GVI vs PZA

Comparison between ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF (GVI, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformanceGVI has outperformed PZA, delivering a return of +1.1% compared to +0.0%

GVI vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GVI(ETF)	PZA(ETF)
Net Assets	$3.80B	$3.90B
Expense Ratio	0.20%	0.28%
Max Drawdown	15.45%	27.00%
Sharpe Ratio	0.20	0.66
5Y Beta	0.00	0.04
5Y Dividends CAGR	15.53%	5.46%

Net Assets

GVI

$3.80B

Winner

PZA

$3.90B

Expense Ratio

Winner

GVI

0.20%

PZA

0.28%

Max Drawdown

Winner

GVI

15.45%

PZA

27.00%

Sharpe Ratio

GVI

0.20

Winner

PZA

0.66

5Y Beta

Winner

GVI

0.00

PZA

0.04

5Y Dividends CAGR

Winner

GVI

15.53%

PZA

5.46%

GVI vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	GVI	PZA
1 month	+0.09%	+0.70%
3 months	-0.01%	+0.69%
6 months	+0.92%	+2.02%
1 year	+4.56%	+6.73%
5 years(CAGR)	+1.07%	+0.03%
10 years(CAGR)	+1.84%	+1.88%
Max(CAGR)	+2.90%	+3.22%

GVI

+0.09%

Winner

PZA

+0.70%

GVI

-0.01%

Winner

PZA

+0.69%

GVI

+0.92%

Winner

PZA

+2.02%

GVI

+4.56%

Winner

PZA

+6.73%

5Y(CAGR)

Winner

GVI

+1.07%

PZA

+0.03%

10Y(CAGR)

GVI

+1.84%

Winner

PZA

+1.88%

Max(CAGR)

GVI

+2.90%

Winner

PZA

+3.22%

GVI vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	GVI	PZA
2026	+0.39%	+1.58%
2025	+6.67%	+1.38%
2024	+3.20%	+0.81%
2023	+4.97%	+7.75%
2022	-8.04%	-13.00%
2021	-1.86%	+2.26%
2020	+6.17%	+4.91%
2019	+6.42%	+8.48%
2018	+0.87%	+0.07%
2017	+1.83%	+6.78%
2016	+1.83%	+0.62%
2015	+0.52%	+3.65%
2014	+2.75%	+15.05%
2013	-0.81%	-6.96%
2012	+3.65%	+9.84%
2011	+6.01%	+13.58%
2010	+5.16%	-0.41%
2009	+2.78%	+17.92%
2008	+7.86%	-12.12%
2007	+7.61%	+0.75%

GVI vs PZA Drawdown Comparison

The maximum drawdown for GVI was -12.93%, occurring on Oct 20, 2022. Recovery took 976 trading sessions.

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

The current GVI drawdown is -0.81%. The current PZA drawdown is -1.70%.

Rank	GVI	PZA
#1	-12.93% Aug 2, 2021 - Jun 23, 2025	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-7.54% Sep 9, 2008 - Dec 1, 2008	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-5.96% Mar 9, 2020 - May 19, 2020	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-3.57% May 1, 2013 - May 20, 2014	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-3.53% Jan 14, 2009 - Jul 31, 2009	-11.77% May 10, 2010 - Aug 3, 2011
#6	-3.39% Oct 11, 2010 - May 27, 2011	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-3.30% Jul 8, 2016 - Aug 29, 2017	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-2.99% Sep 7, 2017 - Jan 3, 2019	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-2.54% Apr 11, 2008 - Sep 3, 2008	-3.00% Dec 29, 2017 - Jan 2, 2019
#10	-2.17% Dec 31, 2020 - Aug 2, 2021	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-1.79% Feb 27, 2026 - Mar 26, 2026	-2.80% Feb 10, 2021 - May 28, 2021
#12	-1.78% Jan 30, 2015 - Oct 2, 2015	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-1.69% Dec 30, 2008 - Jan 14, 2009	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-1.69% Sep 21, 2011 - Nov 1, 2011	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-1.68% May 8, 2007 - Jul 26, 2007	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between GVI and PZA is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (2007 - 2026)

GVI vs PZA dividend yield comparison.

Year	GVI	PZA
2026	1.21%	1.22%
2025	3.48%	3.55%
2024	3.40%	3.22%
2023	2.75%	2.91%
2022	1.86%	2.68%
2021	1.46%	2.34%
2020	1.84%	2.44%
2019	2.29%	2.81%
2018	2.16%	3.19%
2017	1.91%	3.04%
2016	1.77%	3.23%
2015	1.75%	3.59%
2014	1.72%	3.96%
2013	1.77%	4.27%
2012	2.13%	4.11%
2011	2.63%	4.48%
2010	2.86%	4.90%
2009	3.32%	4.68%
2008	4.02%	5.07%
2007	4.42%	0.93%