PZT vs. MMMA
PZT (Invesco New York AMT-Free Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. PZT is passively managed, while MMMA is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. PZT charges 0.28%/yr vs 0.35%/yr for MMMA.
Performance
PZT vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 3.46% return, which is significantly lower than MMMA's 3.81% return.
PZT
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.46%
- 6M
- 3.30%
- 1Y
- 9.04%
- 3Y*
- 3.07%
- 5Y*
- 0.04%
- 10Y*
- 1.76%
MMMA
- 1D
- 0.14%
- 1M
- 1.40%
- YTD
- 3.81%
- 6M
- 3.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.46% | 0.38% |
MMMA NYLI MacKay Muni Allocation ETF | 3.81% | 0.35% |
Correlation
The correlation between PZT and MMMA is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025 | 0.61 |
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Return for Risk
PZT vs. MMMA — Risk / Return Rank
PZT
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PZT vs. MMMA - 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 NYLI MacKay Muni Allocation ETF (MMMA). 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 | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | — | — |
| Martin ratioReturn relative to average drawdown | 9.73 | — | — |
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Drawdowns
PZT vs. MMMA - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for PZT and MMMA.
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Drawdown Indicators
| PZT | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -2.79% | -19.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -0.85% | 0.00% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -0.55% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
PZT vs. MMMA - Volatility Comparison
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Volatility by Period
| PZT | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 4.01% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 4.01% | +2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 4.01% | +2.92% |
PZT vs. MMMA - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
PZT vs. MMMA - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.60%, more than MMMA's 1.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 1.94% | 0.17% | 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 | 3.60% | 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 MMMA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PZT is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for MMMA.
PZT has the higher dividend yield at 3.60%, compared with 1.94% for MMMA.
They also come from different issuers: Invesco and NYLI. Their fees differ too: 0.28% for PZT and 0.35% for MMMA.
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