IMTM vs PZA

Comparison between ISHARES MSCI INTL MOMENTUM FACTOR ETF (IMTM, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformanceIMTM has outperformed PZA, delivering a return of +9.7% compared to +0.0%

IMTM vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	IMTM(ETF)	PZA(ETF)
Net Assets	$4B	$4.10B
Expense Ratio	0.30%	0.28%
Max Drawdown	34.72%	27.00%
Sharpe Ratio	1.14	1.14
5Y Beta	0.84	0.05
5Y Dividends CAGR	33.40%	6.11%

Net Assets

IMTM

$4B

Winner

PZA

$4.10B

Expense Ratio

IMTM

0.30%

Winner

PZA

0.28%

Max Drawdown

IMTM

34.72%

Winner

PZA

27.00%

Sharpe Ratio

Winner

IMTM

1.14

PZA

1.14

5Y Beta

IMTM

0.84

Winner

PZA

0.05

5Y Dividends CAGR

Winner

IMTM

33.40%

PZA

6.11%

IMTM vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	IMTM	PZA
1 month	+0.96%	+2.10%
3 months	+11.92%	+2.97%
6 months	+10.37%	+2.79%
1 year	+24.52%	+8.47%
5 years(CAGR)	+9.68%	+0.05%
10 years(CAGR)	+10.19%	+1.84%
Max(CAGR)	+8.91%	+3.25%

IMTM

+0.96%

Winner

PZA

+2.10%

Winner

IMTM

+11.92%

PZA

+2.97%

Winner

IMTM

+10.37%

PZA

+2.79%

Winner

IMTM

+24.52%

PZA

+8.47%

5Y(CAGR)

Winner

IMTM

+9.68%

PZA

+0.05%

10Y(CAGR)

Winner

IMTM

+10.19%

PZA

+1.84%

Max(CAGR)

Winner

IMTM

+8.91%

PZA

+3.25%

IMTM vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	IMTM	PZA
2026	+9.46%	+2.39%
2025	+34.88%	+1.38%
2024	+13.55%	+0.81%
2023	+14.13%	+7.75%
2022	-16.98%	-13.00%
2021	+2.45%	+2.26%
2020	+21.34%	+4.91%
2019	+24.70%	+8.48%
2018	-14.94%	+0.07%
2017	+25.17%	+6.78%
2016	+2.90%	+0.62%
2015	-2.08%	+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%

IMTM vs PZA Drawdown Comparison

The maximum drawdown for IMTM was -32.60%, occurring on Sep 27, 2022. Recovery took 583 trading sessions.

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

The current IMTM drawdown is -3.05%. The current PZA drawdown is -0.91%.

Rank	IMTM	PZA
#1	-32.60% Nov 8, 2021 - Mar 6, 2024	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-29.79% Feb 19, 2020 - Jul 10, 2020	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-23.03% Jan 26, 2018 - Jan 14, 2020	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-19.90% May 21, 2015 - Apr 25, 2017	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-12.85% Feb 25, 2026 - May 13, 2026	-11.77% May 10, 2010 - Aug 3, 2011
#6	-12.41% Mar 19, 2025 - Apr 24, 2025	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-12.00% Jul 16, 2024 - Sep 26, 2024	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-10.56% Feb 16, 2021 - Jun 1, 2021	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-8.53% Sep 26, 2024 - Feb 13, 2025	-2.99% Dec 29, 2017 - Jan 2, 2019
#10	-6.81% Jun 7, 2021 - Aug 10, 2021	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-6.70% Sep 7, 2021 - Nov 3, 2021	-2.80% Feb 10, 2021 - May 28, 2021
#12	-6.70% Oct 12, 2020 - Nov 5, 2020	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-5.46% Mar 27, 2024 - May 28, 2024	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-5.37% Nov 12, 2025 - Dec 10, 2025	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-4.77% Jun 4, 2026 - Jun 15, 2026	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between IMTM and PZA is 0.76 which considered as a strong positive correlation - the stocks tend to move together.

0.76

-101

Dividend Comparison (2007 - 2026)

IMTM vs PZA dividend yield comparison.

Year	IMTM	PZA
2026	1.14%	1.84%
2025	4.70%	3.55%
2024	2.93%	3.22%
2023	2.29%	2.91%
2022	2.68%	2.68%
2021	2.51%	2.34%
2020	0.97%	2.44%
2019	2.13%	2.81%
2018	2.36%	3.19%
2017	1.92%	3.04%
2016	2.75%	3.23%
2015	1.56%	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%