PZA vs BILS

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and SPDR BLOOMBERG 3-12 MONTH T-BILL ETF (BILS, ETF).

5-Year PerformanceBILS has outperformed PZA, delivering a return of +3.2% compared to +0.0%

PZA vs BILS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	BILS(ETF)
Net Assets	$4B	$4B
Expense Ratio	0.28%	0.14%
Max Drawdown	27.00%	1.20%
Sharpe Ratio	0.64	1.05
5Y Beta	0.04	-0.00
5Y Dividends CAGR	5.46%	N/A

Net Assets

PZA

$4B

BILS

$4B

Expense Ratio

PZA

0.28%

Winner

BILS

0.14%

Max Drawdown

PZA

27.00%

Winner

BILS

1.20%

Sharpe Ratio

PZA

0.64

Winner

BILS

1.05

5Y Beta

PZA

0.04

Winner

BILS

-0.00

5Y Dividends CAGR

PZA

5.46%

BILS

N/A

PZA vs BILS - Historical Returns

Returns include dividend reinvestment.

Period	PZA	BILS
1 month	+0.01%	+0.27%
3 months	+0.35%	+0.81%
6 months	+1.49%	+1.75%
1 year	+6.60%	+3.94%
5 years(CAGR)	+0.02%	+3.25%
10 years(CAGR)	+1.83%	N/A
Max(CAGR)	+3.21%	+2.88%

PZA

+0.01%

Winner

BILS

+0.27%

PZA

+0.35%

Winner

BILS

+0.81%

PZA

+1.49%

Winner

BILS

+1.75%

Winner

PZA

+6.60%

BILS

+3.94%

5Y(CAGR)

PZA

+0.02%

Winner

BILS

+3.25%

10Y(CAGR)

PZA

+1.83%

BILS

N/A

Max(CAGR)

Winner

PZA

+3.21%

BILS

+2.88%

PZA vs BILS - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	BILS
2026	+1.31%	+1.16%
2025	+1.38%	+4.19%
2024	+0.81%	+5.15%
2023	+7.75%	+4.92%
2022	-13.00%	+0.91%
2021	+2.26%	-0.08%
2020	+4.91%	+0.00%
2019	+8.48%	N/A
2018	+0.07%	N/A
2017	+6.78%	N/A
2016	+0.62%	N/A
2015	+3.65%	N/A
2014	+15.05%	N/A
2013	-6.96%	N/A
2012	+9.84%	N/A
2011	+13.58%	N/A
2010	-0.41%	N/A
2009	+17.92%	N/A
2008	-12.12%	N/A
2007	+0.75%	N/A

PZA vs BILS Drawdown Comparison

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

The maximum drawdown for BILS was -0.41%, occurring on Jun 14, 2022. Recovery took 415 trading sessions.

The current PZA drawdown is -1.96%.

Rank	PZA	BILS
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-0.41% Feb 5, 2021 - Sep 29, 2022
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-0.08% Oct 6, 2022 - Oct 27, 2022
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-0.07% Mar 17, 2023 - Mar 23, 2023
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-0.04% Feb 1, 2024 - Feb 7, 2024
#5	-11.77% May 10, 2010 - Aug 3, 2011	-0.04% Apr 5, 2023 - Apr 13, 2023
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-0.04% Mar 13, 2023 - Mar 15, 2023
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-0.03% Mar 2, 2023 - Mar 9, 2023
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-0.03% Apr 8, 2025 - Apr 11, 2025
#9	-3.00% Dec 29, 2017 - Jan 2, 2019	-0.03% Apr 13, 2023 - Apr 19, 2023
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-0.03% Nov 10, 2022 - Nov 17, 2022
#11	-2.80% Feb 10, 2021 - May 28, 2021	-0.03% Oct 28, 2025 - Oct 31, 2025
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-0.03% Mar 24, 2023 - Mar 30, 2023
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-0.02% Oct 9, 2020 - Feb 5, 2021
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-0.02% Dec 17, 2024 - Dec 19, 2024
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-0.02% Mar 15, 2023 - Mar 17, 2023

Correlation

Correlation between PZA and BILS is 0.20 which considered as a very weak or no correlation - the stocks move independently of each other.

0.20

-101

Dividend Comparison (2007 - 2026)

PZA vs BILS dividend yield comparison.

Year	PZA	BILS
2026	1.22%	1.16%
2025	3.55%	4.08%
2024	3.22%	5.01%
2023	2.91%	4.98%
2022	2.68%	1.61%
2021	2.34%	0.00%
2020	2.44%	0.00%
2019	2.81%	0.00%
2018	3.19%	0.00%
2017	3.04%	0.00%
2016	3.23%	0.00%
2015	3.59%	0.00%
2014	3.96%	0.00%
2013	4.27%	0.00%
2012	4.11%	0.00%
2011	4.48%	0.00%
2010	4.90%	0.00%
2009	4.68%	0.00%
2008	5.07%	0.00%
2007	0.93%	0.00%