TOTL vs PZA

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

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

TOTL vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

TOTL

$4.20B

PZA

$4.10B

Expense Ratio

TOTL

0.55%

Winner

PZA

0.28%

Max Drawdown

Winner

TOTL

25.48%

PZA

27.00%

Sharpe Ratio

TOTL

0.23

Winner

PZA

1.15

5Y Beta

Winner

TOTL

0.02

PZA

0.04

5Y Dividends CAGR

Winner

TOTL

9.19%

PZA

7.49%

TOTL vs PZA - Historical Returns

Returns include dividend reinvestment.

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

TOTL

+0.41%

Winner

PZA

+0.71%

TOTL

-0.04%

Winner

PZA

+1.55%

TOTL

+0.40%

Winner

PZA

+2.78%

TOTL

+4.20%

Winner

PZA

+8.22%

5Y(CAGR)

Winner

TOTL

+0.63%

PZA

-0.15%

10Y(CAGR)

TOTL

+1.64%

Winner

PZA

+1.78%

Max(CAGR)

TOTL

+1.73%

Winner

PZA

+3.23%

TOTL vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

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

TOTL vs PZA Drawdown Comparison

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

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

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

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

Correlation

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

0.92

-101

Dividend Comparison (2007 - 2026)

TOTL vs PZA dividend yield comparison.

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