |
Drawdowns
PZT vs. HYMB - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for PZT and HYMB.
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Drawdown Indicators
| PZT | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -29.57% | +6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -3.11% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -7.44% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -20.15% | +1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | -29.57% | +10.44% |
Current DrawdownCurrent decline from peak | -1.42% | -0.04% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -3.81% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.88% | +0.05% |
Volatility
PZT vs. HYMB - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 2.10% compared to SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) at 1.35%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 1.35% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 3.14% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 4.05% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 6.66% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 11.36% | -4.40% |
PZT vs. HYMB - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
PZT vs. HYMB - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
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 HYMB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to HYMB (1.35%). In terms of maximum drawdown, PZT dropped -22.73% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.46% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, HYMB has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.46% 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 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.58% for PZT.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.28% for PZT and 0.35% for HYMB.
PZT currently has the higher Sharpe Ratio (2.02 vs 1.84), 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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