PZA vs UTG

Comparison between INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF) and Reaves Utility Income Fund (UTG, ETF).

5-Year PerformanceUTG has outperformed PZA, delivering a return of +12.8% compared to +0.0%

PZA vs UTG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PZA(ETF)	UTG(ETF)
Net Assets	$4B	$4B
Expense Ratio	0.28%	N/A
Max Drawdown	27.00%	71.97%
Sharpe Ratio	0.64	1.82
5Y Beta	0.04	0.49
5Y Dividends CAGR	5.46%	3.54%

Net Assets

PZA

$4B

UTG

$4B

Expense Ratio

PZA

0.28%

UTG

N/A

Max Drawdown

Winner

PZA

27.00%

UTG

71.97%

Sharpe Ratio

PZA

0.64

Winner

UTG

1.82

5Y Beta

Winner

PZA

0.04

UTG

0.49

5Y Dividends CAGR

Winner

PZA

5.46%

UTG

3.54%

PZA vs UTG - Historical Returns

Returns include dividend reinvestment.

Period	PZA	UTG
1 month	+0.01%	+5.61%
3 months	+0.35%	+10.43%
6 months	+1.49%	+18.34%
1 year	+6.60%	+38.00%
5 years(CAGR)	+0.02%	+12.79%
10 years(CAGR)	+1.83%	+11.21%
Max(CAGR)	+3.21%	+11.41%

PZA

+0.01%

Winner

UTG

+5.61%

PZA

+0.35%

Winner

UTG

+10.43%

PZA

+1.49%

Winner

UTG

+18.34%

PZA

+6.60%

Winner

UTG

+38.00%

5Y(CAGR)

PZA

+0.02%

Winner

UTG

+12.79%

10Y(CAGR)

PZA

+1.83%

Winner

UTG

+11.21%

Max(CAGR)

PZA

+3.21%

Winner

UTG

+11.41%

PZA vs UTG - Annual Returns (2004 - 2026)

Returns include dividend reinvestment.

Year	PZA	UTG
2026	+1.31%	+18.74%
2025	+1.38%	+22.37%
2024	+0.81%	+26.78%
2023	+7.75%	+1.15%
2022	-13.00%	-13.56%
2021	+2.26%	+14.73%
2020	+4.91%	-5.97%
2019	+8.48%	+34.02%
2018	+0.07%	+2.33%
2017	+6.78%	+5.13%
2016	+0.62%	+29.83%
2015	+3.65%	-13.79%
2014	+15.05%	+39.83%
2013	-6.96%	+10.08%
2012	+9.84%	+1.56%
2011	+13.58%	+23.57%
2010	-0.41%	+24.97%
2009	+17.92%	+61.39%
2008	-12.12%	-48.71%
2007	+0.75%	+13.03%
2006	N/A	+31.94%
2005	N/A	+3.28%
2004	N/A	+5.01%

PZA vs UTG Drawdown Comparison

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

The maximum drawdown for UTG was -67.75%, occurring on Mar 9, 2009. Recovery took 642 trading sessions.

The current PZA drawdown is -1.96%. The current UTG drawdown is -0.60%.

Rank	PZA	UTG
#1	-24.48% Jan 17, 2008 - Sep 11, 2009	-67.75% Jan 11, 2008 - Jul 30, 2010
#2	-21.69% Mar 9, 2020 - Dec 7, 2020	-47.96% Feb 12, 2020 - Sep 2, 2021
#3	-18.55% Jul 19, 2021 - Oct 25, 2022	-26.50% Apr 20, 2022 - Aug 15, 2024
#4	-12.46% Nov 30, 2012 - Jul 14, 2014	-22.66% Feb 3, 2015 - May 12, 2016
#5	-11.77% May 10, 2010 - Aug 3, 2011	-22.28% Aug 24, 2017 - Mar 18, 2019
#6	-7.07% Jul 8, 2016 - Aug 29, 2017	-21.31% Jul 25, 2011 - Sep 20, 2011
#7	-4.07% Oct 1, 2009 - Apr 27, 2010	-20.10% Mar 17, 2004 - Dec 22, 2004
#8	-3.43% Feb 2, 2015 - Nov 19, 2015	-15.96% Jul 3, 2012 - Mar 13, 2013
#9	-3.00% Dec 29, 2017 - Jan 2, 2019	-15.30% May 21, 2007 - Oct 31, 2007
#10	-2.99% Oct 24, 2007 - Jan 2, 2008	-14.94% Nov 27, 2024 - May 15, 2025
#11	-2.80% Feb 10, 2021 - May 28, 2021	-14.92% Sep 7, 2005 - Jul 26, 2006
#12	-2.29% Sep 22, 2011 - Dec 14, 2011	-13.54% May 17, 2013 - Feb 11, 2014
#13	-1.72% Sep 3, 2019 - Jan 6, 2020	-11.66% Jul 11, 2016 - Dec 27, 2016
#14	-1.72% Oct 15, 2014 - Dec 12, 2014	-11.57% Oct 15, 2025 - Feb 17, 2026
#15	-1.58% Feb 2, 2012 - Apr 13, 2012	-11.30% Sep 3, 2021 - Apr 20, 2022

Correlation

Correlation between PZA and UTG is 0.90 which considered as a very strong positive correlation - the stocks move almost identically together.

0.90

-101

Dividend Comparison (2004 - 2026)

PZA vs UTG dividend yield comparison.

Year	PZA	UTG
2026	1.22%	1.38%
2025	3.55%	6.42%
2024	3.22%	7.19%
2023	2.91%	8.53%
2022	2.68%	8.07%
2021	2.34%	6.35%
2020	2.44%	6.59%
2019	2.81%	5.69%
2018	3.19%	6.86%
2017	3.04%	6.21%
2016	3.23%	9.02%
2015	3.59%	6.86%
2014	3.96%	5.06%
2013	4.27%	6.31%
2012	4.11%	6.30%
2011	4.48%	6.49%
2010	4.90%	6.17%
2009	4.68%	7.78%
2008	5.07%	13.58%
2007	0.93%	8.08%
2006	0.00%	5.47%
2005	0.00%	7.65%
2004	0.00%	4.88%