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 -24.55%/yr vs 2.53%/yr for PWZ. Their -0.09 correlation means they have often moved in opposite directions in the past. QIS charges 1.00%/yr vs 0.28%/yr for PWZ.
Performance
QIS vs. PWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QIS achieves a -31.94% return, which is significantly lower than PWZ's 1.12% return.
QIS
- 1D
- 2.58%
- 1M
- 2.94%
- 6M
- -34.00%
- YTD
- -31.94%
- 1Y
- -48.32%
- 3Y*
- -24.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -24.05%
PWZ
- 1D
- -0.15%
- 1M
- -2.41%
- 6M
- 0.80%
- YTD
- 1.12%
- 1Y
- 7.38%
- 3Y*
- 2.53%
- 5Y*
- -0.32%
- 10Y*
- 1.66%
- ALL TIME*
- 3.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.43M | $5.37M | $5.33M | |
| $8.01K | $6.87K | $26.74K |
QIS vs. PWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QIS Simplify Multi-Qis Alternative ETF | -31.94% | -38.02% | 0.19% | 2.08% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | 1.26% | 2.16% | 3.43% |
Correlation
The correlation between QIS and PWZ is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | -0.09 |
The correlation between QIS and PWZ shifts across timeframes, from -0.25 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.
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
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 | -3.21 | ||
| Sortino ratioReturn per unit of downside risk | -4.93 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.40 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.39 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.62 | 8.86 | -10.48 |
Loading charts...
Drawdowns
QIS vs. PWZ - Drawdown Comparison
The maximum QIS drawdown since its inception was -62.82%, 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.
Loading charts...
Drawdown Indicators
| QIS | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.82% | -21.49% | -41.33% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -3.47% | -51.00% |
Max Drawdown (3Y)Largest decline over 3 years | -62.82% | -9.09% | -53.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.39% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.56% | — |
Current DrawdownCurrent decline from peak | -60.09% | -2.41% | -57.68% |
Average DrawdownAverage peak-to-trough decline | -16.05% | -3.52% | -12.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.13% | 0.94% | +30.19% |
Volatility
QIS vs. PWZ - Volatility Comparison
Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 14.48% compared to Invesco California AMT-Free Municipal Bond ETF (PWZ) at 1.05%. 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.
Loading charts...
Volatility by Period
| QIS | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.48% | 1.05% | +13.43% |
Volatility (6M)Calculated over the trailing 6-month period | 32.96% | 3.12% | +29.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.15% | 4.28% | +35.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.10% | 6.27% | +23.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.10% | 5.88% | +24.22% |
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 2.00%, less than PWZ's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.73% | 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 | 2.00% | 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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (14.48%) compared to PWZ (1.05%). In terms of maximum drawdown, QIS dropped -62.82% vs PWZ's -21.49%.
On 3-year performance, PWZ leads with 2.53% vs -24.55% for QIS. On fees, PWZ is cheaper at 0.28% per year. On volatility, PWZ has been the lower-risk option at 1.05%. 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 2.53% return vs -24.55%. 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 3.73%, compared with 2.00% 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 (1.95 vs -1.26), 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.
Find the right allocation for QIS and PWZ
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