PZT vs. ITM
PZT (Invesco New York AMT-Free Municipal Bond ETF) and ITM (VanEck Intermediate Muni ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while ITM tracks the Bloomberg AMT-Free Intermediate Continuous. Both are passively managed. Over the past 10 years, PZT returned 1.90%/yr vs 1.95%/yr for ITM. At a 0.48 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.24%/yr for ITM.
Performance
PZT vs. ITM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PZT achieves a 2.87% return, which is significantly higher than ITM's 0.61% return. Both investments have delivered pretty close results over the past 10 years, with PZT having a 1.90% annualized return and ITM not far ahead at 1.95%.
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%
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
PZT vs. ITM - 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% |
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
Correlation
The correlation between PZT and ITM is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | 0.48 |
The correlation between PZT and ITM shifts across timeframes, from 0.48 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PZT vs. ITM — Risk / Return Rank
PZT
ITM
PZT vs. ITM - 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 VanEck Intermediate Muni ETF (ITM). 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 | ITM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.55 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.13 | +0.88 |
| Martin ratioReturn relative to average drawdown | 10.29 | 6.84 | +3.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PZT | ITM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 2.58 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.10 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.28 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.44 | -0.06 |
Drawdowns
PZT vs. ITM - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum ITM drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for PZT and ITM.
Loading charts...
Drawdown Indicators
| PZT | ITM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -24.75% | +2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -3.43% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -5.68% | -3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -15.11% | -4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | -24.75% | +5.62% |
Current DrawdownCurrent decline from peak | -1.42% | -1.33% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -2.98% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.07% | -0.14% |
Volatility
PZT vs. ITM - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 2.10% compared to VanEck Intermediate Muni ETF (ITM) at 1.01%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than ITM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PZT | ITM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 1.01% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 2.18% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 2.84% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 4.31% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 7.10% | -0.14% |
PZT vs. ITM - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than ITM's 0.24% expense ratio.
Dividends
PZT vs. ITM - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than ITM's 2.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
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 ITM have a correlation of 0.60, 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 ITM (1.01%). In terms of maximum drawdown, PZT dropped -22.73% vs ITM's -24.75%.
On 10-year performance, ITM leads with 1.95% vs 1.90% for PZT. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ITM has performed better with a 1.95% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.58%, compared with 2.93% for ITM.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while ITM tracks Bloomberg AMT-Free Intermediate Continuous. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.28% for PZT and 0.24% for ITM.
ITM currently has the higher Sharpe Ratio (2.58 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.
Find the right allocation for PZT and ITM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer