SMLF vs PZA

Comparison between ISHARES U.S. SMALL-CAP EQUITY FACTOR ETF (SMLF, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

5-Year PerformanceSMLF has outperformed PZA, delivering a return of +11.8% compared to -0.2%

SMLF vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SMLF(ETF)	PZA(ETF)
Net Assets	$4.20B	$4.30B
Expense Ratio	0.15%	0.28%
Max Drawdown	43.06%	27.00%
Sharpe Ratio	1.22	1.17
5Y Beta	1.09	0.05
P/E Ratio	126.61	N/A
Forward P/E	15.78	N/A
5Y Dividends CAGR	10.44%	6.11%
5Y EPS CAGR	16.34%	N/A
Debt to Equity	18.52%	N/A
P/S Ratio	1.55	N/A
P/B Ratio	2.85	N/A

Net Assets

SMLF

$4.20B

Winner

PZA

$4.30B

Expense Ratio

Winner

SMLF

0.15%

PZA

0.28%

Max Drawdown

SMLF

43.06%

Winner

PZA

27.00%

Sharpe Ratio

Winner

SMLF

1.22

PZA

1.17

5Y Beta

SMLF

1.09

Winner

PZA

0.05

P/E Ratio

SMLF

126.61

PZA

N/A

Forward P/E

SMLF

15.78

PZA

N/A

5Y Dividends CAGR

Winner

SMLF

10.44%

PZA

6.11%

5Y EPS CAGR

SMLF

16.34%

PZA

N/A

Debt to Equity

SMLF

18.52%

PZA

N/A

P/S Ratio

SMLF

1.55

PZA

N/A

P/B Ratio

SMLF

2.85

PZA

N/A

SMLF vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	SMLF	PZA
1 month	-0.05%	+0.27%
3 months	+8.17%	+1.42%
6 months	+9.97%	+2.00%
1 year	+28.77%	+9.20%
5 years(CAGR)	+11.80%	-0.16%
10 years(CAGR)	+12.20%	+1.76%
Max(CAGR)	+11.60%	+3.24%

SMLF

-0.05%

Winner

PZA

+0.27%

Winner

SMLF

+8.17%

PZA

+1.42%

Winner

SMLF

+9.97%

PZA

+2.00%

Winner

SMLF

+28.77%

PZA

+9.20%

5Y(CAGR)

Winner

SMLF

+11.80%

PZA

-0.16%

10Y(CAGR)

Winner

SMLF

+12.20%

PZA

+1.76%

Max(CAGR)

Winner

SMLF

+11.60%

PZA

+3.24%

SMLF vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	SMLF	PZA
2026	+15.38%	+2.44%
2025	+11.90%	+1.38%
2024	+17.21%	+0.81%
2023	+20.62%	+7.75%
2022	-12.70%	-13.00%
2021	+27.90%	+2.26%
2020	+8.48%	+4.91%
2019	+21.53%	+8.48%
2018	-9.03%	+0.07%
2017	+12.31%	+6.78%
2016	+25.23%	+0.62%
2015	+2.39%	+3.65%
2014	N/A	+15.05%
2013	N/A	-6.96%
2012	N/A	+9.84%
2011	N/A	+13.58%
2010	N/A	-0.41%
2009	N/A	+17.92%
2008	N/A	-12.12%
2007	N/A	+0.75%

SMLF vs PZA Drawdown Comparison

The maximum drawdown for SMLF was -41.89%, occurring on Mar 18, 2020. Recovery took 217 trading sessions.

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

The current SMLF drawdown is -2.27%. The current PZA drawdown is -0.87%.

Rank	SMLF	PZA
#1	-41.89% Jan 16, 2020 - Nov 24, 2020	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-26.27% Nov 25, 2024 - Aug 28, 2025	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-25.38% Nov 16, 2021 - Dec 14, 2023	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-24.77% Aug 29, 2018 - Jan 16, 2020	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-17.76% Jun 23, 2015 - Jul 12, 2016	-11.77% May 10, 2010 - Aug 3, 2011
#6	-9.35% Jan 23, 2018 - May 21, 2018	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-8.72% Jan 22, 2026 - Apr 14, 2026	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-8.55% Jul 31, 2024 - Sep 19, 2024	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-7.73% Oct 27, 2025 - Dec 10, 2025	-2.99% Dec 29, 2017 - Jan 2, 2019
#10	-7.66% Mar 28, 2024 - May 15, 2024	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-6.72% Jul 1, 2021 - Aug 11, 2021	-2.80% Feb 10, 2021 - May 28, 2021
#12	-6.52% Mar 15, 2021 - Apr 5, 2021	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-6.20% Feb 12, 2021 - Mar 11, 2021	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-5.88% Sep 22, 2016 - Nov 10, 2016	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-5.75% May 7, 2021 - Jun 8, 2021	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between SMLF and PZA is 0.72 which considered as a strong positive correlation - the stocks tend to move together.

0.72

-101

Dividend Comparison (2007 - 2026)

SMLF vs PZA dividend yield comparison.

Year	SMLF	PZA
2026	0.46%	1.84%
2025	1.14%	3.55%
2024	1.33%	3.22%
2023	1.13%	2.91%
2022	1.23%	2.68%
2021	1.07%	2.34%
2020	1.33%	2.44%
2019	1.39%	2.81%
2018	1.17%	3.19%
2017	0.93%	3.04%
2016	0.78%	3.23%
2015	0.79%	3.59%
2014	0.00%	3.96%
2013	0.00%	4.27%
2012	0.00%	4.11%
2011	0.00%	4.48%
2010	0.00%	4.90%
2009	0.00%	4.68%
2008	0.00%	5.07%
2007	0.00%	0.93%