PZT vs. SCMB
Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and Schwab Municipal Bond ETF (SCMB).
PZT and SCMB 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. SCMB is a passively managed fund by Schwab that tracks the performance of the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. It was launched on Oct 11, 2022. Both PZT and SCMB 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 SCMB.
Key characteristics
| PZT | SCMB | |
|---|---|---|
| YTD Return | 2.05% | 2.61% |
| 1Y Return | 8.69% | 7.47% |
| Sharpe Ratio | 1.48 | 2.01 |
| Sortino Ratio | 2.22 | 2.92 |
| Omega Ratio | 1.28 | 1.40 |
| Calmar Ratio | 0.77 | 3.26 |
| Martin Ratio | 7.38 | 10.73 |
| Ulcer Index | 1.32% | 0.78% |
| Daily Std Dev | 6.60% | 4.15% |
| Max Drawdown | -22.73% | -5.62% |
| Current Drawdown | -5.01% | -1.37% |
Correlation
The correlation between PZT and SCMB is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
PZT vs. SCMB - Performance Comparison
In the year-to-date period, PZT achieves a 2.05% return, which is significantly lower than SCMB's 2.61% 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. SCMB - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than SCMB's 0.03% expense ratio.
Risk-Adjusted Performance
PZT vs. SCMB - 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 Schwab Municipal Bond ETF (SCMB). 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. SCMB - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 2.95%, less than SCMB's 4.44% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.95% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.37% | 3.40% | 3.75% | 4.17% |
SCMB Schwab Municipal Bond ETF | 4.44% | 4.88% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PZT vs. SCMB - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than SCMB's maximum drawdown of -5.62%. Use the drawdown chart below to compare losses from any high point for PZT and SCMB. For additional features, visit the drawdowns tool.
Volatility
PZT vs. SCMB - Volatility Comparison
Invesco New York AMT-Free Municipal Bond ETF (PZT) and Schwab Municipal Bond ETF (SCMB) have volatilities of 2.08% and 1.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.