PZT vs. INTM

Last updated Aug 5, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and INTM (Invesco Intermediate Municipal ETF) are both Municipal Bonds funds from Invesco. PZT is passively managed, while INTM is actively managed. Over the past year, PZT returned 7.43% vs 5.86% for INTM. Their 0.37 correlation means their historical movements had little consistent relationship. PZT charges 0.28%/yr vs 0.35%/yr for INTM.

Performance

PZT vs. INTM - 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 Invesco Intermediate Municipal ETF (INTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZT achieves a 1.69% return, which is significantly higher than INTM's 1.38% return.

PZT

• 1D: 0.45%
• 1M: -1.73%
• 6M: 1.44%
• YTD: 1.69%
• 1Y: 7.43%
• 3Y*: 3.09%
• 5Y*: -0.46%
• 10Y*: 1.69%
• ALL TIME*: 2.93%

INTM

• 1D: 0.04%
• 1M: -1.49%
• 6M: 0.51%
• YTD: 1.38%
• 1Y: 5.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INTM Invesco Intermediate Municipal ETF	$28.54K	$23.89K	$38.96K
PZT Invesco New York AMT-Free Municipal Bond ETF	$521.98K	$591.10K	$628.19K

PZT vs. INTM - Yearly Performance Comparison

	2026 (YTD)	2025
PZT Invesco New York AMT-Free Municipal Bond ETF	1.69%	7.12%
INTM Invesco Intermediate Municipal ETF	1.38%	4.72%

Correlation

The correlation between PZT and INTM is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.37

Return for Risk

PZT vs. INTM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PZT

PZT Risk / Return Rank: 60
PZT Sharpe Ratio Rank: 60
PZT Sortino Ratio Rank: 57
PZT Omega Ratio Rank: 65
PZT Calmar Ratio Rank: 59
PZT Martin Ratio Rank: 57

INTM

INTM Risk / Return Rank: 75
INTM Sharpe Ratio Rank: 88
INTM Sortino Ratio Rank: 86
INTM Omega Ratio Rank: 93
INTM Calmar Ratio Rank: 56
INTM Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PZT vs. INTM - 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 Invesco Intermediate Municipal ETF (INTM). 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	INTM	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.28	-0.67
Sortino ratio: Return per unit of downside risk	2.22	3.11	-0.89
Omega ratio: Gain probability vs. loss probability	1.31	1.51	-0.19
Calmar ratio: Return relative to maximum drawdown	2.36	2.22	+0.13
Martin ratio: Return relative to average drawdown	7.58	6.94	+0.64

PZT vs. INTM - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 1.61, which is comparable to the INTM Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PZT and INTM, 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. INTM - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, which is greater than INTM's maximum drawdown of -2.65%. Use the drawdown chart below to compare losses from any high point for PZT and INTM.

Drawdown Indicators

	PZT	INTM	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-2.65%	-20.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.65%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-8.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.13%	—	—
Current Drawdown Current decline from peak	-2.55%	-1.60%	-0.95%
Average Drawdown Average peak-to-trough decline	-3.89%	-0.50%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.85%	+0.13%

Volatility

PZT vs. INTM - Volatility Comparison

Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.73% compared to Invesco Intermediate Municipal ETF (INTM) at 0.76%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than INTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZT	INTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	0.76%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	2.03%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	2.58%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	2.55%	+4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	2.55%	+4.39%

PZT vs. INTM - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is lower than INTM's 0.35% expense ratio.

Dividends

PZT vs. INTM - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.70%, more than INTM's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INTM Invesco Intermediate Municipal ETF	3.26%	1.15%	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	3.70%	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 INTM in my portfolio?

PZT and INTM have a correlation of 0.38, 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 INTM?

PZT has higher volatility (1.73%) compared to INTM (0.76%). In terms of maximum drawdown, PZT dropped -22.73% vs INTM's -2.65%.

Which ETF is better, PZT or INTM?

On 1-year performance, PZT leads with 7.43% vs 5.86% for INTM. On fees, PZT is cheaper at 0.28% per year. On volatility, INTM has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZT or INTM?

Over the 1-year period, PZT has performed better with a 7.43% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZT or INTM?

PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for INTM.

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

PZT has the higher dividend yield at 3.70%, compared with 3.26% for INTM.

What is the main difference between PZT and INTM?

Their fees differ too: 0.28% for PZT and 0.35% for INTM.

Which has better risk-adjusted returns?

INTM currently has the higher Sharpe Ratio (2.28 vs 1.61), 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.