PZT vs. NYF
PZT (Invesco New York AMT-Free Municipal Bond ETF) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while NYF tracks the S&P New York AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, PZT returned 1.78%/yr vs 1.72%/yr for NYF. At a 0.39 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.25%/yr for NYF.
Performance
PZT vs. NYF - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 3.02% return, which is significantly higher than NYF's 1.80% return. Both investments have delivered pretty close results over the past 10 years, with PZT having a 1.78% annualized return and NYF not far behind at 1.72%.
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%
NYF
- 1D
- -0.07%
- 1M
- 1.46%
- YTD
- 1.80%
- 6M
- 1.84%
- 1Y
- 6.73%
- 3Y*
- 3.15%
- 5Y*
- 0.87%
- 10Y*
- 1.72%
PZT vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.02% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
NYF iShares New York Muni Bond ETF | 1.80% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
Correlation
The correlation between PZT and NYF is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.39 |
Over the past year, PZT and NYF have become more correlated (0.65) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
PZT vs. NYF — Risk / Return Rank
PZT
NYF
PZT vs. NYF - 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 iShares New York Muni Bond ETF (NYF). 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 | NYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.54 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.45 | +0.26 |
| Martin ratioReturn relative to average drawdown | 9.22 | 8.72 | +0.51 |
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Drawdowns
PZT vs. NYF - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than NYF's maximum drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for PZT and NYF.
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Drawdown Indicators
| PZT | NYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -13.12% | -9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -2.76% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -5.68% | -3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -12.71% | -6.42% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | -13.12% | -6.01% |
Current DrawdownCurrent decline from peak | -1.28% | -0.28% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -2.30% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.77% | +0.16% |
Volatility
PZT vs. NYF - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.38% compared to iShares New York Muni Bond ETF (NYF) at 0.72%. This indicates that PZT's price experiences larger fluctuations and is considered to be riskier than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | NYF | 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% | 2.13% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 2.74% | +1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 4.00% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 4.48% | +2.45% |
PZT vs. NYF - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than NYF's 0.25% expense ratio.
Dividends
PZT vs. NYF - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.61%, more than NYF's 3.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.08% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
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
PZT and NYF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (1.38%) compared to NYF (0.72%). In terms of maximum drawdown, PZT dropped -22.73% vs NYF's -13.12%.
On 10-year performance, PZT leads with 1.78% vs 1.72% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PZT has performed better with a 1.78% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.25% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.61%, compared with 3.08% for NYF.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while NYF tracks S&P New York AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.28% for PZT and 0.25% for NYF.
NYF currently has the higher Sharpe Ratio (2.47 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.
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