PZT vs. SPHD

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD).

PZT and SPHD 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. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. Both PZT and SPHD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PZT vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

PZT vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZT Invesco New York AMT-Free Municipal Bond ETF	-0.18%	1.76%	1.17%	7.57%	-13.04%	2.67%	5.89%	9.52%	-0.55%	6.21%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.64%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Returns By Period

In the year-to-date period, PZT achieves a -0.18% return, which is significantly lower than SPHD's 4.64% return. Over the past 10 years, PZT has underperformed SPHD with an annualized return of 1.79%, while SPHD has yielded a comparatively higher 7.24% annualized return.

PZT

• 1D: 0.46%
• 1M: -2.51%
• YTD: -0.18%
• 6M: 1.06%
• 1Y: 3.51%
• 3Y*: 2.16%
• 5Y*: -0.10%
• 10Y*: 1.79%

SPHD

• 1D: 0.55%
• 1M: -4.99%
• YTD: 4.64%
• 6M: 2.81%
• 1Y: 3.20%
• 3Y*: 9.99%
• 5Y*: 7.05%
• 10Y*: 7.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PZT vs. SPHD - Expense Ratio Comparison

PZT has a 0.28% expense ratio, which is lower than SPHD's 0.30% expense ratio.

SPHD

Invesco S&P 500® High Dividend Low Volatility ETF

PZT

Invesco New York AMT-Free Municipal Bond ETF

Return for Risk

PZT vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZT

PZT Risk / Return Rank: 25
PZT Sharpe Ratio Rank: 28
PZT Sortino Ratio Rank: 25
PZT Omega Ratio Rank: 29
PZT Calmar Ratio Rank: 23
PZT Martin Ratio Rank: 20

SPHD

SPHD Risk / Return Rank: 20
SPHD Sharpe Ratio Rank: 19
SPHD Sortino Ratio Rank: 18
SPHD Omega Ratio Rank: 18
SPHD Calmar Ratio Rank: 22
SPHD Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PZT vs. SPHD - 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® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio Return per unit of total volatility	0.50	0.22	+0.28
Sortino ratio Return per unit of downside risk	0.71	0.41	+0.30
Omega ratio Gain probability vs. loss probability	1.12	1.05	+0.06
Calmar ratio Return relative to maximum drawdown	0.49	0.38	+0.11
Martin ratio Return relative to average drawdown	1.24	1.22	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZT vs. SPHD - Sharpe Ratio Comparison

The current PZT Sharpe Ratio is 0.50, which is higher than the SPHD Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of PZT and SPHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PZT	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.22	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.50	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.41	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.59	-0.23

Correlation

The correlation between PZT and SPHD is 0.05, 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.

Dividends

PZT vs. SPHD - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.58%, less than SPHD's 4.31% yield.

	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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.31%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Drawdowns

PZT vs. SPHD - Drawdown Comparison

The maximum PZT drawdown since its inception was -22.73%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PZT and SPHD.

Drawdown Indicators

	PZT	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-41.39%	+18.66%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-11.33%	+5.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.13%	-19.50%	+0.37%
Max Drawdown (10Y) Largest decline over 10 years	-19.13%	-41.39%	+22.26%
Current Drawdown Current decline from peak	-4.35%	-5.14%	+0.79%
Average Drawdown Average peak-to-trough decline	-3.92%	-4.70%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.67%	-1.30%

Volatility

PZT vs. SPHD - Volatility Comparison

The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 1.73%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.21%. This indicates that PZT experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZT	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	3.21%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	7.91%	-5.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.12%	14.51%	-7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	14.20%	-7.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	17.65%	-10.72%