PZT vs. MINO

Last updated Jun 24, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) are both Municipal Bonds funds. PZT is passively managed, while MINO is actively managed. Over the past 3 years, PZT returned 2.90%/yr vs 4.61%/yr for MINO. A 0.67 correlation means they provide meaningful diversification when combined. PZT charges 0.28%/yr vs 0.39%/yr for MINO.

Performance

PZT vs. MINO - 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 PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZT achieves a 3.02% return, which is significantly higher than MINO's 2.24% return.

PZT

• 1D: 0.06%
• 1M: 2.13%
• YTD: 3.02%
• 6M: 3.02%
• 1Y: 8.57%
• 3Y*: 2.90%
• 5Y*: -0.04%
• 10Y*: 1.78%

MINO

• 1D: -0.04%
• 1M: 1.62%
• YTD: 2.24%
• 6M: 2.29%
• 1Y: 7.49%
• 3Y*: 4.61%
• 5Y*: —
• 10Y*: —

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

PZT vs. MINO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PZT Invesco New York AMT-Free Municipal Bond ETF	3.02%	1.76%	1.17%	7.57%	-13.04%	0.73%
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	2.24%	4.42%	3.13%	8.46%	-10.43%	0.26%

Correlation

The correlation between PZT and MINO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021	0.67

The correlation between PZT and MINO has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

Return for Risk

PZT vs. MINO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZT

PZT Risk / Return Rank: 59
PZT Sharpe Ratio Rank: 59
PZT Sortino Ratio Rank: 58
PZT Omega Ratio Rank: 64
PZT Calmar Ratio Rank: 59
PZT Martin Ratio Rank: 56

MINO

MINO Risk / Return Rank: 82
MINO Sharpe Ratio Rank: 89
MINO Sortino Ratio Rank: 93
MINO Omega Ratio Rank: 93
MINO Calmar Ratio Rank: 67
MINO Martin Ratio Rank: 66

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. MINO - 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 PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO). 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	MINO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.78	-0.94
Sortino ratio: Return per unit of downside risk	2.56	4.28	-1.72
Omega ratio: Gain probability vs. loss probability	1.36	1.61	-0.24
Calmar ratio: Return relative to maximum drawdown	2.72	3.12	-0.40
Martin ratio: Return relative to average drawdown	9.22	11.17	-1.95

PZT vs. MINO - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 1.83, which is lower than the MINO Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PZT and MINO, 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. MINO - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, which is greater than MINO's maximum drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for PZT and MINO.

Drawdown Indicators

	PZT	MINO	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-15.24%	-7.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.41%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	-5.34%	-3.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.13%	—	—
Current Drawdown Current decline from peak	-1.28%	-0.04%	-1.24%
Average Drawdown Average peak-to-trough decline	-3.90%	-4.21%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.67%	+0.26%

Volatility

PZT vs. MINO - Volatility Comparison

Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.38% compared to PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) at 0.72%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than MINO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZT	MINO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	0.72%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	1.90%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	2.71%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	4.52%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	4.52%	+2.41%

PZT vs. MINO - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is lower than MINO's 0.39% expense ratio.

Dividends

PZT vs. MINO - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.61%, less than MINO's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.88%	3.71%	3.91%	3.78%	2.87%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.61%	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 MINO in my portfolio?

PZT and MINO have a correlation of 0.59, 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 MINO?

PZT has higher volatility (1.38%) compared to MINO (0.72%). In terms of maximum drawdown, PZT dropped -22.73% vs MINO's -15.24%.

Which ETF is better, PZT or MINO?

On 3-year performance, MINO leads with 4.61% vs 2.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, MINO has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZT or MINO?

Over the 3-year period, MINO has performed better with a 4.61% return vs 2.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZT or MINO?

PZT is cheaper with a 0.28% expense ratio, compared with 0.39% for MINO.

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

MINO has the higher dividend yield at 3.88%, compared with 3.61% for PZT.

What is the main difference between PZT and MINO?

They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.28% for PZT and 0.39% for MINO.

Which has better risk-adjusted returns?

MINO currently has the higher Sharpe Ratio (2.78 vs 1.83), 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.