PZA vs IVLU

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

5-Year PerformanceIVLU has outperformed PZA, delivering a return of +16.0% compared to -0.3%

PZA vs IVLU - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	IVLU(ETF)
Net Assets	$4.20B	$4.20B
Expense Ratio	0.28%	0.31%
Max Drawdown	27.00%	45.37%
Sharpe Ratio	0.91	1.85
5Y Beta	0.05	0.71
5Y Dividends CAGR	6.50%	22.50%

Net Assets

PZA

$4.20B

IVLU

$4.20B

Expense Ratio

Winner

PZA

0.28%

IVLU

0.31%

Max Drawdown

Winner

PZA

27.00%

IVLU

45.37%

Sharpe Ratio

PZA

0.91

Winner

IVLU

1.85

5Y Beta

Winner

PZA

0.05

IVLU

0.71

5Y Dividends CAGR

PZA

6.50%

Winner

IVLU

22.50%

PZA vs IVLU - Historical Returns

Returns include dividend reinvestment.

Period	PZA	IVLU
1 month	-1.34%	+4.86%
3 months	-0.12%	+8.17%
6 months	+0.65%	+7.86%
1 year	+7.86%	+35.66%
5 years(CAGR)	-0.29%	+16.02%
10 years(CAGR)	+1.70%	+11.51%
Max(CAGR)	+3.17%	+8.99%

PZA

-1.34%

Winner

IVLU

+4.86%

PZA

-0.12%

Winner

IVLU

+8.17%

PZA

+0.65%

Winner

IVLU

+7.86%

PZA

+7.86%

Winner

IVLU

+35.66%

5Y(CAGR)

PZA

-0.29%

Winner

IVLU

+16.02%

10Y(CAGR)

PZA

+1.70%

Winner

IVLU

+11.51%

Max(CAGR)

PZA

+3.17%

Winner

IVLU

+8.99%

PZA vs IVLU - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	IVLU
2026	+1.41%	+17.33%
2025	+1.38%	+46.91%
2024	+0.81%	+7.34%
2023	+7.75%	+18.89%
2022	-13.00%	-6.63%
2021	+2.26%	+15.17%
2020	+4.91%	-5.66%
2019	+8.48%	+15.74%
2018	+0.07%	-15.89%
2017	+6.78%	+21.93%
2016	+0.62%	+5.31%
2015	+3.65%	-10.18%
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 IVLU Drawdown Comparison

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

The maximum drawdown for IVLU was -41.86%, occurring on Mar 23, 2020. Recovery took 824 trading sessions.

The current PZA drawdown is -1.87%.

Rank	PZA	IVLU
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-41.86% Jan 26, 2018 - May 6, 2021
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-26.01% Feb 9, 2022 - Jun 15, 2023
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-24.85% Aug 5, 2015 - May 5, 2017
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-15.48% Mar 19, 2025 - May 9, 2025
#5	-11.77% May 10, 2010 - Aug 3, 2011	-11.69% Feb 25, 2026 - May 26, 2026
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-9.66% Jul 31, 2023 - Dec 13, 2023
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-9.13% Jun 7, 2021 - Jan 7, 2022
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-8.95% Sep 26, 2024 - Feb 14, 2025
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-8.04% Jul 17, 2024 - Aug 23, 2024
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-5.41% Nov 12, 2025 - Dec 2, 2025
#11	-2.80% Feb 10, 2021 - May 28, 2021	-5.00% May 15, 2024 - Jul 12, 2024
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-4.82% Jan 14, 2022 - Feb 9, 2022
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-4.22% Apr 9, 2024 - May 6, 2024
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-3.91% May 26, 2026 - Jun 15, 2026
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-3.86% Jul 23, 2025 - Aug 8, 2025

Correlation

Correlation between PZA and IVLU is 0.56 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.56

-101

Dividend Comparison (2007 - 2026)

PZA vs IVLU dividend yield comparison.

Year	PZA	IVLU
2026	2.19%	1.60%
2025	3.55%	3.71%
2024	3.22%	4.46%
2023	2.91%	4.69%
2022	2.68%	3.59%
2021	2.34%	3.47%
2020	2.44%	2.05%
2019	2.81%	3.53%
2018	3.19%	2.82%
2017	3.04%	2.87%
2016	3.23%	2.53%
2015	3.59%	0.93%
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%