PZT vs. ZMUN
PZT (Invesco New York AMT-Free Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - PZT tracks the ICE BofA New York Long-Term Core Plus Muni while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.10 correlation, their price movements are largely independent. PZT charges 0.28%/yr vs 0.30%/yr for ZMUN.
Performance
PZT vs. ZMUN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PZT achieves a 2.87% return, which is significantly higher than ZMUN's 1.57% 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%
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.87% | 1.24% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between PZT and ZMUN is 0.10, 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 Oct 1, 2025 | 0.10 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PZT vs. ZMUN — Risk / Return Rank
PZT
ZMUN
PZT vs. ZMUN - 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 F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | 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. | |||
Loading charts...
Sharpe Ratios by Period
| PZT | ZMUN | 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 | 6.46 | -6.08 |
Drawdowns
PZT vs. ZMUN - Drawdown Comparison
The maximum PZT drawdown since its inception was -22.73%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for PZT and ZMUN.
Loading charts...
Drawdown Indicators
| PZT | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.73% | -0.09% | -22.64% |
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% | -0.02% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -0.01% | -3.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
PZT vs. ZMUN - Volatility Comparison
Loading charts...
Volatility by Period
| PZT | ZMUN | 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% | 0.54% | +4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 0.54% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 0.54% | +6.42% |
PZT vs. ZMUN - Expense Ratio Comparison
PZT has a 0.28% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
PZT vs. ZMUN - Dividend Comparison
PZT's dividend yield for the trailing twelve months is around 3.58%, more than ZMUN's 2.28% 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% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 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 ZMUN have a correlation of 0.10, 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 0.30% for ZMUN.
PZT has the higher dividend yield at 3.58%, compared with 2.28% for ZMUN.
PZT tracks ICE BofA New York Long-Term Core Plus Muni, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.28% for PZT and 0.30% for ZMUN.
Find the right allocation for PZT and ZMUN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer