PZA vs SPY

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed PZA, delivering a return of +13.3% compared to +0.0%

PZA vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	SPY(ETF)
Net Assets	$3.90B	$652B
Expense Ratio	0.28%	0.09%
Max Drawdown	27.00%	56.47%
Sharpe Ratio	0.66	2.07
5Y Beta	0.04	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	5.46%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

PZA

$3.90B

Winner

SPY

$652B

Expense Ratio

PZA

0.28%

Winner

SPY

0.09%

Max Drawdown

Winner

PZA

27.00%

SPY

56.47%

Sharpe Ratio

PZA

0.66

Winner

SPY

2.07

5Y Beta

Winner

PZA

0.04

SPY

1.00

P/E Ratio

PZA

N/A

SPY

28.24

Forward P/E

PZA

N/A

SPY

21.85

5Y Dividends CAGR

Winner

PZA

5.46%

SPY

5.43%

5Y EPS CAGR

PZA

N/A

SPY

25.79%

Debt to Equity

PZA

N/A

SPY

22.35%

P/S Ratio

PZA

N/A

SPY

3.55

P/B Ratio

PZA

N/A

SPY

5.29

PZA vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	PZA	SPY
1 month	+0.70%	+9.11%
3 months	+0.69%	+6.59%
6 months	+2.02%	+10.56%
1 year	+6.73%	+32.04%
5 years(CAGR)	+0.03%	+13.35%
10 years(CAGR)	+1.88%	+15.49%
Max(CAGR)	+3.22%	+8.50%

PZA

+0.70%

Winner

SPY

+9.11%

PZA

+0.69%

Winner

SPY

+6.59%

PZA

+2.02%

Winner

SPY

+10.56%

PZA

+6.73%

Winner

SPY

+32.04%

5Y(CAGR)

PZA

+0.03%

Winner

SPY

+13.35%

10Y(CAGR)

PZA

+1.88%

Winner

SPY

+15.49%

Max(CAGR)

PZA

+3.22%

Winner

SPY

+8.50%

PZA vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	PZA	SPY
2026	+1.58%	+8.27%
2025	+1.38%	+18.00%
2024	+0.81%	+25.59%
2023	+7.75%	+26.72%
2022	-13.00%	-18.64%
2021	+2.26%	+30.52%
2020	+4.91%	+17.28%
2019	+8.48%	+31.09%
2018	+0.07%	-5.24%
2017	+6.78%	+20.78%
2016	+0.62%	+13.59%
2015	+3.65%	+1.31%
2014	+15.05%	+14.56%
2013	-6.96%	+29.00%
2012	+9.84%	+14.17%
2011	+13.58%	+0.85%
2010	-0.41%	+13.14%
2009	+17.92%	+22.67%
2008	-12.12%	-36.25%
2007	+0.75%	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

PZA vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current PZA drawdown is -1.70%.

Rank	PZA	SPY
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-11.77% May 10, 2010 - Aug 3, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-3.00% Dec 29, 2017 - Jan 2, 2019	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-2.80% Feb 10, 2021 - May 28, 2021	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between PZA and SPY is 0.83 which considered as a strong positive correlation - the stocks tend to move together.

0.83

-101

Dividend Comparison (1999 - 2026)

PZA vs SPY dividend yield comparison.

Year	PZA	SPY
2026	1.22%	0.24%
2025	3.55%	1.07%
2024	3.22%	1.21%
2023	2.91%	1.40%
2022	2.68%	1.65%
2021	2.34%	1.20%
2020	2.44%	1.52%
2019	2.81%	1.75%
2018	3.19%	2.04%
2017	3.04%	1.80%
2016	3.23%	2.03%
2015	3.59%	2.06%
2014	3.96%	1.87%
2013	4.27%	1.81%
2012	4.11%	2.18%
2011	4.48%	2.05%
2010	4.90%	1.80%
2009	4.68%	1.95%
2008	5.07%	3.02%
2007	0.93%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%