PZA vs TSPA

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and T. ROWE PRICE U.S. EQUITY RESEARCH ETF (TSPA, ETF).

5-Year PerformanceTSPA has outperformed PZA, delivering a return of +13.9% compared to -0.3%

PZA vs TSPA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	TSPA(ETF)
Net Assets	$4.20B	$4.30B
Expense Ratio	0.28%	0.34%
Max Drawdown	27.00%	24.72%
Sharpe Ratio	0.91	1.33
5Y Beta	0.05	0.97
P/E Ratio	N/A	29.02
Forward P/E	N/A	21.10
PEG Ratio	N/A	0.45
5Y Dividends CAGR	6.50%	N/A
5Y EPS CAGR	N/A	30.92%
Debt to Equity	N/A	52.68%
P/S Ratio	N/A	4.42
P/B Ratio	N/A	6.16

Net Assets

PZA

$4.20B

Winner

TSPA

$4.30B

Expense Ratio

Winner

PZA

0.28%

TSPA

0.34%

Max Drawdown

PZA

27.00%

Winner

TSPA

24.72%

Sharpe Ratio

PZA

0.91

Winner

TSPA

1.33

5Y Beta

Winner

PZA

0.05

TSPA

0.97

P/E Ratio

PZA

N/A

TSPA

29.02

Forward P/E

PZA

N/A

TSPA

21.10

PEG Ratio

PZA

N/A

TSPA

0.45

5Y Dividends CAGR

PZA

6.50%

TSPA

N/A

5Y EPS CAGR

PZA

N/A

TSPA

30.92%

Debt to Equity

PZA

N/A

TSPA

52.68%

P/S Ratio

PZA

N/A

TSPA

4.42

P/B Ratio

PZA

N/A

TSPA

6.16

PZA vs TSPA - Historical Returns

Returns include dividend reinvestment.

Period	PZA	TSPA
1 month	-1.34%	+2.96%
3 months	-0.12%	+5.20%
6 months	+0.65%	+12.15%
1 year	+7.86%	+23.25%
5 years(CAGR)	-0.29%	+13.90%
10 years(CAGR)	+1.70%	N/A
Max(CAGR)	+3.17%	+14.53%

PZA

-1.34%

Winner

TSPA

+2.96%

PZA

-0.12%

Winner

TSPA

+5.20%

PZA

+0.65%

Winner

TSPA

+12.15%

PZA

+7.86%

Winner

TSPA

+23.25%

5Y(CAGR)

PZA

-0.29%

Winner

TSPA

+13.90%

10Y(CAGR)

PZA

+1.70%

TSPA

N/A

Max(CAGR)

PZA

+3.17%

Winner

TSPA

+14.53%

PZA vs TSPA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PZA	TSPA
2026	+1.41%	+13.59%
2025	+1.38%	+16.49%
2024	+0.81%	+27.28%
2023	+7.75%	+30.41%
2022	-13.00%	-19.11%
2021	+2.26%	+13.72%
2020	+4.91%	N/A
2019	+8.48%	N/A
2018	+0.07%	N/A
2017	+6.78%	N/A
2016	+0.62%	N/A
2015	+3.65%	N/A
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 TSPA Drawdown Comparison

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

The maximum drawdown for TSPA was -24.72%, occurring on Oct 12, 2022. Recovery took 478 trading sessions.

The current PZA drawdown is -1.87%.

Rank	PZA	TSPA
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-24.72% Dec 29, 2021 - Nov 22, 2023
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-19.04% Feb 19, 2025 - Jun 27, 2025
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-9.24% Jan 29, 2026 - Apr 14, 2026
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-8.90% Jul 16, 2024 - Sep 19, 2024
#5	-11.77% May 10, 2010 - Aug 3, 2011	-5.49% Mar 28, 2024 - May 14, 2024
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-5.40% Oct 29, 2025 - Dec 11, 2025
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-4.78% Aug 30, 2021 - Oct 19, 2021
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-4.46% Jun 2, 2026 - Aug 4, 2026
#9	-2.99% Dec 29, 2017 - Jan 2, 2019	-4.16% Nov 16, 2021 - Dec 23, 2021
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-3.91% Dec 6, 2024 - Jan 22, 2025
#11	-2.80% Feb 10, 2021 - May 28, 2021	-2.97% Oct 8, 2025 - Oct 24, 2025
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-2.82% Jul 12, 2021 - Jul 23, 2021
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-2.77% Dec 11, 2025 - Dec 23, 2025
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-2.64% Oct 14, 2024 - Nov 6, 2024
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-2.59% Jan 12, 2026 - Jan 27, 2026

Correlation

Correlation between PZA and TSPA 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 TSPA dividend yield comparison.

Year	PZA	TSPA
2026	2.19%	0.00%
2025	3.55%	0.62%
2024	3.22%	0.50%
2023	2.91%	0.41%
2022	2.68%	1.16%
2021	2.34%	0.43%
2020	2.44%	0.00%
2019	2.81%	0.00%
2018	3.19%	0.00%
2017	3.04%	0.00%
2016	3.23%	0.00%
2015	3.59%	0.00%
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%