PZA vs IMTM

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and ISHARES MSCI INTL MOMENTUM FACTOR ETF (IMTM, ETF).

5-Year PerformanceIMTM has outperformed PZA, delivering a return of +9.4% compared to -0.3%

PZA vs IMTM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	IMTM(ETF)
Net Assets	$4.20B	$4.20B
Expense Ratio	0.28%	0.30%
Max Drawdown	27.00%	34.72%
Sharpe Ratio	0.91	0.94
5Y Beta	0.05	0.83
5Y Dividends CAGR	6.50%	33.40%

Net Assets

PZA

$4.20B

IMTM

$4.20B

Expense Ratio

Winner

PZA

0.28%

IMTM

0.30%

Max Drawdown

Winner

PZA

27.00%

IMTM

34.72%

Sharpe Ratio

PZA

0.91

Winner

IMTM

0.94

5Y Beta

Winner

PZA

0.05

IMTM

0.83

5Y Dividends CAGR

PZA

6.50%

Winner

IMTM

33.40%

PZA vs IMTM - Historical Returns

Returns include dividend reinvestment.

Period	PZA	IMTM
1 month	-1.34%	+2.72%
3 months	-0.12%	+4.14%
6 months	+0.65%	+5.60%
1 year	+7.86%	+21.69%
5 years(CAGR)	-0.29%	+9.44%
10 years(CAGR)	+1.70%	+10.04%
Max(CAGR)	+3.17%	+8.97%

PZA

-1.34%

Winner

IMTM

+2.72%

PZA

-0.12%

Winner

IMTM

+4.14%

PZA

+0.65%

Winner

IMTM

+5.60%

PZA

+7.86%

Winner

IMTM

+21.69%

5Y(CAGR)

PZA

-0.29%

Winner

IMTM

+9.44%

10Y(CAGR)

PZA

+1.70%

Winner

IMTM

+10.04%

Max(CAGR)

PZA

+3.17%

Winner

IMTM

+8.97%

PZA vs IMTM - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	IMTM
2026	+1.41%	+11.27%
2025	+1.38%	+34.88%
2024	+0.81%	+13.55%
2023	+7.75%	+14.13%
2022	-13.00%	-16.98%
2021	+2.26%	+2.45%
2020	+4.91%	+21.34%
2019	+8.48%	+24.70%
2018	+0.07%	-14.94%
2017	+6.78%	+25.17%
2016	+0.62%	+2.90%
2015	+3.65%	-2.08%
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 IMTM Drawdown Comparison

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

The maximum drawdown for IMTM was -32.60%, occurring on Sep 27, 2022. Recovery took 583 trading sessions.

The current PZA drawdown is -1.87%. The current IMTM drawdown is -1.45%.

Rank	PZA	IMTM
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-32.60% Nov 8, 2021 - Mar 6, 2024
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-29.79% Feb 19, 2020 - Jul 10, 2020
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-23.03% Jan 26, 2018 - Jan 14, 2020
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-19.90% May 21, 2015 - Apr 25, 2017
#5	-11.77% May 10, 2010 - Aug 3, 2011	-12.85% Feb 25, 2026 - May 13, 2026
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-12.41% Mar 19, 2025 - Apr 24, 2025
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-12.00% Jul 16, 2024 - Sep 26, 2024
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-10.56% Feb 16, 2021 - Jun 1, 2021
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-8.53% Sep 26, 2024 - Feb 13, 2025
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-7.40% Jun 22, 2026 - Jul 29, 2026
#11	-2.80% Feb 10, 2021 - May 28, 2021	-6.81% Jun 7, 2021 - Aug 10, 2021
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-6.70% Sep 7, 2021 - Nov 3, 2021
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-6.70% Oct 12, 2020 - Nov 5, 2020
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-5.46% Mar 27, 2024 - May 28, 2024
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-5.37% Nov 12, 2025 - Dec 10, 2025

Correlation

Correlation between PZA and IMTM is 0.76 which considered as a strong positive correlation - the stocks tend to move together.

0.76

-101

Dividend Comparison (2007 - 2026)

PZA vs IMTM dividend yield comparison.

Year	PZA	IMTM
2026	2.19%	1.12%
2025	3.55%	4.70%
2024	3.22%	2.93%
2023	2.91%	2.29%
2022	2.68%	2.68%
2021	2.34%	2.51%
2020	2.44%	0.97%
2019	2.81%	2.13%
2018	3.19%	2.36%
2017	3.04%	1.92%
2016	3.23%	2.75%
2015	3.59%	1.56%
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%