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PZT vs. SPHD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZT vs. SPHD

Last updated Jun 4, 2026

PZT (Invesco New York AMT-Free Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PZT returned 1.90%/yr vs 7.08%/yr for SPHD. At a 0.05 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.30%/yr for SPHD.

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.

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Returns By Period

In the year-to-date period, PZT achieves a 2.87% return, which is significantly lower than SPHD's 4.38% return. Over the past 10 years, PZT has underperformed SPHD with an annualized return of 1.90%, while SPHD has yielded a comparatively higher 7.08% 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%

SPHD

1D
-0.89%
1M
-0.82%
YTD
4.38%
6M
4.63%
1Y
8.12%
3Y*
11.42%
5Y*
5.48%
10Y*
7.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PZT vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.38%3.41%18.08%1.32%0.58%24.98%-9.98%20.26%-6.17%11.90%

Correlation

The correlation between PZT and SPHD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Oct 31, 2012

0.05

The correlation between PZT and SPHD shifts across timeframes, from 0.05 (all time) to 0.19 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Invesco New York AMT-Free Municipal Bond ETF

Invesco S&P 500® High Dividend Low Volatility ETF

Often compared with PZT:
PZT vs. NYFPZT vs. MINOPZT vs. FMNYPZT vs. VNYUXPZT vs. FLIAPZT vs. FTABXPZT vs. DGRO
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

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: 6161
Overall Rank
PZT Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
PZT Sortino Ratio Rank: 6060
Sortino Ratio Rank
PZT Omega Ratio Rank: 6666
Omega Ratio Rank
PZT Calmar Ratio Rank: 6161
Calmar Ratio Rank
PZT Martin Ratio Rank: 5858
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 2121
Overall Rank
SPHD Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 2121
Sortino Ratio Rank
SPHD Omega Ratio Rank: 1919
Omega Ratio Rank
SPHD Calmar Ratio Rank: 2323
Calmar Ratio Rank
SPHD Martin Ratio Rank: 2222
Martin Ratio Rank
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.

PZTSPHDDifference
Sharpe ratioReturn per unit of total volatility
2.02
0.74

+1.28

Sortino ratioReturn per unit of downside risk
2.82
1.15

+1.67

Omega ratioGain probability vs. loss probability

1.40

1.13

+0.27

Calmar ratioReturn relative to maximum drawdown

3.02

1.11

+1.90

Martin ratioReturn relative to average drawdown

10.29

2.78

+7.51

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 2.02, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PZT and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PZTSPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.02

0.74

+1.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.00

0.39

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.40

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.58

-0.21

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.

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Drawdown Indicators

PZTSPHDDifference

Max Drawdown

Largest peak-to-trough decline

-22.73%

-41.39%

+18.66%

Max Drawdown (1Y)

Largest decline over 1 year

-3.17%

-7.33%

+4.16%

Max Drawdown (3Y)

Largest decline over 3 years

-9.00%

-13.29%

+4.29%

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

-1.42%

-5.37%

+3.95%

Average Drawdown

Average peak-to-trough decline

-3.91%

-4.70%

+0.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

2.93%

-2.00%

Volatility

PZT vs. SPHD - Volatility Comparison

The current volatility for Invesco New York AMT-Free Municipal Bond ETF (PZT) is 2.10%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. 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.

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Volatility by Period

PZTSPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

2.99%

-0.89%

Volatility (6M)

Calculated over the trailing 6-month period

3.45%

7.55%

-4.10%

Volatility (1Y)

Calculated over the trailing 1-year period

4.75%

11.04%

-6.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.62%

14.16%

-7.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

17.64%

-10.68%

PZT vs. SPHD - Expense Ratio Comparison

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

Dividends

PZT vs. SPHD - Dividend Comparison

PZT's dividend yield for the trailing twelve months is around 3.58%, less than SPHD's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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		4.62%4.02%3.41%4.48%3.89%3.45%4.89%4.07%4.40%3.14%3.83%3.49%

Frequently Asked Questions

PZT and SPHD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPHD has higher volatility (2.99%) compared to PZT (2.10%). In terms of maximum drawdown, PZT dropped -22.73% vs SPHD's -41.39%.

On 10-year performance, SPHD leads with 7.08% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% 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, SPHD has performed better with a 7.08% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PZT is cheaper with a 0.28% expense ratio, compared with 0.30% for SPHD.

SPHD has the higher dividend yield at 4.62%, compared with 3.58% for PZT.

PZT is categorized as Municipal Bonds, while SPHD is Dividend. PZT tracks ICE BofA New York Long-Term Core Plus Muni, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.28% for PZT and 0.30% for SPHD.

PZT currently has the higher Sharpe Ratio (2.02 vs 0.74), 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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