PZA vs AIA

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and iShares Asia 50 ETF (AIA, ETF).

5-Year PerformanceAIA has outperformed PZA, delivering a return of +11.3% compared to +0.0%

PZA vs AIA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	AIA(ETF)
Net Assets	$4B	$4.10B
Expense Ratio	0.28%	0.50%
Max Drawdown	27.00%	61.14%
Sharpe Ratio	0.64	2.49
5Y Beta	0.04	1.01
5Y Dividends CAGR	5.46%	14.29%

Net Assets

PZA

$4B

Winner

AIA

$4.10B

Expense Ratio

Winner

PZA

0.28%

AIA

0.50%

Max Drawdown

Winner

PZA

27.00%

AIA

61.14%

Sharpe Ratio

PZA

0.64

Winner

AIA

2.49

5Y Beta

Winner

PZA

0.04

AIA

1.01

5Y Dividends CAGR

PZA

5.46%

Winner

AIA

14.29%

PZA vs AIA - Historical Returns

Returns include dividend reinvestment.

Period	PZA	AIA
1 month	+0.01%	+15.23%
3 months	+0.35%	+18.45%
6 months	+1.49%	+36.41%
1 year	+6.60%	+79.67%
5 years(CAGR)	+0.02%	+11.33%
10 years(CAGR)	+1.83%	+14.89%
Max(CAGR)	+3.21%	+7.91%

PZA

+0.01%

Winner

AIA

+15.23%

PZA

+0.35%

Winner

AIA

+18.45%

PZA

+1.49%

Winner

AIA

+36.41%

PZA

+6.60%

Winner

AIA

+79.67%

5Y(CAGR)

PZA

+0.02%

Winner

AIA

+11.33%

10Y(CAGR)

PZA

+1.83%

Winner

AIA

+14.89%

Max(CAGR)

PZA

+3.21%

Winner

AIA

+7.91%

PZA vs AIA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	AIA
2026	+1.31%	+30.74%
2025	+1.38%	+48.71%
2024	+0.81%	+22.69%
2023	+7.75%	+2.40%
2022	-13.00%	-24.46%
2021	+2.26%	-12.19%
2020	+4.91%	+30.85%
2019	+8.48%	+23.26%
2018	+0.07%	-16.07%
2017	+6.78%	+43.29%
2016	+0.62%	+15.24%
2015	+3.65%	-7.12%
2014	+15.05%	+3.38%
2013	-6.96%	-0.78%
2012	+9.84%	+21.80%
2011	+13.58%	-15.32%
2010	-0.41%	+16.76%
2009	+17.92%	+51.33%
2008	-12.12%	-44.96%
2007	+0.75%	-0.01%

PZA vs AIA Drawdown Comparison

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

The maximum drawdown for AIA was -60.89%, occurring on Nov 20, 2008. Recovery took 837 trading sessions.

The current PZA drawdown is -1.96%. The current AIA drawdown is -3.95%.

Rank	PZA	AIA
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-60.89% Dec 6, 2007 - Apr 4, 2011
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-54.62% Feb 17, 2021 - Sep 16, 2025
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-30.87% Apr 27, 2015 - Mar 16, 2017
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-28.35% Jan 26, 2018 - Jul 6, 2020
#5	-11.77% May 10, 2010 - Aug 3, 2011	-27.84% May 2, 2011 - Dec 14, 2012
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-17.59% Jan 2, 2013 - Nov 18, 2013
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-14.15% Feb 25, 2026 - Apr 17, 2026
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-12.05% Nov 29, 2013 - Jun 10, 2014
#9	-3.00% Dec 29, 2017 - Jan 2, 2019	-10.96% Sep 5, 2014 - Apr 2, 2015
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-8.07% Oct 29, 2025 - Jan 2, 2026
#11	-2.80% Feb 10, 2021 - May 28, 2021	-7.00% Oct 8, 2025 - Oct 20, 2025
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-6.87% Nov 22, 2017 - Jan 3, 2018
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-6.78% Jan 25, 2021 - Feb 11, 2021
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-5.85% Jan 28, 2026 - Feb 11, 2026
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-5.11% Sep 15, 2020 - Oct 8, 2020

Correlation

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

0.83

-101

Dividend Comparison (2007 - 2026)

PZA vs AIA dividend yield comparison.

Year	PZA	AIA
2026	1.22%	0.00%
2025	3.55%	2.50%
2024	3.22%	2.78%
2023	2.91%	2.07%
2022	2.68%	2.59%
2021	2.34%	1.54%
2020	2.44%	1.11%
2019	2.81%	2.24%
2018	3.19%	2.49%
2017	3.04%	1.45%
2016	3.23%	2.29%
2015	3.59%	2.88%
2014	3.96%	2.24%
2013	4.27%	2.06%
2012	4.11%	1.88%
2011	4.48%	2.97%
2010	4.90%	1.56%
2009	4.68%	1.26%
2008	5.07%	2.79%
2007	0.93%	0.04%