PZA vs IDEF

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and iShares Defense Industrials Active ETF (IDEF, ETF).

PZA vs IDEF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	IDEF(ETF)
Net Assets	$4.20B	$4.30B
Expense Ratio	0.28%	0.55%
Max Drawdown	27.00%	15.92%
Sharpe Ratio	0.91	0.68
5Y Beta	0.05	1.13
P/E Ratio	N/A	49.57
Forward P/E	N/A	31.52
5Y Dividends CAGR	6.50%	N/A
Debt to Equity	N/A	117.89%
P/S Ratio	N/A	2.82
P/B Ratio	N/A	5.77

Net Assets

PZA

$4.20B

Winner

IDEF

$4.30B

Expense Ratio

Winner

PZA

0.28%

IDEF

0.55%

Max Drawdown

PZA

27.00%

Winner

IDEF

15.92%

Sharpe Ratio

Winner

PZA

0.91

IDEF

0.68

5Y Beta

Winner

PZA

0.05

IDEF

1.13

P/E Ratio

PZA

N/A

IDEF

49.57

Forward P/E

PZA

N/A

IDEF

31.52

5Y Dividends CAGR

PZA

6.50%

IDEF

N/A

Debt to Equity

PZA

N/A

IDEF

117.89%

P/S Ratio

PZA

N/A

IDEF

2.82

P/B Ratio

PZA

N/A

IDEF

5.77

PZA vs IDEF - Historical Returns

Returns include dividend reinvestment.

Period	PZA	IDEF
1 month	-1.34%	+6.49%
3 months	-0.12%	+6.18%
6 months	+0.65%	+1.36%
1 year	+7.86%	+19.63%
5 years(CAGR)	-0.29%	N/A
10 years(CAGR)	+1.70%	N/A
Max(CAGR)	+3.17%	+31.83%

PZA

-1.34%

Winner

IDEF

+6.49%

PZA

-0.12%

Winner

IDEF

+6.18%

PZA

+0.65%

Winner

IDEF

+1.36%

PZA

+7.86%

Winner

IDEF

+19.63%

5Y(CAGR)

PZA

-0.29%

IDEF

N/A

10Y(CAGR)

PZA

+1.70%

IDEF

N/A

Max(CAGR)

PZA

+3.17%

Winner

IDEF

+31.83%

PZA vs IDEF - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	IDEF
2026	+1.41%	+10.62%
2025	+1.38%	+23.05%
2024	+0.81%	N/A
2023	+7.75%	N/A
2022	-13.00%	N/A
2021	+2.26%	N/A
2020	+4.91%	N/A
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 IDEF Drawdown Comparison

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

The maximum drawdown for IDEF was -15.78%, occurring on Jul 20, 2026. This drawdown has not yet recovered.

The current PZA drawdown is -1.87%. The current IDEF drawdown is -4.87%.

Rank	PZA	IDEF
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-15.78% Mar 2, 2026 - Jul 20, 2026
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-12.27% Oct 8, 2025 - Jan 5, 2026
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-7.38% Jan 16, 2026 - Mar 2, 2026
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-4.33% Aug 6, 2025 - Sep 10, 2025
#5	-11.77% May 10, 2010 - Aug 3, 2011	-1.59% Jun 30, 2025 - Jul 9, 2025
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-1.52% Jul 23, 2025 - Aug 4, 2025
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-1.25% Jun 9, 2025 - Jun 13, 2025
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-1.21% Jul 18, 2025 - Jul 23, 2025
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-0.71% Sep 16, 2025 - Sep 19, 2025
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-0.70% Jul 14, 2025 - Jul 17, 2025
#11	-2.80% Feb 10, 2021 - May 28, 2021	-0.68% Sep 23, 2025 - Sep 26, 2025
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-0.63% Jun 16, 2025 - Jun 23, 2025
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-0.56% Jul 9, 2025 - Jul 14, 2025
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-0.47% Oct 6, 2025 - Oct 8, 2025
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-0.41% May 27, 2025 - May 30, 2025

Correlation

Correlation between PZA and IDEF 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 IDEF dividend yield comparison.

Year	PZA	IDEF
2026	2.19%	0.16%
2025	3.55%	0.17%
2024	3.22%	0.00%
2023	2.91%	0.00%
2022	2.68%	0.00%
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%