BTC vs PZA
Comparison between Grayscale Bitcoin Mini Trust ETF (BTC, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).
BTC vs PZA - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
BTC
$4B
PZA
$4B
Expense Ratio
Winner
BTC
0.15%
PZA
0.28%
Max Drawdown
BTC
49.34%
Winner
PZA
27.00%
Sharpe Ratio
BTC
-0.44
Winner
PZA
0.64
5Y Beta
BTC
1.30
Winner
PZA
0.04
5Y Dividends CAGR
BTC
N/A
PZA
5.46%
BTC vs PZA - Historical Returns
Returns include dividend reinvestment.
1M
Winner
BTC
+10.14%
PZA
+0.01%
3M
Winner
BTC
+23.63%
PZA
+0.35%
6M
BTC
-20.47%
Winner
PZA
+1.49%
1Y
BTC
-20.77%
Winner
PZA
+6.60%
5Y(CAGR)
BTC
N/A
PZA
+0.02%
10Y(CAGR)
BTC
N/A
PZA
+1.83%
Max(CAGR)
Winner
BTC
+12.57%
PZA
+3.21%
BTC vs PZA - Annual Returns (2007 - 2026)
Returns include dividend reinvestment.
| Year | BTC | PZA |
|---|---|---|
| 2026 | -10.07% | +1.31% |
| 2025 | -10.26% | +1.38% |
| 2024 | +44.64% | +0.81% |
| 2023 | N/A | +7.75% |
| 2022 | N/A | -13.00% |
| 2021 | N/A | +2.26% |
| 2020 | N/A | +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% |
BTC vs PZA Drawdown Comparison
The maximum drawdown for BTC was -49.34%, occurring on Feb 5, 2026. This drawdown has not yet recovered.
The maximum drawdown for PZA was -24.48%, occurring on Oct 15, 2008. Recovery took 416 trading sessions.
The current BTC drawdown is -35.68%. The current PZA drawdown is -1.96%.
| Rank | BTC | PZA |
|---|---|---|
| #1 | -49.34% Oct 6, 2025 - Feb 5, 2026 | -24.48% Jan 17, 2008 - Sep 11, 2009 |
| #2 | -28.14% Dec 17, 2024 - May 20, 2025 | -21.69% Mar 9, 2020 - Dec 7, 2020 |
| #3 | -17.96% Jul 31, 2024 - Sep 27, 2024 | -18.55% Jul 19, 2021 - Oct 25, 2022 |
| #4 | -11.96% Aug 13, 2025 - Oct 6, 2025 | -12.46% Nov 30, 2012 - Jul 14, 2014 |
| #5 | -9.11% Sep 27, 2024 - Oct 14, 2024 | -11.77% May 10, 2010 - Aug 3, 2011 |
| #6 | -8.47% Nov 22, 2024 - Dec 6, 2024 | -7.07% Jul 8, 2016 - Aug 29, 2017 |
| #7 | -8.44% May 22, 2025 - Jul 9, 2025 | -4.07% Oct 1, 2009 - Apr 27, 2010 |
| #8 | -7.30% Oct 29, 2024 - Nov 6, 2024 | -3.43% Feb 2, 2015 - Nov 19, 2015 |
| #9 | -5.81% Jul 14, 2025 - Aug 13, 2025 | -3.00% Dec 29, 2017 - Jan 2, 2019 |
| #10 | -5.48% Dec 6, 2024 - Dec 13, 2024 | -2.99% Oct 24, 2007 - Jan 2, 2008 |
| #11 | -3.29% Oct 18, 2024 - Oct 28, 2024 | -2.80% Feb 10, 2021 - May 28, 2021 |
| #12 | -2.51% Nov 13, 2024 - Nov 15, 2024 | -2.29% Sep 22, 2011 - Dec 14, 2011 |
| #13 | -1.50% Oct 16, 2024 - Oct 18, 2024 | -1.72% Sep 3, 2019 - Jan 6, 2020 |
| #14 | N/A | -1.72% Oct 15, 2014 - Dec 12, 2014 |
| #15 | N/A | -1.58% Feb 2, 2012 - Apr 13, 2012 |
Correlation
Correlation between BTC and PZA is -0.53 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.
-0.53
-101
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