PZA vs PGX

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and INVESCO PREFERRED ETF (PGX, ETF).

5-Year PerformancePZA has outperformed PGX, delivering a return of +0.0% compared to -0.2%

PZA vs PGX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	PGX(ETF)
Net Assets	$3.90B	$3.80B
Expense Ratio	0.28%	0.50%
Max Drawdown	27.00%	69.54%
Sharpe Ratio	0.66	0.56
5Y Beta	0.04	0.22
5Y Dividends CAGR	5.46%	-1.72%

Net Assets

Winner

PZA

$3.90B

PGX

$3.80B

Expense Ratio

Winner

PZA

0.28%

PGX

0.50%

Max Drawdown

Winner

PZA

27.00%

PGX

69.54%

Sharpe Ratio

Winner

PZA

0.66

PGX

0.56

5Y Beta

Winner

PZA

0.04

PGX

0.22

5Y Dividends CAGR

Winner

PZA

5.46%

PGX

-1.72%

PZA vs PGX - Historical Returns

Returns include dividend reinvestment.

Period	PZA	PGX
1 month	+0.70%	+1.35%
3 months	+0.69%	+0.10%
6 months	+2.02%	+0.96%
1 year	+6.73%	+7.50%
5 years(CAGR)	+0.03%	-0.19%
10 years(CAGR)	+1.88%	+2.68%
Max(CAGR)	+3.22%	+3.00%

PZA

+0.70%

Winner

PGX

+1.35%

Winner

PZA

+0.69%

PGX

+0.10%

Winner

PZA

+2.02%

PGX

+0.96%

PZA

+6.73%

Winner

PGX

+7.50%

5Y(CAGR)

Winner

PZA

+0.03%

PGX

-0.19%

10Y(CAGR)

PZA

+1.88%

Winner

PGX

+2.68%

Max(CAGR)

Winner

PZA

+3.22%

PGX

+3.00%

PZA vs PGX - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	PGX
2026	+1.58%	+0.84%
2025	+1.38%	+1.97%
2024	+0.81%	+6.62%
2023	+7.75%	+7.97%
2022	-13.00%	-20.68%
2021	+2.26%	+3.97%
2020	+4.91%	+6.27%
2019	+8.48%	+15.88%
2018	+0.07%	-3.22%
2017	+6.78%	+9.93%
2016	+0.62%	+0.31%
2015	+3.65%	+7.55%
2014	+15.05%	+15.54%
2013	-6.96%	-2.72%
2012	+9.84%	+13.74%
2011	+13.58%	+3.33%
2010	-0.41%	+11.31%
2009	+17.92%	+13.85%
2008	-12.12%	-33.77%
2007	+0.75%	N/A

PZA vs PGX Drawdown Comparison

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

The maximum drawdown for PGX was -66.38%, occurring on Mar 6, 2009. Recovery took 1134 trading sessions.

The current PZA drawdown is -1.70%. The current PGX drawdown is -3.54%.

Rank	PZA	PGX
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-66.38% Feb 6, 2008 - Aug 6, 2012
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-34.09% Feb 11, 2020 - Aug 17, 2020
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-24.65% Nov 5, 2021 - Oct 19, 2023
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-9.56% May 8, 2013 - Mar 31, 2014
#5	-11.77% May 10, 2010 - Aug 3, 2011	-8.05% Aug 31, 2018 - Feb 12, 2019
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-7.58% Sep 7, 2016 - Apr 3, 2017
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-6.12% Jan 5, 2016 - Mar 24, 2016
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-4.23% Dec 8, 2017 - Jul 2, 2018
#9	-3.00% Dec 29, 2017 - Jan 2, 2019	-4.12% Dec 31, 2020 - Apr 5, 2021
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-3.13% Aug 14, 2015 - Sep 24, 2015
#11	-2.80% Feb 10, 2021 - May 28, 2021	-2.68% Dec 1, 2015 - Dec 28, 2015
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-2.42% Apr 15, 2015 - Jul 17, 2015
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-2.17% Sep 22, 2021 - Nov 4, 2021
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-2.07% Aug 26, 2020 - Oct 5, 2020
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-2.02% Nov 6, 2012 - Jan 3, 2013

Correlation

Correlation between PZA and PGX is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98

-101

Dividend Comparison (2007 - 2026)

PZA vs PGX dividend yield comparison.

Year	PZA	PGX
2026	1.22%	2.09%
2025	3.55%	6.03%
2024	3.22%	5.95%
2023	2.91%	6.42%
2022	2.68%	6.29%
2021	2.34%	4.82%
2020	2.44%	4.89%
2019	2.81%	4.85%
2018	3.19%	6.09%
2017	3.04%	5.66%
2016	3.23%	6.02%
2015	3.59%	5.84%
2014	3.96%	5.97%
2013	4.27%	6.78%
2012	4.11%	6.47%
2011	4.48%	6.77%
2010	4.90%	6.75%
2009	4.68%	8.04%
2008	5.07%	10.00%
2007	0.93%	0.00%