PZT vs. RSP
PZT (Invesco New York AMT-Free Municipal Bond ETF) and RSP (Invesco S&P 500 Equal Weight ETF) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 10 years, PZT returned 1.90%/yr vs 11.86%/yr for RSP. At a correlation of -0.01, they often move in opposite directions. PZT charges 0.28%/yr vs 0.20%/yr for RSP.
Performance
PZT vs. RSP - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 2.87% return, which is significantly lower than RSP's 9.70% return. Over the past 10 years, PZT has underperformed RSP with an annualized return of 1.90%, while RSP has yielded a comparatively higher 11.86% annualized return.
PZT
- 1D
- -0.31%
- 1M
- 1.38%
- YTD
- 2.87%
- 6M
- 3.17%
- 1Y
- 9.52%
- 3Y*
- 3.35%
- 5Y*
- -0.03%
- 10Y*
- 1.90%
RSP
- 1D
- -0.38%
- 1M
- 3.77%
- YTD
- 9.70%
- 6M
- 10.18%
- 1Y
- 19.50%
- 3Y*
- 15.23%
- 5Y*
- 8.33%
- 10Y*
- 11.86%
PZT vs. RSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
RSP Invesco S&P 500 Equal Weight ETF | 9.70% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
Correlation
The correlation between PZT and RSP is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | -0.01 |
The correlation between PZT and RSP shifts across timeframes, from -0.01 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PZT vs. RSP — Risk / Return Rank
PZT
RSP
PZT vs. RSP - 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 Invesco S&P 500 Equal Weight ETF (RSP). 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.
| PZT | RSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.49 | +0.52 |
| Martin ratioReturn relative to average drawdown | 10.29 | 9.48 | +0.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZT | RSP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 1.70 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.52 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.65 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.57 | -0.19 |
Drawdowns
PZT vs. RSP - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for PZT and RSP.
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Drawdown Indicators
| PZT | RSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -59.92% | +37.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -7.85% | +4.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | -17.81% | +8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | -21.38% | +2.25% |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | -39.04% | +19.91% |
Current DrawdownCurrent decline from peak | -1.42% | -0.38% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -6.65% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.06% | -1.13% |
Volatility
PZT vs. RSP - Volatility Comparison
The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 2.10%, while Invesco S&P 500 Equal Weight ETF (RSP) has a volatility of 2.56%. This indicates that PZT experiences smaller price fluctuations and is considered to be less risky than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZT | RSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 2.56% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 8.29% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 11.56% | -6.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 16.18% | -9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 18.35% | -11.39% |
PZT vs. RSP - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than RSP's 0.20% expense ratio.
Dividends
PZT vs. RSP - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than RSP's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.58% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
RSP Invesco S&P 500 Equal Weight ETF | 1.49% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
PZT and RSP have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSP has higher volatility (2.56%) compared to PZT (2.10%). In terms of maximum drawdown, PZT dropped -22.73% vs RSP's -59.92%.
On 10-year performance, RSP leads with 11.86% vs 1.90% for PZT. On fees, RSP is cheaper at 0.20% per year. On volatility, PZT has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RSP has performed better with a 11.86% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSP is cheaper with a 0.20% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.58%, compared with 1.49% for RSP.
PZT is categorized as Municipal Bonds, while RSP is S&P 500. PZT tracks ICE BofA New York Long-Term Core Plus Muni, while RSP tracks S&P 500 Equal Weight Index. Their fees differ too: 0.28% for PZT and 0.20% for RSP.
PZT currently has the higher Sharpe Ratio (2.02 vs 1.70), 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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