BILS vs PZA

Comparison between SPDR BLOOMBERG 3-12 MONTH T-BILL ETF (BILS, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformanceBILS has outperformed PZA, delivering a return of +3.2% compared to +0.0%

BILS vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BILS(ETF)	PZA(ETF)
Net Assets	$4B	$4B
Expense Ratio	0.14%	0.28%
Max Drawdown	1.20%	27.00%
Sharpe Ratio	1.05	0.64
5Y Beta	-0.00	0.04
5Y Dividends CAGR	N/A	5.46%

Net Assets

BILS

$4B

PZA

$4B

Expense Ratio

Winner

BILS

0.14%

PZA

0.28%

Max Drawdown

Winner

BILS

1.20%

PZA

27.00%

Sharpe Ratio

Winner

BILS

1.05

PZA

0.64

5Y Beta

Winner

BILS

-0.00

PZA

0.04

5Y Dividends CAGR

BILS

N/A

PZA

5.46%

BILS vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	BILS	PZA
1 month	+0.27%	+0.01%
3 months	+0.81%	+0.35%
6 months	+1.75%	+1.49%
1 year	+3.94%	+6.60%
5 years(CAGR)	+3.25%	+0.02%
10 years(CAGR)	N/A	+1.83%
Max(CAGR)	+2.88%	+3.21%

Winner

BILS

+0.27%

PZA

+0.01%

Winner

BILS

+0.81%

PZA

+0.35%

Winner

BILS

+1.75%

PZA

+1.49%

BILS

+3.94%

Winner

PZA

+6.60%

5Y(CAGR)

Winner

BILS

+3.25%

PZA

+0.02%

10Y(CAGR)

BILS

N/A

PZA

+1.83%

Max(CAGR)

BILS

+2.88%

Winner

PZA

+3.21%

BILS vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	BILS	PZA
2026	+1.16%	+1.31%
2025	+4.19%	+1.38%
2024	+5.15%	+0.81%
2023	+4.92%	+7.75%
2022	+0.91%	-13.00%
2021	-0.08%	+2.26%
2020	+0.00%	+4.91%
2019	N/A	+8.48%
2018	N/A	+0.07%
2017	N/A	+6.78%
2016	N/A	+0.62%
2015	N/A	+3.65%
2014	N/A	+15.05%
2013	N/A	-6.96%
2012	N/A	+9.84%
2011	N/A	+13.58%
2010	N/A	-0.41%
2009	N/A	+17.92%
2008	N/A	-12.12%
2007	N/A	+0.75%

BILS vs PZA Drawdown Comparison

The maximum drawdown for BILS was -0.41%, occurring on Jun 14, 2022. Recovery took 415 trading sessions.

The maximum drawdown for PZA was -24.48%, occurring on Oct 15, 2008. Recovery took 416 trading sessions.

The current PZA drawdown is -1.96%.

Rank	BILS	PZA
#1	-0.41% Feb 5, 2021 - Sep 29, 2022	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-0.08% Oct 6, 2022 - Oct 27, 2022	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-0.07% Mar 17, 2023 - Mar 23, 2023	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-0.04% Feb 1, 2024 - Feb 7, 2024	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-0.04% Apr 5, 2023 - Apr 13, 2023	-11.77% May 10, 2010 - Aug 3, 2011
#6	-0.04% Mar 13, 2023 - Mar 15, 2023	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-0.03% Mar 2, 2023 - Mar 9, 2023	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-0.03% Apr 8, 2025 - Apr 11, 2025	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-0.03% Apr 13, 2023 - Apr 19, 2023	-3.00% Dec 29, 2017 - Jan 2, 2019
#10	-0.03% Nov 10, 2022 - Nov 17, 2022	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-0.03% Oct 28, 2025 - Oct 31, 2025	-2.80% Feb 10, 2021 - May 28, 2021
#12	-0.03% Mar 24, 2023 - Mar 30, 2023	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-0.02% Oct 9, 2020 - Feb 5, 2021	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-0.02% Dec 17, 2024 - Dec 19, 2024	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-0.02% Mar 15, 2023 - Mar 17, 2023	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between BILS and PZA is 0.20 which considered as a very weak or no correlation - the stocks move independently of each other.

0.20

-101

Dividend Comparison (2007 - 2026)

BILS vs PZA dividend yield comparison.

Year	BILS	PZA
2026	1.16%	1.22%
2025	4.08%	3.55%
2024	5.01%	3.22%
2023	4.98%	2.91%
2022	1.61%	2.68%
2021	0.00%	2.34%
2020	0.00%	2.44%
2019	0.00%	2.81%
2018	0.00%	3.19%
2017	0.00%	3.04%
2016	0.00%	3.23%
2015	0.00%	3.59%
2014	0.00%	3.96%
2013	0.00%	4.27%
2012	0.00%	4.11%
2011	0.00%	4.48%
2010	0.00%	4.90%
2009	0.00%	4.68%
2008	0.00%	5.07%
2007	0.00%	0.93%