PWZ vs AVES

Comparison between INVESCO CALIFORNIA AMT-FREE MUNICIPAL BOND ETF (PWZ, ETF) and AVANTIS EMERGING MARKETS VALUE ETF (AVES, ETF).

5-Year PerformanceAVES has outperformed PWZ, delivering a return of +10.4% compared to +0.1%

PWZ vs AVES - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PWZ(ETF)	AVES(ETF)
Net Assets	$1.10B	$1.20B
Expense Ratio	0.28%	0.36%
Max Drawdown	24.70%	28.22%
Sharpe Ratio	0.78	2.12
5Y Beta	0.11	0.66
5Y Dividends CAGR	5.92%	N/A

Net Assets

PWZ

$1.10B

Winner

AVES

$1.20B

Expense Ratio

Winner

PWZ

0.28%

AVES

0.36%

Max Drawdown

Winner

PWZ

24.70%

AVES

28.22%

Sharpe Ratio

PWZ

0.78

Winner

AVES

2.12

5Y Beta

Winner

PWZ

0.11

AVES

0.66

5Y Dividends CAGR

PWZ

5.92%

AVES

N/A

PWZ vs AVES - Historical Returns

Returns include dividend reinvestment.

Period	PWZ	AVES
1 month	+0.65%	+7.49%
3 months	+0.79%	+5.81%
6 months	+1.95%	+19.70%
1 year	+7.35%	+44.36%
5 years(CAGR)	+0.10%	+10.39%
10 years(CAGR)	+1.88%	N/A
Max(CAGR)	+3.23%	+10.39%

PWZ

+0.65%

Winner

AVES

+7.49%

PWZ

+0.79%

Winner

AVES

+5.81%

PWZ

+1.95%

Winner

AVES

+19.70%

PWZ

+7.35%

Winner

AVES

+44.36%

5Y(CAGR)

PWZ

+0.10%

Winner

AVES

+10.39%

10Y(CAGR)

PWZ

+1.88%

AVES

N/A

Max(CAGR)

PWZ

+3.23%

Winner

AVES

+10.39%

PWZ vs AVES - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PWZ	AVES
2026	+1.57%	+14.57%
2025	+1.55%	+30.47%
2024	+2.03%	+5.94%
2023	+6.20%	+16.19%
2022	-11.22%	-16.49%
2021	+1.80%	+1.32%
2020	+4.94%	N/A
2019	+8.51%	N/A
2018	+0.63%	N/A
2017	+6.56%	N/A
2016	+0.51%	N/A
2015	+3.23%	N/A
2014	+15.24%	N/A
2013	-4.57%	N/A
2012	+8.85%	N/A
2011	+12.31%	N/A
2010	+0.40%	N/A
2009	+14.61%	N/A
2008	-10.62%	N/A
2007	+0.63%	N/A

PWZ vs AVES Drawdown Comparison

The maximum drawdown for PWZ was -21.49%, occurring on Dec 16, 2008. Recovery took 414 trading sessions.

The maximum drawdown for AVES was -27.41%, occurring on Oct 24, 2022. Recovery took 560 trading sessions.

The current PWZ drawdown is -1.21%.

Rank	PWZ	AVES
#1	-21.49% Jan 15, 2008 - Sep 4, 2009	-27.41% Jan 12, 2022 - Apr 8, 2024
#2	-17.56% Jul 19, 2021 - Oct 24, 2022	-18.49% Oct 2, 2024 - Jun 4, 2025
#3	-13.10% Mar 9, 2020 - Aug 11, 2020	-12.90% Feb 25, 2026 - May 6, 2026
#4	-11.55% Sep 29, 2010 - Aug 4, 2011	-8.51% Jul 12, 2024 - Sep 24, 2024
#5	-11.26% May 2, 2013 - Apr 11, 2014	-5.43% Oct 25, 2021 - Jan 11, 2022
#6	-7.29% Jul 7, 2016 - Aug 30, 2017	-4.76% Apr 9, 2024 - May 2, 2024
#7	-4.89% Oct 5, 2009 - Apr 30, 2010	-4.68% May 17, 2024 - Jul 11, 2024
#8	-3.28% Feb 2, 2015 - Nov 18, 2015	-4.55% Sep 17, 2025 - Oct 23, 2025
#9	-3.02% Dec 6, 2017 - Dec 28, 2018	-3.87% Nov 12, 2025 - Dec 22, 2025
#10	-2.81% Feb 11, 2021 - Jun 3, 2021	-3.72% Jul 23, 2025 - Aug 13, 2025
#11	-2.24% Aug 11, 2020 - Nov 20, 2020	-2.63% Jun 12, 2025 - Jun 24, 2025
#12	-2.20% Oct 22, 2007 - Jan 8, 2008	-2.40% Jan 28, 2026 - Feb 9, 2026
#13	-2.04% Sep 22, 2011 - Dec 12, 2011	-2.21% Oct 27, 2025 - Nov 10, 2025
#14	-1.99% Nov 28, 2012 - May 1, 2013	-1.92% Oct 1, 2021 - Oct 14, 2021
#15	-1.81% Aug 28, 2019 - Jan 6, 2020	-1.85% Aug 22, 2025 - Sep 8, 2025

Correlation

Correlation between PWZ and AVES is 0.68 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.68

-101

Dividend Comparison (2007 - 2026)

PWZ vs AVES dividend yield comparison.

Year	PWZ	AVES
2026	1.27%	0.10%
2025	3.41%	3.17%
2024	3.28%	4.09%
2023	2.85%	3.96%
2022	2.49%	3.70%
2021	2.28%	0.62%
2020	2.34%	0.00%
2019	2.51%	0.00%
2018	2.53%	0.00%
2017	2.48%	0.00%
2016	2.86%	0.00%
2015	3.16%	0.00%
2014	3.80%	0.00%
2013	3.97%	0.00%
2012	3.94%	0.00%
2011	4.29%	0.00%
2010	4.74%	0.00%
2009	4.65%	0.00%
2008	4.88%	0.00%
2007	0.94%	0.00%