PZT vs. NYF
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and iShares New York Muni Bond ETF (NYF).
PZT and NYF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PZT is a passively managed fund by Invesco that tracks the performance of the ICE BofA New York Long-Term Core Plus Muni. It was launched on Oct 11, 2007. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both PZT and NYF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PZT or NYF.
Key characteristics
| PZT | NYF | |
|---|---|---|
| YTD Return | 0.78% | -0.01% |
| 1Y Return | 5.06% | 3.04% |
| 3Y Return (Ann) | -1.38% | -0.58% |
| 5Y Return (Ann) | 1.16% | 1.09% |
| 10Y Return (Ann) | 2.68% | 2.11% |
| Sharpe Ratio | 0.64 | 0.71 |
| Daily Std Dev | 7.28% | 4.15% |
| Max Drawdown | -22.73% | -13.12% |
| Current Drawdown | -6.19% | -2.94% |
Correlation
The correlation between PZT and NYF is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
PZT vs. NYF - Performance Comparison
In the year-to-date period, PZT achieves a 0.78% return, which is significantly higher than NYF's -0.01% return. Over the past 10 years, PZT has outperformed NYF with an annualized return of 2.68%, while NYF has yielded a comparatively lower 2.11% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PZT vs. NYF - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than NYF's 0.25% expense ratio.
Risk-Adjusted Performance
PZT vs. NYF - Risk-Adjusted Performance 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.
Dividends
PZT vs. NYF - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 2.84%, more than NYF's 2.51% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.84% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% | 3.75% | 4.18% |
NYF iShares New York Muni Bond ETF | 2.51% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% | 2.81% | 3.05% |
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. For additional features, visit the drawdowns tool.
Volatility
PZT vs. NYF - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) has a higher volatility of 1.14% compared to iShares New York Muni Bond ETF (NYF) at 0.60%. 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.