FEZ vs PZA

Comparison between STATE STREET(R) SPDR(R) EURO STOXX 50(R) ETF (FEZ, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformanceFEZ has outperformed PZA, delivering a return of +11.4% compared to -0.2%

FEZ vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	FEZ(ETF)	PZA(ETF)
Net Assets	$4.30B	$4.30B
Expense Ratio	0.29%	0.28%
Max Drawdown	66.17%	27.00%
Sharpe Ratio	0.78	1.17
5Y Beta	0.82	0.05
5Y Dividends CAGR	15.74%	6.11%

Net Assets

FEZ

$4.30B

PZA

$4.30B

Expense Ratio

FEZ

0.29%

Winner

PZA

0.28%

Max Drawdown

FEZ

66.17%

Winner

PZA

27.00%

Sharpe Ratio

FEZ

0.78

Winner

PZA

1.17

5Y Beta

FEZ

0.82

Winner

PZA

0.05

5Y Dividends CAGR

Winner

FEZ

15.74%

PZA

6.11%

FEZ vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	FEZ	PZA
1 month	-1.06%	-0.03%
3 months	+4.27%	+1.07%
6 months	+3.94%	+1.89%
1 year	+17.48%	+9.66%
5 years(CAGR)	+11.43%	-0.21%
10 years(CAGR)	+10.91%	+1.74%
Max(CAGR)	+7.61%	+3.23%

FEZ

-1.06%

Winner

PZA

-0.03%

Winner

FEZ

+4.27%

PZA

+1.07%

Winner

FEZ

+3.94%

PZA

+1.89%

Winner

FEZ

+17.48%

PZA

+9.66%

5Y(CAGR)

Winner

FEZ

+11.43%

PZA

-0.21%

10Y(CAGR)

Winner

FEZ

+10.91%

PZA

+1.74%

Max(CAGR)

Winner

FEZ

+7.61%

PZA

+3.23%

FEZ vs PZA - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

Year	FEZ	PZA
2026	+5.88%	+2.22%
2025	+39.20%	+1.38%
2024	+5.07%	+0.81%
2023	+25.34%	+7.75%
2022	-15.04%	-13.00%
2021	+13.98%	+2.26%
2020	+3.65%	+4.91%
2019	+26.61%	+8.48%
2018	-16.22%	+0.07%
2017	+24.52%	+6.78%
2016	+2.82%	+0.62%
2015	-3.89%	+3.65%
2014	-7.00%	+15.05%
2013	+24.54%	-6.96%
2012	+18.46%	+9.84%
2011	-17.11%	+13.58%
2010	-11.00%	-0.41%
2009	+23.23%	+17.92%
2008	-42.88%	-12.12%
2007	+19.59%	+0.75%
2006	+27.55%	N/A
2005	+8.91%	N/A
2004	+16.62%	N/A
2003	+37.66%	N/A
2002	+0.24%	N/A

FEZ vs PZA Drawdown Comparison

The maximum drawdown for FEZ was -64.21%, occurring on Mar 9, 2009. Recovery took 3279 trading sessions.

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

The current FEZ drawdown is -2.19%. The current PZA drawdown is -1.08%.

Rank	FEZ	PZA
#1	-64.21% Dec 10, 2007 - Dec 17, 2020	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-35.07% Nov 5, 2021 - Jun 16, 2023	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-23.13% Jan 6, 2003 - May 5, 2003	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-15.85% Mar 19, 2025 - May 2, 2025	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-14.35% Jul 13, 2023 - Dec 13, 2023	-11.77% May 10, 2010 - Aug 3, 2011
#6	-14.10% Feb 17, 2004 - Nov 3, 2004	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-13.64% May 5, 2006 - Aug 18, 2006	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-13.63% Feb 25, 2026 - Jun 15, 2026	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-11.95% Jul 12, 2007 - Oct 1, 2007	-2.99% Dec 29, 2017 - Jan 2, 2019
#10	-11.48% Sep 26, 2024 - Feb 12, 2025	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-9.62% May 15, 2024 - Sep 26, 2024	-2.80% Feb 10, 2021 - May 28, 2021
#12	-9.17% Mar 10, 2005 - Aug 3, 2005	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-8.37% Feb 26, 2007 - Apr 3, 2007	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-7.88% Jun 15, 2021 - Nov 3, 2021	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-7.69% Nov 22, 2002 - Jan 6, 2003	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between FEZ and PZA is 0.69 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.69

-101

Dividend Comparison (2003 - 2026)

FEZ vs PZA dividend yield comparison.

Year	FEZ	PZA
2026	1.77%	1.84%
2025	2.78%	3.55%
2024	2.94%	3.22%
2023	2.75%	2.91%
2022	3.06%	2.68%
2021	2.61%	2.34%
2020	2.13%	2.44%
2019	2.61%	2.81%
2018	3.45%	3.19%
2017	2.44%	3.04%
2016	3.35%	3.23%
2015	3.03%	3.59%
2014	3.78%	3.96%
2013	2.72%	4.27%
2012	3.64%	4.11%
2011	5.22%	4.48%
2010	3.36%	4.90%
2009	3.11%	4.68%
2008	5.71%	5.07%
2007	4.15%	0.93%
2006	2.43%	0.00%
2005	2.34%	0.00%
2004	2.07%	0.00%
2003	1.89%	0.00%