RJMI vs. PZT
RJMI (RJ Eagle Municipal Income ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. RJMI is actively managed, while PZT is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. RJMI charges 0.41%/yr vs 0.28%/yr for PZT.
Performance
RJMI vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, RJMI achieves a 1.85% return, which is significantly lower than PZT's 2.92% return.
RJMI
- 1D
- -0.04%
- 1M
- 0.09%
- 6M
- 1.34%
- YTD
- 1.85%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZT
- 1D
- -0.27%
- 1M
- 0.49%
- 6M
- 2.29%
- YTD
- 2.92%
- 1Y
- 8.66%
- 3Y*
- 3.23%
- 5Y*
- -0.24%
- 10Y*
- 1.73%
RJMI vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 1.85% | 2.68% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 2.92% | 1.14% |
Correlation
The correlation between RJMI and PZT is 0.58, 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 Oct 2, 2025 | 0.58 |
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Return for Risk
RJMI vs. PZT — Risk / Return Rank
RJMI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PZT
RJMI vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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.
| RJMI | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.63 | — |
| Martin ratioReturn relative to average drawdown | — | 9.05 | — |
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Drawdowns
RJMI vs. PZT - Drawdown Comparison
The maximum RJMI drawdown since its inception was -3.04%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for RJMI and PZT.
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Drawdown Indicators
| RJMI | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.04% | -22.73% | +19.69% |
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 | -0.51% | -1.38% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -0.63% | -3.90% | +3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.92% | — |
Volatility
RJMI vs. PZT - Volatility Comparison
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Volatility by Period
| RJMI | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.09% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 4.69% | -1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 6.64% | -3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.01% | 6.92% | -3.91% |
RJMI vs. PZT - Expense Ratio Comparison
RJMI has a 0.41% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
RJMI vs. PZT - Dividend Comparison
RJMI's dividend yield for the trailing twelve months is around 2.24%, less than PZT's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.62% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
RJMI RJ Eagle Municipal Income ETF | 2.24% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RJMI and PZT have a correlation of 0.58, 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 0.41% for RJMI.
PZT has the higher dividend yield at 3.62%, compared with 2.24% for RJMI.
They also come from different issuers: Carillon Tower Advisers and Invesco. Their fees differ too: 0.41% for RJMI and 0.28% for PZT.
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