MSLC vs PZA
Comparison between MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF (MSLC, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).
MSLC vs PZA - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
MSLC
$4B
Winner
PZA
$4.10B
Expense Ratio
MSLC
0.39%
Winner
PZA
0.28%
Max Drawdown
Winner
MSLC
17.86%
PZA
27.00%
Sharpe Ratio
Winner
MSLC
1.25
PZA
1.14
5Y Beta
MSLC
0.93
Winner
PZA
0.05
P/E Ratio
MSLC
27.61
PZA
N/A
Forward P/E
MSLC
21.00
PZA
N/A
5Y Dividends CAGR
MSLC
N/A
PZA
6.11%
5Y EPS CAGR
MSLC
24.56%
PZA
N/A
P/S Ratio
MSLC
3.14
PZA
N/A
P/B Ratio
MSLC
5.17
PZA
N/A
MSLC vs PZA - Historical Returns
Returns include dividend reinvestment.
1M
MSLC
-1.23%
Winner
PZA
+2.10%
3M
Winner
MSLC
+10.79%
PZA
+2.97%
6M
Winner
MSLC
+5.41%
PZA
+2.79%
1Y
Winner
MSLC
+19.09%
PZA
+8.47%
5Y(CAGR)
MSLC
N/A
PZA
+0.05%
10Y(CAGR)
MSLC
N/A
PZA
+1.84%
Max(CAGR)
Winner
MSLC
+11.94%
PZA
+3.25%
MSLC vs PZA - Annual Returns (2007 - 2026)
Returns include dividend reinvestment.
| Year | MSLC | PZA |
|---|---|---|
| 2026 | +6.09% | +2.39% |
| 2025 | +15.85% | +1.38% |
| 2024 | -3.29% | +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% |
MSLC vs PZA Drawdown Comparison
The maximum drawdown for MSLC was -17.86%, occurring on Apr 8, 2025. Recovery took 88 trading sessions.
The maximum drawdown for PZA was -24.48%, occurring on Oct 15, 2008. Recovery took 416 trading sessions.
The current MSLC drawdown is -2.87%. The current PZA drawdown is -0.91%.
| Rank | MSLC | PZA |
|---|---|---|
| #1 | -17.86% Feb 19, 2025 - Jun 26, 2025 | -24.48% Jan 17, 2008 - Sep 11, 2009 |
| #2 | -9.31% Jan 12, 2026 - Apr 15, 2026 | -21.69% Mar 9, 2020 - Dec 7, 2020 |
| #3 | -5.29% Oct 28, 2025 - Dec 11, 2025 | -18.55% Jul 19, 2021 - Oct 25, 2022 |
| #4 | -4.51% Dec 11, 2024 - Jan 22, 2025 | -12.46% Nov 30, 2012 - Jul 14, 2014 |
| #5 | -4.08% Jun 1, 2026 - Jun 10, 2026 | -11.77% May 10, 2010 - Aug 3, 2011 |
| #6 | -2.85% Oct 8, 2025 - Oct 24, 2025 | -7.07% Jul 8, 2016 - Aug 29, 2017 |
| #7 | -2.51% Jul 25, 2025 - Aug 12, 2025 | -4.07% Oct 1, 2009 - Apr 27, 2010 |
| #8 | -2.43% Dec 11, 2025 - Dec 23, 2025 | -3.43% Feb 2, 2015 - Nov 19, 2015 |
| #9 | -1.83% May 14, 2026 - May 26, 2026 | -2.99% Dec 29, 2017 - Jan 2, 2019 |
| #10 | -1.57% Sep 22, 2025 - Oct 3, 2025 | -2.99% Oct 24, 2007 - Jan 2, 2008 |
| #11 | -1.49% Jan 23, 2025 - Feb 18, 2025 | -2.80% Feb 10, 2021 - May 28, 2021 |
| #12 | -1.43% Aug 14, 2025 - Aug 22, 2025 | -2.29% Sep 22, 2011 - Dec 14, 2011 |
| #13 | -1.22% Aug 28, 2025 - Sep 8, 2025 | -1.72% Sep 3, 2019 - Jan 6, 2020 |
| #14 | -1.12% Dec 26, 2025 - Jan 6, 2026 | -1.72% Oct 15, 2014 - Dec 12, 2014 |
| #15 | -0.83% Jul 3, 2025 - Jul 17, 2025 | -1.58% Feb 2, 2012 - Apr 13, 2012 |
Correlation
Correlation between MSLC and PZA is 0.71 which considered as a strong positive correlation - the stocks tend to move together.
0.71
-101
Dividend Comparison (2007 - 2026)
MSLC vs PZA dividend yield comparison.
| Year | MSLC | PZA |
|---|---|---|
| 2026 | 0.00% | 1.84% |
| 2025 | 2.15% | 3.55% |
| 2024 | 0.00% | 3.22% |
| 2023 | 0.00% | 2.91% |
| 2022 | 0.00% | 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% |
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