PZT vs. MUNY
PZT (Invesco New York AMT-Free Municipal Bond ETF) and MUNY (Vanguard New York Tax-Exempt Bond ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index. Both are passively managed. Over the past year, PZT returned 7.43% vs 5.02% for MUNY. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PZT charges 0.28%/yr vs 0.09%/yr for MUNY.
Performance
PZT vs. MUNY - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 1.69% return, which is significantly higher than MUNY's 0.61% 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%
MUNY
- 1D
- 0.21%
- 1M
- -1.56%
- 6M
- -0.23%
- YTD
- 0.61%
- 1Y
- 5.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.52M | $5.71M | $5.54M | |
| $521.98K | $591.10K | $628.19K |
PZT vs. MUNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 1.69% | 6.14% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 0.61% | 5.60% |
Correlation
The correlation between PZT and MUNY is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 22, 2025 | 0.63 |
The correlation between PZT and MUNY has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.
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Return for Risk
PZT vs. MUNY — Risk / Return Rank
PZT
MUNY
PZT vs. MUNY - 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 Vanguard New York Tax-Exempt Bond ETF (MUNY). 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 | MUNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 1.86 | +0.49 |
| Martin ratioReturn relative to average drawdown | 7.58 | 5.85 | +1.73 |
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Drawdowns
PZT vs. MUNY - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than MUNY's maximum drawdown of -2.70%. Use the drawdown chart below to compare losses from any high point for PZT and MUNY.
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Drawdown Indicators
| PZT | MUNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -2.70% | -20.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -2.70% | -0.47% |
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 DrawdownCurrent decline from peak | -2.55% | -1.60% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -3.89% | -0.67% | -3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.86% | +0.12% |
Volatility
PZT vs. MUNY - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.73% compared to Vanguard New York Tax-Exempt Bond ETF (MUNY) at 0.97%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than MUNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | MUNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 0.97% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 2.52% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 2.91% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 3.80% | +2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 3.80% | +3.14% |
PZT vs. MUNY - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than MUNY's 0.09% expense ratio.
Dividends
PZT vs. MUNY - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.70%, more than MUNY's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNY Vanguard New York Tax-Exempt Bond ETF | 3.24% | 1.80% | 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
PZT and MUNY 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 (1.73%) compared to MUNY (0.97%). In terms of maximum drawdown, PZT dropped -22.73% vs MUNY's -2.70%.
On 1-year performance, PZT leads with 7.43% vs 5.02% for MUNY. On fees, MUNY is cheaper at 0.09% per year. On volatility, MUNY has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PZT has performed better with a 7.43% return vs 5.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNY is cheaper with a 0.09% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.70%, compared with 3.24% for MUNY.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.28% for PZT and 0.09% for MUNY.
MUNY currently has the higher Sharpe Ratio (1.73 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.
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