PZA vs TOTL

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and STATE STREET(R) DOUBLELINE(R) TOTAL RETURN TACTICAL ETF (TOTL, ETF).

5-Year PerformanceTOTL has outperformed PZA, delivering a return of +0.6% compared to -0.1%

PZA vs TOTL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	TOTL(ETF)
Net Assets	$4.10B	$4.20B
Expense Ratio	0.28%	0.55%
Max Drawdown	27.00%	25.48%
Sharpe Ratio	1.15	0.23
5Y Beta	0.04	0.02
5Y Dividends CAGR	7.49%	9.19%

Net Assets

PZA

$4.10B

Winner

TOTL

$4.20B

Expense Ratio

Winner

PZA

0.28%

TOTL

0.55%

Max Drawdown

PZA

27.00%

Winner

TOTL

25.48%

Sharpe Ratio

Winner

PZA

1.15

TOTL

0.23

5Y Beta

PZA

0.04

Winner

TOTL

0.02

5Y Dividends CAGR

PZA

7.49%

Winner

TOTL

9.19%

PZA vs TOTL - Historical Returns

Returns include dividend reinvestment.

Period	PZA	TOTL
1 month	+0.71%	+0.41%
3 months	+1.55%	-0.04%
6 months	+2.78%	+0.40%
1 year	+8.22%	+4.20%
5 years(CAGR)	-0.15%	+0.63%
10 years(CAGR)	+1.78%	+1.64%
Max(CAGR)	+3.23%	+1.73%

Winner

PZA

+0.71%

TOTL

+0.41%

Winner

PZA

+1.55%

TOTL

-0.04%

Winner

PZA

+2.78%

TOTL

+0.40%

Winner

PZA

+8.22%

TOTL

+4.20%

5Y(CAGR)

PZA

-0.15%

Winner

TOTL

+0.63%

10Y(CAGR)

Winner

PZA

+1.78%

TOTL

+1.64%

Max(CAGR)

Winner

PZA

+3.23%

TOTL

+1.73%

PZA vs TOTL - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	TOTL
2026	+2.03%	-0.11%
2025	+1.38%	+7.65%
2024	+0.81%	+3.51%
2023	+7.75%	+5.14%
2022	-13.00%	-11.37%
2021	+2.26%	-0.98%
2020	+4.91%	+3.42%
2019	+8.48%	+7.11%
2018	+0.07%	+0.95%
2017	+6.78%	+3.49%
2016	+0.62%	+2.64%
2015	+3.65%	-0.28%
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 TOTL Drawdown Comparison

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

The maximum drawdown for TOTL was -16.48%, occurring on Nov 7, 2022. Recovery took 1001 trading sessions.

The current PZA drawdown is -1.26%. The current TOTL drawdown is -1.74%.

Rank	PZA	TOTL
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-16.48% Sep 2, 2021 - Aug 29, 2025
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-7.29% Mar 6, 2020 - Jul 30, 2020
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-3.29% Sep 29, 2016 - Apr 18, 2017
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-3.04% Sep 5, 2017 - Jan 3, 2019
#5	-11.77% May 10, 2010 - Aug 3, 2011	-3.04% Feb 27, 2026 - May 19, 2026
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-1.99% Jan 27, 2021 - Sep 2, 2021
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-1.41% Oct 4, 2019 - Jan 3, 2020
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-1.35% Oct 14, 2015 - Feb 8, 2016
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-1.31% Sep 4, 2019 - Oct 3, 2019
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-1.22% Apr 20, 2015 - Oct 2, 2015
#11	-2.80% Feb 10, 2021 - May 28, 2021	-1.13% Aug 6, 2020 - Dec 11, 2020
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-1.00% Oct 22, 2025 - Nov 25, 2025
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-0.94% Jun 26, 2017 - Aug 1, 2017
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-0.80% Feb 24, 2015 - Mar 23, 2015
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-0.77% Nov 26, 2025 - Dec 29, 2025

Correlation

Correlation between PZA and TOTL is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.

0.92

-101

Dividend Comparison (2007 - 2026)

PZA vs TOTL dividend yield comparison.

Year	PZA	TOTL
2026	1.53%	2.08%
2025	3.55%	5.23%
2024	3.22%	5.35%
2023	2.91%	4.85%
2022	2.68%	4.68%
2021	2.34%	3.07%
2020	2.44%	2.91%
2019	2.81%	3.31%
2018	3.19%	3.41%
2017	3.04%	3.00%
2016	3.23%	3.25%
2015	3.59%	2.67%
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%