RVNU vs. PZT

Last updated Jun 4, 2026

RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, RVNU returned 1.90%/yr vs 1.90%/yr for PZT. At a 0.38 correlation, their price movements are largely independent. RVNU charges 0.15%/yr vs 0.28%/yr for PZT.

Performance

RVNU vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) and Invesco New York AMT-Free Municipal Bond ETF (PZT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RVNU achieves a 3.71% return, which is significantly higher than PZT's 2.87% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: RVNU at 1.90% and PZT at 1.90%.

RVNU

• 1D: -0.04%
• 1M: 1.38%
• YTD: 3.71%
• 6M: 3.08%
• 1Y: 9.62%
• 3Y*: 3.65%
• 5Y*: -0.23%
• 10Y*: 1.90%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RVNU vs. PZT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.71%	0.58%	1.46%	11.19%	-16.60%	2.28%	6.54%	10.16%	-0.56%	8.24%
PZT Invesco New York AMT-Free Municipal Bond ETF	2.87%	1.76%	1.17%	7.57%	-13.04%	2.67%	5.89%	9.52%	-0.55%	6.21%

Correlation

The correlation between RVNU and PZT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013	0.38

The correlation between RVNU and PZT shifts across timeframes, from 0.38 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RVNU vs. PZT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RVNU

RVNU Risk / Return Rank: 63
RVNU Sharpe Ratio Rank: 56
RVNU Sortino Ratio Rank: 59
RVNU Omega Ratio Rank: 57
RVNU Calmar Ratio Rank: 77
RVNU Martin Ratio Rank: 65

PZT

PZT Risk / Return Rank: 61
PZT Sharpe Ratio Rank: 60
PZT Sortino Ratio Rank: 60
PZT Omega Ratio Rank: 66
PZT Calmar Ratio Rank: 61
PZT Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RVNU vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) 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.

	RVNU	PZT	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.02	-0.13
Sortino ratio Return per unit of downside risk	2.83	2.82	+0.01
Omega ratio Gain probability vs. loss probability	1.36	1.40	-0.05
Calmar ratio Return relative to maximum drawdown	3.92	3.02	+0.91
Martin ratio Return relative to average drawdown	11.69	10.29	+1.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RVNU vs. PZT - Sharpe Ratio Comparison

The current RVNU Sharpe Ratio is 1.89, which is comparable to the PZT Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of RVNU and PZT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RVNU	PZT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.02	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	-0.00	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.27	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.37	+0.02

Drawdowns

RVNU vs. PZT - Drawdown Comparison

The maximum RVNU drawdown since its inception was -23.51%, roughly equal to the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for RVNU and PZT.

Drawdown Indicators

	RVNU	PZT	Difference
Max Drawdown Largest peak-to-trough decline	-23.51%	-22.73%	-0.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.17%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-9.00%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-23.51%	-19.13%	-4.38%
Max Drawdown (10Y) Largest decline over 10 years	-23.51%	-19.13%	-4.38%
Current Drawdown Current decline from peak	-2.80%	-1.42%	-1.38%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.91%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.93%	-0.10%

Volatility

RVNU vs. PZT - Volatility Comparison

The current volatility for Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) is 1.42%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that RVNU experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RVNU	PZT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.10%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	3.45%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	5.12%	4.75%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	6.62%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.27%	6.96%	+0.31%

RVNU vs. PZT - Expense Ratio Comparison

RVNU has a 0.15% expense ratio, which is lower than PZT's 0.28% expense ratio.

Dividends

RVNU vs. PZT - Dividend Comparison

RVNU's dividend yield for the trailing twelve months is around 3.52%, less than PZT's 3.58% 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%
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.52%	3.46%	3.06%	2.79%	2.81%	2.18%	2.43%	2.75%	2.76%	2.49%	2.72%	3.01%

Frequently Asked Questions

Can I hold both RVNU and PZT in my portfolio?

RVNU and PZT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RVNU or PZT?

PZT has higher volatility (2.10%) compared to RVNU (1.42%). In terms of maximum drawdown, RVNU dropped -23.51% vs PZT's -22.73%.

Which ETF is better, RVNU or PZT?

On 10-year performance, PZT leads with 1.90% vs 1.90% for RVNU. On fees, RVNU is cheaper at 0.15% per year. On volatility, RVNU has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RVNU or PZT?

Over the 10-year period, PZT has performed better with a 1.90% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RVNU or PZT?

RVNU is cheaper with a 0.15% expense ratio, compared with 0.28% for PZT.

Which ETF pays a higher dividend yield, RVNU or PZT?

PZT has the higher dividend yield at 3.58%, compared with 3.52% for RVNU.

What is the main difference between RVNU and PZT?

RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.15% for RVNU and 0.28% for PZT.

Which has better risk-adjusted returns?

PZT currently has the higher Sharpe Ratio (2.02 vs 1.89), 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.