SCNM vs. PZT

Last updated Jun 25, 2026

SCNM (Sterling Capital National Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. SCNM is actively managed, while PZT is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. SCNM charges 0.35%/yr vs 0.28%/yr for PZT.

Performance

SCNM vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sterling Capital National Municipal Bond ETF (SCNM) 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, SCNM achieves a 1.52% return, which is significantly lower than PZT's 3.37% return.

SCNM

• 1D: 0.24%
• 1M: 1.60%
• YTD: 1.52%
• 6M: 1.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PZT

• 1D: 0.34%
• 1M: 2.47%
• YTD: 3.37%
• 6M: 3.21%
• 1Y: 8.84%
• 3Y*: 3.02%
• 5Y*: 0.02%
• 10Y*: 1.82%

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

SCNM vs. PZT - Yearly Performance Comparison

	2026 (YTD)	2025
SCNM Sterling Capital National Municipal Bond ETF	1.52%	0.09%
PZT Invesco New York AMT-Free Municipal Bond ETF	3.37%	0.11%

Correlation

The correlation between SCNM and PZT is 0.56, 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 Dec 11, 2025	0.56

Return for Risk

SCNM vs. PZT — Risk / Return Rank

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

SCNM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PZT

PZT Risk / Return Rank: 65
PZT Sharpe Ratio Rank: 65
PZT Sortino Ratio Rank: 65
PZT Omega Ratio Rank: 71
PZT Calmar Ratio Rank: 64
PZT Martin Ratio Rank: 61

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.

SCNM vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sterling Capital National Municipal Bond ETF (SCNM) 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.

	SCNM	PZT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.89	—
Sortino ratio: Return per unit of downside risk	—	2.64	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	9.51	—

Drawdowns

SCNM vs. PZT - Drawdown Comparison

The maximum SCNM drawdown since its inception was -2.81%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for SCNM and PZT.

Drawdown Indicators

	SCNM	PZT	Difference
Max Drawdown Largest peak-to-trough decline	-2.81%	-22.73%	+19.92%
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 Drawdown Current decline from peak	-0.32%	-0.94%	+0.62%
Average Drawdown Average peak-to-trough decline	-0.80%	-3.90%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.93%	—

Volatility

Volatility by Period

	SCNM	PZT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	4.70%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	6.64%	-3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	6.93%	-3.69%

SCNM vs. PZT - Expense Ratio Comparison

SCNM has a 0.35% expense ratio, which is higher than PZT's 0.28% expense ratio.

Dividends

SCNM vs. PZT - Dividend Comparison

SCNM's dividend yield for the trailing twelve months is around 1.50%, less than PZT's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZT Invesco New York AMT-Free Municipal Bond ETF	3.60%	3.43%	3.04%	2.82%	2.66%	2.77%	2.55%	2.73%	3.01%	2.94%	3.36%	3.40%
SCNM Sterling Capital National Municipal Bond ETF	1.50%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCNM and PZT in my portfolio?

SCNM and PZT have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SCNM or PZT?

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.

Which ETF is cheaper, SCNM or PZT?

PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for SCNM.

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

PZT has the higher dividend yield at 3.60%, compared with 1.50% for SCNM.

What is the main difference between SCNM and PZT?

They also come from different issuers: Sterling Capital and Invesco. Their fees differ too: 0.35% for SCNM and 0.28% for PZT.