PWZ vs. VCLAX
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX).
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. VCLAX is managed by Vanguard. It was launched on Nov 12, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PWZ or VCLAX.
Performance
PWZ vs. VCLAX - Performance Comparison
Returns By Period
In the year-to-date period, PWZ achieves a 2.64% return, which is significantly higher than VCLAX's 2.41% return. Over the past 10 years, PWZ has underperformed VCLAX with an annualized return of 2.50%, while VCLAX has yielded a comparatively higher 2.74% annualized return.
PWZ
2.64%
-0.31%
2.89%
7.44%
0.84%
2.50%
VCLAX
2.41%
-0.23%
3.07%
7.91%
1.23%
2.74%
Key characteristics
| PWZ | VCLAX | |
|---|---|---|
| Sharpe Ratio | 1.29 | 2.08 |
| Sortino Ratio | 1.91 | 3.11 |
| Omega Ratio | 1.24 | 1.47 |
| Calmar Ratio | 0.75 | 0.92 |
| Martin Ratio | 6.83 | 8.39 |
| Ulcer Index | 1.14% | 0.97% |
| Daily Std Dev | 6.01% | 3.90% |
| Max Drawdown | -21.51% | -16.25% |
| Current Drawdown | -3.70% | -1.61% |
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PWZ vs. VCLAX - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is higher than VCLAX's 0.09% expense ratio.
Correlation
The correlation between PWZ and VCLAX is 0.52, 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.
Risk-Adjusted Performance
PWZ vs. VCLAX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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.
Dividends
PWZ vs. VCLAX - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.28%, less than VCLAX's 3.34% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.28% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.34% | 3.07% | 2.74% | 2.40% | 2.64% | 3.01% | 3.39% | 3.34% | 3.56% | 3.58% | 3.71% | 4.07% |
Drawdowns
PWZ vs. VCLAX - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.51%, which is greater than VCLAX's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for PWZ and VCLAX. For additional features, visit the drawdowns tool.
Volatility
PWZ vs. VCLAX - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 2.83% compared to Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) at 1.96%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.