PGX vs PZA

Comparison between INVESCO PREFERRED ETF (PGX, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformancePZA has outperformed PGX, delivering a return of +0.0% compared to -0.2%

PGX vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PGX(ETF)	PZA(ETF)
Net Assets	$3.80B	$3.90B
Expense Ratio	0.50%	0.28%
Max Drawdown	69.54%	27.00%
Sharpe Ratio	0.56	0.66
5Y Beta	0.22	0.04
5Y Dividends CAGR	-1.72%	5.46%

Net Assets

PGX

$3.80B

Winner

PZA

$3.90B

Expense Ratio

PGX

0.50%

Winner

PZA

0.28%

Max Drawdown

PGX

69.54%

Winner

PZA

27.00%

Sharpe Ratio

PGX

0.56

Winner

PZA

0.66

5Y Beta

PGX

0.22

Winner

PZA

0.04

5Y Dividends CAGR

PGX

-1.72%

Winner

PZA

5.46%

PGX vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	PGX	PZA
1 month	+1.35%	+0.70%
3 months	+0.10%	+0.69%
6 months	+0.96%	+2.02%
1 year	+7.50%	+6.73%
5 years(CAGR)	-0.19%	+0.03%
10 years(CAGR)	+2.68%	+1.88%
Max(CAGR)	+3.00%	+3.22%

Winner

PGX

+1.35%

PZA

+0.70%

PGX

+0.10%

Winner

PZA

+0.69%

PGX

+0.96%

Winner

PZA

+2.02%

Winner

PGX

+7.50%

PZA

+6.73%

5Y(CAGR)

PGX

-0.19%

Winner

PZA

+0.03%

10Y(CAGR)

Winner

PGX

+2.68%

PZA

+1.88%

Max(CAGR)

PGX

+3.00%

Winner

PZA

+3.22%

PGX vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PGX	PZA
2026	+0.84%	+1.58%
2025	+1.97%	+1.38%
2024	+6.62%	+0.81%
2023	+7.97%	+7.75%
2022	-20.68%	-13.00%
2021	+3.97%	+2.26%
2020	+6.27%	+4.91%
2019	+15.88%	+8.48%
2018	-3.22%	+0.07%
2017	+9.93%	+6.78%
2016	+0.31%	+0.62%
2015	+7.55%	+3.65%
2014	+15.54%	+15.05%
2013	-2.72%	-6.96%
2012	+13.74%	+9.84%
2011	+3.33%	+13.58%
2010	+11.31%	-0.41%
2009	+13.85%	+17.92%
2008	-33.77%	-12.12%
2007	N/A	+0.75%

PGX vs PZA Drawdown Comparison

The maximum drawdown for PGX was -66.38%, occurring on Mar 6, 2009. Recovery took 1134 trading sessions.

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

The current PGX drawdown is -3.54%. The current PZA drawdown is -1.70%.

Rank	PGX	PZA
#1	-66.38% Feb 6, 2008 - Aug 6, 2012	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-34.09% Feb 11, 2020 - Aug 17, 2020	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-24.65% Nov 5, 2021 - Oct 19, 2023	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-9.56% May 8, 2013 - Mar 31, 2014	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-8.05% Aug 31, 2018 - Feb 12, 2019	-11.77% May 10, 2010 - Aug 3, 2011
#6	-7.58% Sep 7, 2016 - Apr 3, 2017	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-6.12% Jan 5, 2016 - Mar 24, 2016	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-4.23% Dec 8, 2017 - Jul 2, 2018	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-4.12% Dec 31, 2020 - Apr 5, 2021	-3.00% Dec 29, 2017 - Jan 2, 2019
#10	-3.13% Aug 14, 2015 - Sep 24, 2015	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-2.68% Dec 1, 2015 - Dec 28, 2015	-2.80% Feb 10, 2021 - May 28, 2021
#12	-2.42% Apr 15, 2015 - Jul 17, 2015	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-2.17% Sep 22, 2021 - Nov 4, 2021	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-2.07% Aug 26, 2020 - Oct 5, 2020	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-2.02% Nov 6, 2012 - Jan 3, 2013	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between PGX and PZA is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98

-101

Dividend Comparison (2007 - 2026)

PGX vs PZA dividend yield comparison.

Year	PGX	PZA
2026	2.09%	1.22%
2025	6.03%	3.55%
2024	5.95%	3.22%
2023	6.42%	2.91%
2022	6.29%	2.68%
2021	4.82%	2.34%
2020	4.89%	2.44%
2019	4.85%	2.81%
2018	6.09%	3.19%
2017	5.66%	3.04%
2016	6.02%	3.23%
2015	5.84%	3.59%
2014	5.97%	3.96%
2013	6.78%	4.27%
2012	6.47%	4.11%
2011	6.77%	4.48%
2010	6.75%	4.90%
2009	8.04%	4.68%
2008	10.00%	5.07%
2007	0.00%	0.93%