UTG vs PZA

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

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

UTG vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

UTG

$4B

PZA

$4B

Expense Ratio

UTG

N/A

PZA

0.28%

Max Drawdown

UTG

71.97%

Winner

PZA

27.00%

Sharpe Ratio

Winner

UTG

1.82

PZA

0.64

5Y Beta

UTG

0.49

Winner

PZA

0.04

5Y Dividends CAGR

UTG

3.54%

Winner

PZA

5.46%

UTG vs PZA - Historical Returns

Returns include dividend reinvestment.

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

Winner

UTG

+5.61%

PZA

+0.01%

Winner

UTG

+10.43%

PZA

+0.35%

Winner

UTG

+18.34%

PZA

+1.49%

Winner

UTG

+38.00%

PZA

+6.60%

5Y(CAGR)

Winner

UTG

+12.79%

PZA

+0.02%

10Y(CAGR)

Winner

UTG

+11.21%

PZA

+1.83%

Max(CAGR)

Winner

UTG

+11.41%

PZA

+3.21%

UTG vs PZA - Annual Returns (2004 - 2026)

Returns include dividend reinvestment.

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

UTG vs PZA Drawdown Comparison

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

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

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

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

Correlation

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

0.90

-101

Dividend Comparison (2004 - 2026)

UTG vs PZA dividend yield comparison.

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