PWZ vs AVIV

Comparison between INVESCO CALIFORNIA AMT-FREE MUNICIPAL BOND ETF (PWZ, ETF) and AVANTIS INTERNATIONAL LARGE CAP VALUE ETF (AVIV, ETF).

5-Year PerformanceAVIV has outperformed PWZ, delivering a return of +13.9% compared to +0.1%

PWZ vs AVIV - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PWZ(ETF)	AVIV(ETF)
Net Assets	$1.10B	$1.20B
Expense Ratio	0.28%	0.25%
Max Drawdown	24.70%	29.14%
Sharpe Ratio	0.78	2.15
5Y Beta	0.11	0.67
5Y Dividends CAGR	5.92%	N/A

Net Assets

PWZ

$1.10B

Winner

AVIV

$1.20B

Expense Ratio

PWZ

0.28%

Winner

AVIV

0.25%

Max Drawdown

Winner

PWZ

24.70%

AVIV

29.14%

Sharpe Ratio

PWZ

0.78

Winner

AVIV

2.15

5Y Beta

Winner

PWZ

0.11

AVIV

0.67

5Y Dividends CAGR

PWZ

5.92%

AVIV

N/A

PWZ vs AVIV - Historical Returns

Returns include dividend reinvestment.

Period	PWZ	AVIV
1 month	+0.65%	+0.83%
3 months	+0.79%	+0.40%
6 months	+1.95%	+17.86%
1 year	+7.35%	+38.61%
5 years(CAGR)	+0.10%	+13.89%
10 years(CAGR)	+1.88%	N/A
Max(CAGR)	+3.23%	+13.89%

PWZ

+0.65%

Winner

AVIV

+0.83%

Winner

PWZ

+0.79%

AVIV

+0.40%

PWZ

+1.95%

Winner

AVIV

+17.86%

PWZ

+7.35%

Winner

AVIV

+38.61%

5Y(CAGR)

PWZ

+0.10%

Winner

AVIV

+13.89%

10Y(CAGR)

PWZ

+1.88%

AVIV

N/A

Max(CAGR)

PWZ

+3.23%

Winner

AVIV

+13.89%

PWZ vs AVIV - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PWZ	AVIV
2026	+1.57%	+9.84%
2025	+1.55%	+42.08%
2024	+2.03%	+5.24%
2023	+6.20%	+18.14%
2022	-11.22%	-9.00%
2021	+1.80%	+1.92%
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 AVIV Drawdown Comparison

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

The maximum drawdown for AVIV was -27.72%, occurring on Sep 27, 2022. Recovery took 384 trading sessions.

The current PWZ drawdown is -1.21%. The current AVIV drawdown is -1.76%.

Rank	PWZ	AVIV
#1	-21.49% Jan 15, 2008 - Sep 4, 2009	-27.72% Jan 14, 2022 - Jul 28, 2023
#2	-17.56% Jul 19, 2021 - Oct 24, 2022	-14.13% Mar 19, 2025 - Apr 28, 2025
#3	-13.10% Mar 9, 2020 - Aug 11, 2020	-10.78% Feb 27, 2026 - Mar 20, 2026
#4	-11.55% Sep 29, 2010 - Aug 4, 2011	-9.85% Jul 31, 2023 - Dec 13, 2023
#5	-11.26% May 2, 2013 - Apr 11, 2014	-8.07% Sep 26, 2024 - Feb 13, 2025
#6	-7.29% Jul 7, 2016 - Aug 30, 2017	-7.53% Jul 17, 2024 - Aug 21, 2024
#7	-4.89% Oct 5, 2009 - Apr 30, 2010	-7.09% Nov 8, 2021 - Jan 7, 2022
#8	-3.28% Feb 2, 2015 - Nov 18, 2015	-4.75% Nov 12, 2025 - Dec 3, 2025
#9	-3.02% Dec 6, 2017 - Dec 28, 2018	-4.46% May 20, 2024 - Jul 12, 2024
#10	-2.81% Feb 11, 2021 - Jun 3, 2021	-4.35% Dec 27, 2023 - Feb 23, 2024
#11	-2.24% Aug 11, 2020 - Nov 20, 2020	-4.21% Apr 9, 2024 - May 14, 2024
#12	-2.20% Oct 22, 2007 - Jan 8, 2008	-3.92% Aug 30, 2024 - Sep 19, 2024
#13	-2.04% Sep 22, 2011 - Dec 12, 2011	-3.48% Jul 23, 2025 - Aug 12, 2025
#14	-1.99% Nov 28, 2012 - May 1, 2013	-2.97% Oct 6, 2025 - Oct 27, 2025
#15	-1.81% Aug 28, 2019 - Jan 6, 2020	-2.34% Mar 7, 2025 - Mar 17, 2025

Correlation

Correlation between PWZ and AVIV is 0.60 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.60

-101

Dividend Comparison (2007 - 2026)

PWZ vs AVIV dividend yield comparison.

Year	PWZ	AVIV
2026	1.27%	0.13%
2025	3.41%	3.01%
2024	3.28%	3.46%
2023	2.85%	3.64%
2022	2.49%	2.84%
2021	2.28%	0.57%
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%