PZT vs. TAXS
PZT (Invesco New York AMT-Free Municipal Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. At a 0.48 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.05%/yr for TAXS.
Performance
PZT vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, PZT achieves a 2.87% return, which is significantly higher than TAXS's 0.93% 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%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 5.96% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between PZT and TAXS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.48 |
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Return for Risk
PZT vs. TAXS — Risk / Return Rank
PZT
TAXS
PZT vs. TAXS - 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 Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | — | — |
| Martin ratioReturn relative to average drawdown | 10.29 | — | — |
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 | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 2.78 | -2.41 |
Drawdowns
PZT vs. TAXS - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for PZT and TAXS.
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Drawdown Indicators
| PZT | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -0.84% | -21.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -9.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.13% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.09% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -0.24% | -3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
PZT vs. TAXS - Volatility Comparison
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Volatility by Period
| PZT | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 1.00% | +3.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 1.00% | +5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 1.00% | +5.96% |
PZT vs. TAXS - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
PZT vs. TAXS - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than TAXS's 1.83% 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% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PZT and TAXS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.58%, compared with 1.83% for TAXS.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.28% for PZT and 0.05% for TAXS.
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