PZT vs SPY
Comparison between INVESCO NEW YORK AMT-FREE MUNICIPAL BOND ETF (PZT, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed PZT, delivering a return of +13.3% compared to -0.1%
PZT vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
PZT
$130M
Winner
SPY
$735B
Expense Ratio
PZT
0.28%
Winner
SPY
0.09%
Max Drawdown
Winner
PZT
25.44%
SPY
56.47%
Sharpe Ratio
PZT
1.12
Winner
SPY
1.62
5Y Beta
Winner
PZT
0.08
SPY
1.00
P/E Ratio
PZT
N/A
SPY
28.99
Forward P/E
PZT
N/A
SPY
22.37
5Y Dividends CAGR
Winner
PZT
5.75%
SPY
5.43%
5Y EPS CAGR
PZT
N/A
SPY
26.05%
Debt to Equity
PZT
N/A
SPY
32.40%
P/S Ratio
PZT
N/A
SPY
3.74
P/B Ratio
PZT
N/A
SPY
5.61
PZT vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
PZT
+0.95%
Winner
SPY
+1.90%
3M
PZT
+1.55%
Winner
SPY
+8.55%
6M
PZT
+3.04%
Winner
SPY
+8.18%
1Y
PZT
+8.94%
Winner
SPY
+25.79%
5Y(CAGR)
PZT
-0.07%
Winner
SPY
+13.32%
10Y(CAGR)
PZT
+1.89%
Winner
SPY
+15.19%
Max(CAGR)
PZT
+3.00%
Winner
SPY
+8.47%
PZT vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | PZT | SPY |
|---|---|---|
| 2026 | +2.66% | +8.26% |
| 2025 | +1.01% | +18.00% |
| 2024 | +1.65% | +25.59% |
| 2023 | +7.35% | +26.72% |
| 2022 | -12.87% | -18.64% |
| 2021 | +2.53% | +30.52% |
| 2020 | +5.60% | +17.28% |
| 2019 | +8.88% | +31.09% |
| 2018 | -0.34% | -5.24% |
| 2017 | +5.69% | +20.78% |
| 2016 | +1.19% | +13.59% |
| 2015 | +2.75% | +1.31% |
| 2014 | +15.43% | +14.56% |
| 2013 | -6.92% | +29.00% |
| 2012 | +7.13% | +14.17% |
| 2011 | +12.45% | +0.85% |
| 2010 | +0.02% | +13.14% |
| 2009 | +16.86% | +22.67% |
| 2008 | -13.72% | -36.25% |
| 2007 | +1.19% | +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% |
PZT vs SPY Drawdown Comparison
The maximum drawdown for PZT was -22.71%, occurring on Oct 16, 2008. Recovery took 422 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current PZT drawdown is -1.59%. The current SPY drawdown is -2.90%.
| Rank | PZT | SPY |
|---|---|---|
| #1 | -22.71% Jan 16, 2008 - Sep 18, 2009 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -19.13% Jul 19, 2021 - Oct 26, 2022 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -16.55% Mar 9, 2020 - Aug 5, 2020 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -12.33% Nov 30, 2012 - May 29, 2014 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -10.45% Sep 27, 2010 - Aug 9, 2011 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -7.34% Jul 5, 2016 - Nov 7, 2017 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -4.19% Oct 6, 2009 - Apr 21, 2010 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -3.41% Dec 29, 2017 - Jan 2, 2019 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -3.33% Feb 12, 2021 - Jun 3, 2021 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -2.94% Jan 30, 2015 - Oct 16, 2015 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -2.55% Aug 7, 2020 - Nov 19, 2020 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -2.31% Sep 23, 2011 - Dec 7, 2011 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -2.02% Sep 3, 2019 - Jan 6, 2020 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -1.86% Oct 22, 2007 - Dec 11, 2007 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -1.67% Jan 31, 2012 - Apr 23, 2012 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between PZT and SPY is 0.84 which considered as a strong positive correlation - the stocks tend to move together.
0.84
-101
Dividend Comparison (1999 - 2026)
PZT vs SPY dividend yield comparison.
| Year | PZT | SPY |
|---|---|---|
| 2026 | 1.54% | 0.24% |
| 2025 | 3.43% | 1.07% |
| 2024 | 3.04% | 1.21% |
| 2023 | 2.82% | 1.40% |
| 2022 | 2.66% | 1.65% |
| 2021 | 2.77% | 1.20% |
| 2020 | 2.55% | 1.52% |
| 2019 | 2.73% | 1.75% |
| 2018 | 3.01% | 2.04% |
| 2017 | 2.94% | 1.80% |
| 2016 | 3.36% | 2.03% |
| 2015 | 3.40% | 2.06% |
| 2014 | 3.75% | 1.87% |
| 2013 | 4.18% | 1.81% |
| 2012 | 4.00% | 2.18% |
| 2011 | 4.25% | 2.05% |
| 2010 | 4.82% | 1.80% |
| 2009 | 4.58% | 1.95% |
| 2008 | 5.06% | 3.02% |
| 2007 | 0.94% | 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% |
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