SWCAX vs. PWZ
Compare and contrast key facts about Schwab California Tax-Free Bond Fund™ (SWCAX) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
SWCAX is managed by Charles Schwab. It was launched on Feb 23, 1992. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007.
Performance
SWCAX vs. PWZ - Performance Comparison
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SWCAX vs. PWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | -0.74% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
PWZ Invesco California AMT-Free Municipal Bond ETF | -0.25% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
Returns By Period
In the year-to-date period, SWCAX achieves a -0.74% return, which is significantly lower than PWZ's -0.25% return. Over the past 10 years, SWCAX has underperformed PWZ with an annualized return of 1.42%, while PWZ has yielded a comparatively higher 1.87% annualized return.
SWCAX
- 1D
- 0.09%
- 1M
- -2.66%
- YTD
- -0.74%
- 6M
- 0.80%
- 1Y
- 3.41%
- 3Y*
- 2.45%
- 5Y*
- 0.39%
- 10Y*
- 1.42%
PWZ
- 1D
- 0.25%
- 1M
- -2.61%
- YTD
- -0.25%
- 6M
- 1.66%
- 1Y
- 3.75%
- 3Y*
- 2.09%
- 5Y*
- -0.04%
- 10Y*
- 1.87%
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SWCAX vs. PWZ - Expense Ratio Comparison
SWCAX has a 0.48% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Return for Risk
SWCAX vs. PWZ — Risk / Return Rank
SWCAX
PWZ
SWCAX vs. PWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab California Tax-Free Bond Fund™ (SWCAX) 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.
| SWCAX | PWZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.03 | 0.52 | +0.52 |
Sortino ratioReturn per unit of downside risk | 1.39 | 0.73 | +0.66 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.13 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.64 | +0.37 |
Martin ratioReturn relative to average drawdown | 3.34 | 1.67 | +1.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SWCAX | PWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | 0.52 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | -0.01 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.32 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 0.44 | +0.73 |
Correlation
The correlation between SWCAX and PWZ is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SWCAX vs. PWZ - Dividend Comparison
SWCAX's dividend yield for the trailing twelve months is around 2.99%, less than PWZ's 3.58% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | 2.99% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.58% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
Drawdowns
SWCAX vs. PWZ - Drawdown Comparison
The maximum SWCAX drawdown since its inception was -13.51%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for SWCAX and PWZ.
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Drawdown Indicators
| SWCAX | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.51% | -21.49% | +7.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -6.08% | +2.09% |
Max Drawdown (5Y)Largest decline over 5 years | -12.30% | -17.56% | +5.26% |
Max Drawdown (10Y)Largest decline over 10 years | -12.30% | -17.56% | +5.26% |
Current DrawdownCurrent decline from peak | -2.66% | -3.19% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -3.56% | +1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 2.32% | -1.11% |
Volatility
SWCAX vs. PWZ - Volatility Comparison
The current volatility for Schwab California Tax-Free Bond Fund™ (SWCAX) is 0.90%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 1.83%. This indicates that SWCAX experiences smaller price fluctuations and is considered to be less risky 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
| SWCAX | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 1.83% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 2.85% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 7.27% | -3.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.07% | 6.21% | -3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 5.89% | -2.54% |