TAXT vs. PZA
TAXT (Northern Trust Tax-Exempt Bond ETF) and PZA (Invesco National AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - TAXT tracks the ICE Focused Municipal Bond Index while PZA tracks the BofA ML National Long-Term Core Plus Municipal Securities Index. Both are passively managed. Their correlation of 0.80 means they have usually moved in the same direction. TAXT charges 0.05%/yr vs 0.28%/yr for PZA.
Performance
TAXT vs. PZA - Performance Comparison
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Returns By Period
In the year-to-date period, TAXT achieves a 0.80% return, which is significantly lower than PZA's 1.31% return.
TAXT
- 1D
- 0.10%
- 1M
- -1.13%
- 6M
- -0.21%
- YTD
- 0.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PZA
- 1D
- 0.04%
- 1M
- -2.14%
- 6M
- 0.48%
- YTD
- 1.31%
- 1Y
- 7.25%
- 3Y*
- 2.99%
- 5Y*
- -0.36%
- 10Y*
- 1.67%
- ALL TIME*
- 3.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.13M | $32.16M | $27.81M | |
| $91.55K | $91.42K | $142.07K |
TAXT vs. PZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 0.80% | 3.91% |
PZA Invesco National AMT-Free Municipal Bond ETF | 1.31% | 6.14% |
Correlation
The correlation between TAXT and PZA is 0.80, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.80 |
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Return for Risk
TAXT vs. PZA — Risk / Return Rank
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PZA
TAXT vs. PZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Tax-Exempt Bond ETF (TAXT) and Invesco National AMT-Free Municipal Bond ETF (PZA). 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.
| TAXT | PZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.29 | — |
| Martin ratioReturn relative to average drawdown | — | 7.56 | — |
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Drawdowns
TAXT vs. PZA - Drawdown Comparison
The maximum TAXT drawdown since its inception was -2.49%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for TAXT and PZA.
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Drawdown Indicators
| TAXT | PZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -24.49% | +22.00% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.18% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.69% | — |
Current DrawdownCurrent decline from peak | -1.25% | -2.22% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -0.53% | -3.92% | +3.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.96% | — |
Volatility
TAXT vs. PZA - Volatility Comparison
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Volatility by Period
| TAXT | PZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.35% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.21% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 4.11% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 6.03% | -3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.57% | 7.09% | -4.52% |
TAXT vs. PZA - Expense Ratio Comparison
TAXT has a 0.05% expense ratio, which is lower than PZA's 0.28% expense ratio.
Dividends
TAXT vs. PZA - Dividend Comparison
TAXT's dividend yield for the trailing twelve months is around 3.16%, less than PZA's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 3.75% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
TAXT Northern Trust Tax-Exempt Bond ETF | 3.16% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXT and PZA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.28% for PZA.
PZA has the higher dividend yield at 3.75%, compared with 3.16% for TAXT.
TAXT tracks ICE Focused Municipal Bond Index, while PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.05% for TAXT and 0.28% for PZA.
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