QIS vs. PWZ
QIS (Simplify Multi-Qis Alternative ETF) and PWZ (Invesco California AMT-Free Municipal Bond ETF) are both exchange-traded funds - QIS is a Multistrategy fund actively managed by Simplify, while PWZ is a Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni. QIS is actively managed, while PWZ is passively managed. Over the past 3 years, QIS returned -24.38%/yr vs 3.00%/yr for PWZ. At a correlation of -0.08, they often move in opposite directions. QIS charges 1.00%/yr vs 0.28%/yr for PWZ.
Performance
QIS vs. PWZ - Performance Comparison
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Returns By Period
In the year-to-date period, QIS achieves a -31.60% return, which is significantly lower than PWZ's 2.97% return.
QIS
- 1D
- 3.48%
- 1M
- -7.74%
- 6M
- -33.04%
- YTD
- -31.60%
- 1Y
- -52.16%
- 3Y*
- -24.38%
- 5Y*
- —
- 10Y*
- —
PWZ
- 1D
- -0.10%
- 1M
- 0.57%
- 6M
- 2.50%
- YTD
- 2.97%
- 1Y
- 9.19%
- 3Y*
- 3.00%
- 5Y*
- 0.05%
- 10Y*
- 1.82%
QIS vs. PWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QIS Simplify Multi-Qis Alternative ETF | -31.60% | -38.02% | 0.19% | 2.08% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.97% | 1.26% | 2.16% | 3.43% |
Correlation
The correlation between QIS and PWZ is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | -0.08 |
The correlation between QIS and PWZ shifts across timeframes, from -0.22 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QIS vs. PWZ — Risk / Return Rank
QIS
PWZ
QIS vs. PWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QIS | PWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.52 | ||
| Sortino ratioReturn per unit of downside risk | -5.48 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.44 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.66 | -3.63 |
| Martin ratioReturn relative to average drawdown | -1.72 | 10.62 | -12.34 |
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Drawdowns
QIS vs. PWZ - Drawdown Comparison
The maximum QIS drawdown since its inception was -61.25%, which is greater than PWZ's maximum drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for QIS and PWZ.
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Drawdown Indicators
| QIS | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.25% | -21.49% | -39.76% |
Max Drawdown (1Y)Largest decline over 1 year | -53.92% | -3.47% | -50.45% |
Max Drawdown (3Y)Largest decline over 3 years | -61.25% | -9.09% | -52.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.56% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.56% | — |
Current DrawdownCurrent decline from peak | -59.90% | -0.63% | -59.27% |
Average DrawdownAverage peak-to-trough decline | -15.25% | -3.52% | -11.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.37% | 0.88% | +29.49% |
Volatility
QIS vs. PWZ - Volatility Comparison
Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 9.32% compared to Invesco California AMT-Free Municipal Bond ETF (PWZ) at 0.94%. This indicates that QIS's price experiences larger fluctuations and is considered to be riskier than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QIS | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.32% | 0.94% | +8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 30.98% | 3.10% | +27.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.25% | 4.30% | +33.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.44% | 6.26% | +23.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.44% | 5.88% | +23.56% |
QIS vs. PWZ - Expense Ratio Comparison
QIS has a 1.00% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Dividends
QIS vs. PWZ - Dividend Comparison
QIS's dividend yield for the trailing twelve months is around 1.99%, less than PWZ's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.60% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
QIS Simplify Multi-Qis Alternative ETF | 1.99% | 3.37% | 1.07% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QIS and PWZ have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (9.32%) compared to PWZ (0.94%). In terms of maximum drawdown, QIS dropped -61.25% vs PWZ's -21.49%.
On 3-year performance, PWZ leads with 3.00% vs -24.38% for QIS. On fees, PWZ is cheaper at 0.28% per year. On volatility, PWZ has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PWZ has performed better with a 3.00% return vs -24.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWZ is cheaper with a 0.28% expense ratio, compared with 1.00% for QIS.
PWZ has the higher dividend yield at 3.60%, compared with 1.99% for QIS.
QIS is categorized as Multistrategy, while PWZ is Municipal Bonds. They also come from different issuers: Simplify and Invesco. Their fees differ too: 1.00% for QIS and 0.28% for PWZ.
PWZ currently has the higher Sharpe Ratio (2.15 vs -1.37), 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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