VTEX vs. PWZ

Last updated Aug 1, 2026

VTEX (VTEX) is a stock, while PWZ (Invesco California AMT-Free Municipal Bond ETF) is Municipal Bonds fund tracking the ICE BofA California Long-Term Core Plus Muni. Over the past 5 years, VTEX returned -29.36%/yr vs -0.32%/yr for PWZ. Their 0.14 correlation means their historical movements had little consistent relationship.

Performance

VTEX vs. PWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VTEX (VTEX) and Invesco California AMT-Free Municipal Bond ETF (PWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEX achieves a 14.63% return, which is significantly higher than PWZ's 1.12% return.

VTEX

• 1D: -1.37%
• 1M: 4.11%
• 6M: 37.26%
• YTD: 14.63%
• 1Y: -25.56%
• 3Y*: -7.18%
• 5Y*: -29.36%
• 10Y*: —
• ALL TIME*: -29.57%

PWZ

• 1D: -0.15%
• 1M: -2.41%
• 6M: 0.80%
• YTD: 1.12%
• 1Y: 7.38%
• 3Y*: 2.53%
• 5Y*: -0.32%
• 10Y*: 1.66%
• ALL TIME*: 3.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PWZ Invesco California AMT-Free Municipal Bond ETF	$6.43M	$5.37M	$5.33M
VTEX VTEX	$3.91M	$3.51M	$5.47M

VTEX vs. PWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VTEX VTEX	14.63%	-36.16%	-14.39%	83.47%	-65.02%	-57.29%
PWZ Invesco California AMT-Free Municipal Bond ETF	1.12%	1.26%	2.16%	6.55%	-11.35%	-0.52%

Correlation

The correlation between VTEX and PWZ is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021	0.14

Return for Risk

VTEX vs. PWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTEX

VTEX Risk / Return Rank: 24
VTEX Sharpe Ratio Rank: 21
VTEX Sortino Ratio Rank: 23
VTEX Omega Ratio Rank: 22
VTEX Calmar Ratio Rank: 25
VTEX Martin Ratio Rank: 28

PWZ

PWZ Risk / Return Rank: 80
PWZ Sharpe Ratio Rank: 84
PWZ Sortino Ratio Rank: 87
PWZ Omega Ratio Rank: 88
PWZ Calmar Ratio Rank: 69
PWZ Martin Ratio Rank: 72

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTEX vs. PWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VTEX (VTEX) 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.

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.

	VTEX	PWZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	1.95	-2.46
Sortino ratio: Return per unit of downside risk	-0.41	2.94	-3.35
Omega ratio: Gain probability vs. loss probability	0.94	1.40	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.54	2.39	-2.94
Martin ratio: Return relative to average drawdown	-0.81	8.86	-9.67

VTEX vs. PWZ - Sharpe Ratio Comparison

The current VTEX Sharpe Ratio is -0.52, which is lower than the PWZ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of VTEX and PWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTEX vs. PWZ - Drawdown Comparison

The maximum VTEX drawdown since its inception was -91.38%, which is greater than PWZ's maximum drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for VTEX and PWZ.

Drawdown Indicators

	VTEX	PWZ	Difference
Max Drawdown Largest peak-to-trough decline	-91.38%	-21.49%	-69.89%
Max Drawdown (1Y) Largest decline over 1 year	-51.52%	-3.47%	-48.05%
Max Drawdown (3Y) Largest decline over 3 years	-69.50%	-9.09%	-60.41%
Max Drawdown (5Y) Largest decline over 5 years	-91.38%	-17.39%	-73.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.56%	—
Current Drawdown Current decline from peak	-86.64%	-2.41%	-84.23%
Average Drawdown Average peak-to-trough decline	-79.27%	-3.52%	-75.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.92%	0.94%	+33.98%

Volatility

VTEX vs. PWZ - Volatility Comparison

VTEX (VTEX) has a higher volatility of 13.86% compared to Invesco California AMT-Free Municipal Bond ETF (PWZ) at 1.05%. This indicates that VTEX's price experiences larger fluctuations and is considered to be riskier than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEX	PWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	1.05%	+12.81%
Volatility (6M) Calculated over the trailing 6-month period	36.36%	3.12%	+33.24%
Volatility (1Y) Calculated over the trailing 1-year period	53.89%	4.28%	+49.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.39%	6.27%	+54.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.98%	5.88%	+55.10%

Dividends

VTEX vs. PWZ - Dividend Comparison

VTEX has not paid dividends to shareholders, while PWZ's dividend yield for the trailing twelve months is around 3.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWZ Invesco California AMT-Free Municipal Bond ETF	3.73%	3.41%	3.28%	2.84%	2.49%	2.28%	2.34%	2.51%	2.53%	2.48%	2.86%	3.16%
VTEX VTEX	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTEX and PWZ in my portfolio?

VTEX and PWZ have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTEX or PWZ?

VTEX has higher volatility (13.86%) compared to PWZ (1.05%). In terms of maximum drawdown, VTEX dropped -91.38% vs PWZ's -21.49%.

Which has better risk-adjusted returns?

PWZ currently has the higher Sharpe Ratio (1.95 vs -0.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.