PZT vs. THYM
PZT (Invesco New York AMT-Free Municipal Bond ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. PZT is passively managed, while THYM is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. PZT charges 0.28%/yr vs 0.32%/yr for THYM.
Performance
PZT vs. THYM - 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 THYM's 3.33% 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%
THYM
- 1D
- 0.14%
- 1M
- 1.14%
- YTD
- 3.33%
- 6M
- 3.62%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 0.01% |
THYM T. Rowe Price High Income Municipal ETF | 3.33% | 0.27% |
Correlation
The correlation between PZT and THYM is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | 0.53 |
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Return for Risk
PZT vs. THYM — Risk / Return Rank
PZT
THYM
PZT vs. THYM - 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 T. Rowe Price High Income Municipal ETF (THYM). 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 | THYM | 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 | THYM | 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 | 1.62 | -1.25 |
Drawdowns
PZT vs. THYM - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for PZT and THYM.
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Drawdown Indicators
| PZT | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -2.93% | -19.80% |
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% | 0.00% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -0.49% | -3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
PZT vs. THYM - Volatility Comparison
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Volatility by Period
| PZT | THYM | 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% | 4.35% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 4.35% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 4.35% | +2.61% |
PZT vs. THYM - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is lower than THYM's 0.32% expense ratio.
Dividends
PZT vs. THYM - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than THYM's 2.18% 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% |
THYM T. Rowe Price High Income Municipal ETF | 2.18% | 0.37% | 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 THYM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PZT is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PZT is cheaper with a 0.28% expense ratio, compared with 0.32% for THYM.
PZT has the higher dividend yield at 3.58%, compared with 2.18% for THYM.
PZT is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Invesco and T. Rowe Price. Their fees differ too: 0.28% for PZT and 0.32% for THYM.
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