Invesco National AMT-Free Municipal Bond ETF (PZA) Performance
PZA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.9% since Dec 31, 2025
- 1 year
- −3.2% total return
- 5 years
- −0.9% a year
- 10 years
- +1.3% a year
- Since first price
- +2.9% a year since 2007
PZA trailing returns vs AGG, TLT, SPY
| Period | PZA total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.1% | +0.7% | +0.9% | +1.5% | −1.0% |
| 3 months | −3.5% | −4.5% | −0.4% | −1.0% | +3.2% |
| 6 months | −4.7% | −6.6% | −1.5% | −3.8% | +7.8% |
| YTD | −2.9% | −6.0% | −1.0% | −3.4% | +12.3% |
| 1 year | −3.2% | −6.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +11.4%+3.7%/yr | +0.2% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −4.3%−0.9%/yr | −18.4% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +14.3%+1.3%/yr | −15.4% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +48.7%+2.7%/yr | −9.3% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 11, 2007 | +72.1%+2.9%/yr | −13.3% | — | — | — |
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: PZA vs AGG
From Oct 11, 2007: PZA grew to $17,206, AGG to $17,023.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PZA returns by calendar year
13 of 18 full years positive. Best 2009 (+17.6%), worst 2022 (−13.2%). 2026 is year to date.
PZA annual returns table
| Year | PZA | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −2.9% | −9.4% | −1.0% | −3.4% | +12.3% |
| 2025 | +1.8% | −6.6% | +7.2% | +4.3% | +17.7% |
| 2024 | +0.8% | −3.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +8.6% | −8.3% | +5.7% | +2.8% | +26.2% |
| 2022 | −13.2% | −18.1% | −13.0% | −31.2% | −18.2% |
| 2021 | +2.4% | −2.8% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.1% | −21.7% | +7.5% | +18.2% | +18.3% |
| 2019 | +9.0% | −1.7% | +8.5% | +14.1% | +31.2% |
| 2018 | −0.1% | −3.0% | +0.1% | −1.6% | −4.6% |
| 2017 | +7.0% | −1.8% | +3.6% | +9.2% | +21.7% |
| 2016 | +0.8% | −7.1% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.9% | −3.4% | +0.5% | −1.8% | +1.2% |
| 2014 | +15.3% | −1.7% | +6.0% | +27.3% | +13.5% |
| 2013 | −7.1% | −12.0% | −2.0% | −13.4% | +32.3% |
| 2012 | +9.8% | −2.7% | +3.8% | +2.6% | +16.0% |
| 2011 | +13.7% | −4.7% | +7.7% | +34.0% | +1.9% |
| 2010 | −0.5% | −9.7% | +6.4% | +9.0% | +15.1% |
| 2009 | +17.6% | −4.7% | +3.0% | −21.8% | +26.4% |
| 2008 | −11.8% | −24.5% | +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.
PZA largest drawdowns
Now 6.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 17, 2008 | −24.5% | Oct 15, 2008 | Sep 11, 2009 | 9 months | 1.7 years |
| Mar 9, 2020 | −21.7% | Mar 19, 2020 | Dec 7, 2020 | 10 days | 9 months |
| Jul 27, 2021 | −18.6% | Oct 25, 2022 | not yet | 1.2 years | 5.2 years so far |
| Nov 30, 2012 | −12.5% | Sep 5, 2013 | Jul 14, 2014 | 9 months | 1.6 years |
| May 10, 2010 | −11.8% | Jan 14, 2011 | Aug 3, 2011 | 8 months | 1.2 years |
| Jul 8, 2016 | −7.1% | Dec 2, 2016 | Aug 29, 2017 | 5 months | 1.1 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PZA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.3% | −1.4% | +1.0% | +2.8% |
| Volatility (annualized) | 7.7% | 8.8% | 7.2% | 7.1% |
| Sharpe ratio | -0.23 | -0.53 | -0.14 | 0.24 |
| Sortino ratio | -0.34 | -0.71 | -0.19 | 0.34 |
| Best month | +7.3% | +7.3% | +7.3% | +7.3% |
| Worst month | −5.0% | −5.0% | −5.1% | −8.6% |
| Best 12 months | +12.6% | +12.6% | +12.6% | +19.2% |
| Worst 12 months | −4.6% | −16.8% | −16.8% | −16.8% |
| Positive months | 50% | 48% | 55% | 62% |
| Beta vs S&P 500 | 0.36 | 0.37 | 0.22 | — |
| Correlation with S&P 500 | 0.59 | 0.66 | 0.47 | — |
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.
PZA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −16.8% | +3.4% | +19.2% | 76% |
| 3-year (a year) | 193 | −3.9% | +3.8% | +10.6% | 83% |
| 5-year (a year) | 169 | −1.4% | +3.9% | +7.6% | 91% |
| 10-year (a year) | 109 | +1.0% | +3.4% | +5.9% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PZA performance overview
Invesco National AMT-Free Municipal Bond ETF (PZA) returned −3.2% over the past year and +1.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +2.9% a year, turning $10,000 into about $17,206. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −24.5%, from Jan 17, 2008 to Oct 15, 2008, and it took 11 months to get back to the old high. PZA finished 13 of its 18 full calendar years with a gain; the best year was 2009 (+17.6%) and the worst 2022 (−13.2%). Volatility has been 7.1% a year.
Related: PZA chart, PZA dividends, PZA bond profile. See the PZA overview for the latest quote and fund facts.
PZA performance FAQ
What is the PZA return over the past year?
PZA returned −3.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 6.9%.
What is the average annual return of PZA?
PZA has returned −0.9% a year over 5 years, +1.3% a year over 10 years, +2.9% a year since October 11, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PZA be worth?
$10,000 invested in PZA at its first recorded close on October 11, 2007 would be worth about $17,206 on October 23, 2026 with distributions reinvested.
What was the worst year for PZA?
The worst calendar year was 2022, with a total return of −13.2%. The best was 2009 at +17.6%.
What is the biggest drawdown of PZA?
The largest peak-to-trough decline was −24.5% between January 17, 2008 and October 15, 2008. It recovered to the old high on September 11, 2009, 11 months after the bottom.
How volatile is PZA?
Over the past 3 years PZA had an annualized volatility of 7.7% and a Sharpe ratio of -0.23 (excess return over 1–3 month T-bills per unit of risk).