PWZ vs SPY

Comparison between INVESCO CALIFORNIA AMT-FREE MUNICIPAL BOND ETF (PWZ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed PWZ, delivering a return of +13.3% compared to +0.1%

PWZ vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PWZ(ETF)	SPY(ETF)
Net Assets	$1.10B	$652B
Expense Ratio	0.28%	0.09%
Max Drawdown	24.70%	56.47%
Sharpe Ratio	0.78	2.07
5Y Beta	0.11	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	5.92%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

PWZ

$1.10B

Winner

SPY

$652B

Expense Ratio

PWZ

0.28%

Winner

SPY

0.09%

Max Drawdown

Winner

PWZ

24.70%

SPY

56.47%

Sharpe Ratio

PWZ

0.78

Winner

SPY

2.07

5Y Beta

Winner

PWZ

0.11

SPY

1.00

P/E Ratio

PWZ

N/A

SPY

28.24

Forward P/E

PWZ

N/A

SPY

21.85

5Y Dividends CAGR

Winner

PWZ

5.92%

SPY

5.43%

5Y EPS CAGR

PWZ

N/A

SPY

25.79%

Debt to Equity

PWZ

N/A

SPY

22.35%

P/S Ratio

PWZ

N/A

SPY

3.55

P/B Ratio

PWZ

N/A

SPY

5.29

PWZ vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	PWZ	SPY
1 month	+0.65%	+9.11%
3 months	+0.79%	+6.59%
6 months	+1.95%	+10.56%
1 year	+7.35%	+32.04%
5 years(CAGR)	+0.10%	+13.35%
10 years(CAGR)	+1.88%	+15.49%
Max(CAGR)	+3.23%	+8.50%

PWZ

+0.65%

Winner

SPY

+9.11%

PWZ

+0.79%

Winner

SPY

+6.59%

PWZ

+1.95%

Winner

SPY

+10.56%

PWZ

+7.35%

Winner

SPY

+32.04%

5Y(CAGR)

PWZ

+0.10%

Winner

SPY

+13.35%

10Y(CAGR)

PWZ

+1.88%

Winner

SPY

+15.49%

Max(CAGR)

PWZ

+3.23%

Winner

SPY

+8.50%

PWZ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	PWZ	SPY
2026	+1.57%	+8.27%
2025	+1.55%	+18.00%
2024	+2.03%	+25.59%
2023	+6.20%	+26.72%
2022	-11.22%	-18.64%
2021	+1.80%	+30.52%
2020	+4.94%	+17.28%
2019	+8.51%	+31.09%
2018	+0.63%	-5.24%
2017	+6.56%	+20.78%
2016	+0.51%	+13.59%
2015	+3.23%	+1.31%
2014	+15.24%	+14.56%
2013	-4.57%	+29.00%
2012	+8.85%	+14.17%
2011	+12.31%	+0.85%
2010	+0.40%	+13.14%
2009	+14.61%	+22.67%
2008	-10.62%	-36.25%
2007	+0.63%	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

PWZ vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current PWZ drawdown is -1.21%.

Rank	PWZ	SPY
#1	-21.49% Jan 15, 2008 - Sep 4, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-17.56% Jul 19, 2021 - Oct 24, 2022	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-13.10% Mar 9, 2020 - Aug 11, 2020	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-11.55% Sep 29, 2010 - Aug 4, 2011	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-11.26% May 2, 2013 - Apr 11, 2014	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-7.29% Jul 7, 2016 - Aug 30, 2017	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-4.89% Oct 5, 2009 - Apr 30, 2010	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-3.28% Feb 2, 2015 - Nov 18, 2015	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-3.02% Dec 6, 2017 - Dec 28, 2018	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-2.81% Feb 11, 2021 - Jun 3, 2021	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-2.24% Aug 11, 2020 - Nov 20, 2020	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-2.20% Oct 22, 2007 - Jan 8, 2008	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-2.04% Sep 22, 2011 - Dec 12, 2011	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-1.99% Nov 28, 2012 - May 1, 2013	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-1.81% Aug 28, 2019 - Jan 6, 2020	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between PWZ and SPY is 0.83 which considered as a strong positive correlation - the stocks tend to move together.

0.83

-101

Dividend Comparison (1999 - 2026)

PWZ vs SPY dividend yield comparison.

Year	PWZ	SPY
2026	1.27%	0.24%
2025	3.41%	1.07%
2024	3.28%	1.21%
2023	2.85%	1.40%
2022	2.49%	1.65%
2021	2.28%	1.20%
2020	2.34%	1.52%
2019	2.51%	1.75%
2018	2.53%	2.04%
2017	2.48%	1.80%
2016	2.86%	2.03%
2015	3.16%	2.06%
2014	3.80%	1.87%
2013	3.97%	1.81%
2012	3.94%	2.18%
2011	4.29%	2.05%
2010	4.74%	1.80%
2009	4.65%	1.95%
2008	4.88%	3.02%
2007	0.94%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%