VNJTX vs. PZA
Compare and contrast key facts about Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Invesco National AMT-Free Municipal Bond ETF (PZA).
VNJTX is managed by Vanguard. It was launched on Feb 3, 1988. PZA is a passively managed fund by Invesco that tracks the performance of the BofA ML National Long-Term Core Plus Municipal Securities Index. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VNJTX or PZA.
Key characteristics
| VNJTX | PZA | |
|---|---|---|
| YTD Return | 1.88% | 1.17% |
| 1Y Return | 9.19% | 8.73% |
| 3Y Return (Ann) | -0.44% | -1.31% |
| 5Y Return (Ann) | 1.35% | 0.70% |
| 10Y Return (Ann) | 2.67% | 2.44% |
| Sharpe Ratio | 2.35 | 1.57 |
| Sortino Ratio | 3.53 | 2.29 |
| Omega Ratio | 1.52 | 1.29 |
| Calmar Ratio | 0.89 | 0.72 |
| Martin Ratio | 9.44 | 7.38 |
| Ulcer Index | 0.97% | 1.21% |
| Daily Std Dev | 3.92% | 5.70% |
| Max Drawdown | -16.22% | -24.49% |
| Current Drawdown | -2.05% | -4.87% |
Correlation
The correlation between VNJTX and PZA is 0.60, 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.
Performance
VNJTX vs. PZA - Performance Comparison
In the year-to-date period, VNJTX achieves a 1.88% return, which is significantly higher than PZA's 1.17% return. Over the past 10 years, VNJTX has outperformed PZA with an annualized return of 2.67%, while PZA has yielded a comparatively lower 2.44% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VNJTX vs. PZA - Expense Ratio Comparison
VNJTX has a 0.17% expense ratio, which is lower than PZA's 0.28% expense ratio.
Risk-Adjusted Performance
VNJTX vs. PZA - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) 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.
Dividends
VNJTX vs. PZA - Dividend Comparison
VNJTX's dividend yield for the trailing twelve months is around 3.37%, more than PZA's 3.20% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 3.37% | 3.26% | 3.14% | 2.69% | 2.94% | 3.23% | 3.54% | 3.50% | 3.68% | 3.53% | 3.52% | 3.76% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.20% | 2.92% | 2.69% | 2.34% | 2.43% | 2.80% | 3.18% | 3.04% | 3.23% | 3.60% | 3.96% | 4.26% |
Drawdowns
VNJTX vs. PZA - Drawdown Comparison
The maximum VNJTX drawdown since its inception was -16.22%, smaller than the maximum PZA drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for VNJTX and PZA. For additional features, visit the drawdowns tool.
Volatility
VNJTX vs. PZA - Volatility Comparison
The current volatility for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) is 1.93%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 2.86%. This indicates that VNJTX experiences smaller price fluctuations and is considered to be less risky than PZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.