Invesco California AMT-Free Municipal Bond ETF (PWZ) Performance
PWZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.8% since Dec 31, 2025
- 1 year
- −1.9% total return
- 5 years
- −0.5% a year
- 10 years
- +1.5% a year
- Since first price
- +3.0% a year since 2007
PWZ trailing returns vs AGG, TLT, SPY
| Period | PWZ total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.2% | +0.9% | +1.5% | −1.0% |
| 3 months | −2.9% | −3.8% | −0.4% | −1.0% | +3.2% |
| 6 months | −3.7% | −5.5% | −1.5% | −3.8% | +7.8% |
| YTD | −1.8% | −4.9% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.9% | −5.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.0%+3.8%/yr | +0.8% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −2.6%−0.5%/yr | −16.7% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +15.8%+1.5%/yr | −12.5% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +52.9%+2.9%/yr | −3.4% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 11, 2007 | +75.0%+3.0%/yr | −8.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PWZ vs AGG
From Oct 11, 2007: PWZ grew to $17,501, AGG to $17,023.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PWZ returns by calendar year
15 of 18 full years positive. Best 2014 (+15.6%), worst 2022 (−11.4%). 2026 is year to date.
PWZ annual returns table
| Year | PWZ | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.8% | −9.1% | −1.0% | −3.4% | +12.3% |
| 2025 | +1.3% | −7.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.2% | −2.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +6.5% | −8.4% | +5.7% | +2.8% | +26.2% |
| 2022 | −11.4% | −17.0% | −13.0% | −31.2% | −18.2% |
| 2021 | +1.9% | −2.8% | −1.8% | −4.6% | +28.7% |
| 2020 | +4.9% | −13.1% | +7.5% | +18.2% | +18.3% |
| 2019 | +8.7% | −1.8% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.3% | −2.8% | +0.1% | −1.6% | −4.6% |
| 2017 | +6.8% | −1.8% | +3.6% | +9.2% | +21.7% |
| 2016 | +0.6% | −7.3% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.7% | −3.3% | +0.5% | −1.8% | +1.2% |
| 2014 | +15.6% | −1.6% | +6.0% | +27.3% | +13.5% |
| 2013 | −4.7% | −11.3% | −2.0% | −13.4% | +32.3% |
| 2012 | +8.6% | −1.9% | +3.8% | +2.6% | +16.0% |
| 2011 | +12.2% | −4.7% | +7.7% | +34.0% | +1.9% |
| 2010 | +0.7% | −9.4% | +6.4% | +9.0% | +15.1% |
| 2009 | +14.8% | −5.6% | +3.0% | −21.8% | +26.4% |
| 2008 | −10.6% | −21.5% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PWZ largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 23, 2008 | −21.5% | Dec 16, 2008 | Sep 4, 2009 | 11 months | 1.6 years |
| Jul 19, 2021 | −17.6% | Oct 24, 2022 | Jun 24, 2026 | 1.3 years | 4.9 years |
| Mar 9, 2020 | −13.1% | Mar 23, 2020 | Aug 11, 2020 | 14 days | 5 months |
| Oct 12, 2010 | −11.6% | Jan 18, 2011 | Aug 4, 2011 | 3 months | 10 months |
| May 2, 2013 | −11.3% | Sep 9, 2013 | Apr 11, 2014 | 4 months | 11 months |
| Jul 6, 2026 | −9.1% | Oct 7, 2026 | not yet | 3 months | 4 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PWZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +1.8% | −1.3% | +1.0% | +2.8% |
| Volatility (annualized) | 8.2% | 8.9% | 7.2% | 7.1% |
| Sharpe ratio | -0.28 | -0.51 | -0.14 | 0.24 |
| Sortino ratio | -0.40 | -0.69 | -0.19 | 0.33 |
| Best month | +8.7% | +8.7% | +8.7% | +8.7% |
| Worst month | −5.6% | −5.6% | −5.6% | −9.3% |
| Best 12 months | +12.6% | +12.6% | +12.6% | +18.1% |
| Worst 12 months | −5.1% | −15.7% | −15.7% | −15.7% |
| Positive months | 50% | 45% | 58% | 63% |
| Beta vs S&P 500 | 0.38 | 0.36 | 0.20 | — |
| Correlation with S&P 500 | 0.58 | 0.64 | 0.43 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PWZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −15.7% | +3.4% | +18.1% | 76% |
| 3-year (a year) | 193 | −3.8% | +4.0% | +9.5% | 83% |
| 5-year (a year) | 169 | −1.3% | +4.1% | +7.6% | 92% |
| 10-year (a year) | 109 | +1.0% | +3.5% | +5.8% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PWZ performance overview
Invesco California AMT-Free Municipal Bond ETF (PWZ) returned −1.9% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +3.0% a year, turning $10,000 into about $17,501. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −21.5%, from Jan 23, 2008 to Dec 16, 2008, and it took 9 months to get back to the old high. PWZ finished 15 of its 18 full calendar years with a gain; the best year was 2014 (+15.6%) and the worst 2022 (−11.4%). Volatility has been 7.1% a year.
Related: PWZ chart, PWZ dividends, PWZ bond profile. See the PWZ overview for the latest quote and fund facts.
PWZ performance FAQ
What is the PWZ return over the past year?
PWZ returned −1.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.6%.
What is the average annual return of PWZ?
PWZ has returned −0.5% a year over 5 years, +1.5% a year over 10 years, +3.0% a year since October 11, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PWZ be worth?
$10,000 invested in PWZ at its first recorded close on October 11, 2007 would be worth about $17,501 on October 23, 2026 with distributions reinvested.
What was the worst year for PWZ?
The worst calendar year was 2022, with a total return of −11.4%. The best was 2014 at +15.6%.
What is the biggest drawdown of PWZ?
The largest peak-to-trough decline was −21.5% between January 23, 2008 and December 16, 2008. It recovered to the old high on September 4, 2009, 9 months after the bottom.
How volatile is PWZ?
Over the past 3 years PWZ had an annualized volatility of 8.2% and a Sharpe ratio of -0.28 (excess return over 1–3 month T-bills per unit of risk).