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.
Performance
VNJTX vs. PZA - Performance Comparison
Loading graphics...
VNJTX vs. PZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | -0.29% | 4.89% | 2.69% | 8.04% | -10.31% | 2.62% | 6.02% | 9.27% | 1.53% | 8.37% |
PZA Invesco National AMT-Free Municipal Bond ETF | 0.39% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
Returns By Period
In the year-to-date period, VNJTX achieves a -0.29% return, which is significantly lower than PZA's 0.39% return. Over the past 10 years, VNJTX has outperformed PZA with an annualized return of 3.02%, while PZA has yielded a comparatively lower 1.89% annualized return.
VNJTX
- 1D
- 0.36%
- 1M
- -2.17%
- YTD
- -0.29%
- 6M
- 1.51%
- 1Y
- 4.45%
- 3Y*
- 3.89%
- 5Y*
- 1.36%
- 10Y*
- 3.02%
PZA
- 1D
- 0.39%
- 1M
- -1.53%
- YTD
- 0.39%
- 6M
- 1.61%
- 1Y
- 3.25%
- 3Y*
- 2.49%
- 5Y*
- 0.00%
- 10Y*
- 1.89%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
VNJTX vs. PZA - Expense Ratio Comparison
VNJTX has a 0.17% expense ratio, which is lower than PZA's 0.28% expense ratio.
Return for Risk
VNJTX vs. PZA — Risk / Return Rank
VNJTX
PZA
VNJTX vs. PZA - Risk-Adjusted Trends 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.
| VNJTX | PZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.94 | 0.52 | +0.42 |
Sortino ratioReturn per unit of downside risk | 1.28 | 0.67 | +0.61 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.13 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.74 | +0.40 |
Martin ratioReturn relative to average drawdown | 3.60 | 1.55 | +2.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| VNJTX | PZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.52 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.00 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.27 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.24 | 0.42 | +0.82 |
Correlation
The correlation between VNJTX and PZA is 0.61, 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
VNJTX vs. PZA - Dividend Comparison
VNJTX's dividend yield for the trailing twelve months is around 3.61%, which matches PZA's 3.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 3.61% | 4.42% | 3.97% | 3.26% | 3.14% | 2.84% | 3.71% | 4.06% | 3.93% | 4.03% | 4.51% | 3.70% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.64% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
Drawdowns
VNJTX vs. PZA - Drawdown Comparison
The maximum VNJTX drawdown since its inception was -15.71%, 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.
Loading graphics...
Drawdown Indicators
| VNJTX | PZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.71% | -24.49% | +8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.12% | -5.23% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.71% | -18.55% | +2.84% |
Max Drawdown (10Y)Largest decline over 10 years | -15.71% | -21.69% | +5.98% |
Current DrawdownCurrent decline from peak | -2.42% | -3.11% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -3.97% | +2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 2.50% | -0.88% |
Volatility
VNJTX vs. PZA - Volatility Comparison
The current volatility for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) is 1.27%, while Invesco National AMT-Free Municipal Bond ETF (PZA) has a volatility of 1.85%. 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.
Loading graphics...
Volatility by Period
| VNJTX | PZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.85% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 2.61% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 6.30% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 5.96% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 7.07% | -2.52% |