PZA vs DBMF

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and IMGP DBI MANAGED FUTURES STRATEGY ETF (DBMF, ETF).

5-Year PerformanceDBMF has outperformed PZA, delivering a return of +9.3% compared to -0.5%

PZA vs DBMF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	DBMF(ETF)
Net Assets	$4.20B	$4.20B
Expense Ratio	0.28%	0.85%
Max Drawdown	27.00%	29.26%
Sharpe Ratio	0.70	1.73
5Y Beta	0.06	0.23
5Y Dividends CAGR	6.50%	50.84%

Net Assets

PZA

$4.20B

DBMF

$4.20B

Expense Ratio

Winner

PZA

0.28%

DBMF

0.85%

Max Drawdown

Winner

PZA

27.00%

DBMF

29.26%

Sharpe Ratio

PZA

0.70

Winner

DBMF

1.73

5Y Beta

Winner

PZA

0.06

DBMF

0.23

5Y Dividends CAGR

PZA

6.50%

Winner

DBMF

50.84%

PZA vs DBMF - Historical Returns

Returns include dividend reinvestment.

Period	PZA	DBMF
1 month	-1.28%	+0.16%
3 months	+0.13%	+1.34%
6 months	-1.14%	+2.20%
1 year	+7.06%	+28.48%
5 years(CAGR)	-0.46%	+9.29%
10 years(CAGR)	+1.56%	N/A
Max(CAGR)	+3.10%	+9.31%

PZA

-1.28%

Winner

DBMF

+0.16%

PZA

+0.13%

Winner

DBMF

+1.34%

PZA

-1.14%

Winner

DBMF

+2.20%

PZA

+7.06%

Winner

DBMF

+28.48%

5Y(CAGR)

PZA

-0.46%

Winner

DBMF

+9.29%

10Y(CAGR)

PZA

+1.56%

DBMF

N/A

Max(CAGR)

PZA

+3.10%

Winner

DBMF

+9.31%

PZA vs DBMF - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	DBMF
2026	+0.29%	+12.44%
2025	+1.38%	+13.02%
2024	+0.81%	+7.00%
2023	+7.75%	-8.72%
2022	-13.00%	+20.44%
2021	+2.26%	+11.21%
2020	+4.91%	+0.47%
2019	+8.48%	+10.68%
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 DBMF Drawdown Comparison

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

The maximum drawdown for DBMF was -20.44%, occurring on Mar 24, 2023. Recovery took 794 trading sessions.

The current PZA drawdown is -2.95%. The current DBMF drawdown is -0.54%.

Rank	PZA	DBMF
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-20.44% Oct 20, 2022 - Dec 19, 2025
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-10.43% Feb 20, 2020 - Feb 8, 2021
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-7.38% Jun 13, 2022 - Sep 21, 2022
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-6.73% Sep 4, 2019 - Jan 16, 2020
#5	-11.77% May 10, 2010 - Aug 3, 2011	-6.18% Nov 16, 2021 - Feb 11, 2022
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-6.10% Feb 27, 2026 - Jun 2, 2026
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-5.50% Jun 15, 2021 - Nov 9, 2021
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-4.75% Sep 27, 2022 - Oct 19, 2022
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-4.03% Mar 17, 2021 - Apr 19, 2021
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-3.89% May 6, 2022 - Jun 8, 2022
#11	-2.80% Feb 10, 2021 - May 28, 2021	-3.71% Jan 29, 2026 - Feb 9, 2026
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-3.69% Jun 3, 2026 - Jul 21, 2026
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-3.55% Mar 8, 2022 - Mar 21, 2022
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-3.36% Feb 24, 2021 - Mar 11, 2021
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-2.86% May 2, 2022 - May 6, 2022

Correlation

Correlation between PZA and DBMF is -0.04 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.04

-101

Dividend Comparison (2007 - 2026)

PZA vs DBMF dividend yield comparison.

Year	PZA	DBMF
2026	2.21%	0.87%
2025	3.55%	5.91%
2024	3.22%	5.75%
2023	2.91%	2.91%
2022	2.68%	7.72%
2021	2.34%	10.38%
2020	2.44%	0.86%
2019	2.81%	9.35%
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%