Invesco New York AMT-Free Municipal Bond ETF (PZT) Performance
PZT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.9% since Dec 31, 2025
- 1 year
- −3.3% total return
- 5 years
- −0.9% a year
- 10 years
- +1.3% a year
- Since first price
- +2.6% a year since 2007
PZT trailing returns vs AGG, TLT, SPY
| Period | PZT total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.3% | +0.9% | +0.9% | +1.5% | −1.0% |
| 3 months | −3.5% | −4.5% | −0.4% | −1.0% | +3.2% |
| 6 months | −4.8% | −6.7% | −1.5% | −3.8% | +7.8% |
| YTD | −2.9% | −6.0% | −1.0% | −3.4% | +12.3% |
| 1 year | −3.3% | −6.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.0%+3.8%/yr | +1.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −4.6%−0.9%/yr | −18.7% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +14.1%+1.3%/yr | −15.3% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +44.8%+2.5%/yr | −10.8% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 11, 2007 | +64.0%+2.6%/yr | −16.2% | — | — | — |
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: PZT vs AGG
From Oct 11, 2007: PZT grew to $16,403, AGG to $17,023.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PZT returns by calendar year
13 of 18 full years positive. Best 2009 (+17.5%), worst 2008 (−13.6%). 2026 is year to date.
PZT annual returns table
| Year | PZT | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −2.9% | −10.0% | −1.0% | −3.4% | +12.3% |
| 2025 | +1.8% | −8.0% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.2% | −3.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +7.6% | −9.0% | +5.7% | +2.8% | +26.2% |
| 2022 | −13.0% | −18.6% | −13.0% | −31.2% | −18.2% |
| 2021 | +2.7% | −3.3% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.9% | −16.5% | +7.5% | +18.2% | +18.3% |
| 2019 | +9.5% | −2.0% | +8.5% | +14.1% | +31.2% |
| 2018 | −0.5% | −3.4% | +0.1% | −1.6% | −4.6% |
| 2017 | +6.2% | −2.1% | +3.6% | +9.2% | +21.7% |
| 2016 | +1.6% | −7.3% | +2.4% | +1.2% | +12.0% |
| 2015 | +2.9% | −2.9% | +0.5% | −1.8% | +1.2% |
| 2014 | +15.6% | −1.3% | +6.0% | +27.3% | +13.5% |
| 2013 | −6.9% | −11.6% | −2.0% | −13.4% | +32.3% |
| 2012 | +7.0% | −2.8% | +3.8% | +2.6% | +16.0% |
| 2011 | +12.9% | −3.8% | +7.7% | +34.0% | +1.9% |
| 2010 | −0.1% | −8.8% | +6.4% | +9.0% | +15.1% |
| 2009 | +17.5% | −4.3% | +3.0% | −21.8% | +26.4% |
| 2008 | −13.6% | −22.7% | +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.
PZT largest drawdowns
Now 7.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 22, 2008 | −22.7% | Oct 16, 2008 | Sep 18, 2009 | 9 months | 1.7 years |
| Jul 19, 2021 | −19.1% | Oct 26, 2022 | not yet | 1.3 years | 5.3 years so far |
| Mar 9, 2020 | −16.5% | Mar 23, 2020 | Aug 5, 2020 | 14 days | 5 months |
| Nov 30, 2012 | −12.3% | Sep 10, 2013 | May 29, 2014 | 9 months | 1.5 years |
| Sep 27, 2010 | −10.5% | Jan 14, 2011 | Aug 9, 2011 | 4 months | 10 months |
| Jul 5, 2016 | −7.3% | Dec 1, 2016 | Nov 7, 2017 | 5 months | 1.3 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PZT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.3% | −1.5% | +1.0% | +2.5% |
| Volatility (annualized) | 8.7% | 9.6% | 7.6% | 7.4% |
| Sharpe ratio | -0.20 | -0.49 | -0.13 | 0.20 |
| Sortino ratio | -0.29 | -0.67 | -0.18 | 0.27 |
| Best month | +9.2% | +9.2% | +9.2% | +9.2% |
| Worst month | −5.6% | −5.6% | −5.6% | −9.1% |
| Best 12 months | +14.3% | +14.3% | +14.3% | +17.5% |
| Worst 12 months | −5.2% | −17.2% | −17.2% | −17.2% |
| Positive months | 58% | 52% | 57% | 62% |
| Beta vs S&P 500 | 0.41 | 0.38 | 0.22 | — |
| Correlation with S&P 500 | 0.59 | 0.63 | 0.44 | — |
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.
PZT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −17.2% | +3.1% | +17.5% | 73% |
| 3-year (a year) | 193 | −4.1% | +3.5% | +9.9% | 83% |
| 5-year (a year) | 169 | −1.5% | +3.8% | +6.5% | 92% |
| 10-year (a year) | 109 | +1.0% | +3.4% | +5.4% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PZT performance overview
Invesco New York AMT-Free Municipal Bond ETF (PZT) returned −3.3% 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 +2.6% a year, turning $10,000 into about $16,403. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −22.7%, from Jan 22, 2008 to Oct 16, 2008, and it took 11 months to get back to the old high. PZT finished 13 of its 18 full calendar years with a gain; the best year was 2009 (+17.5%) and the worst 2008 (−13.6%). Volatility has been 7.4% a year.
Related: PZT chart, PZT dividends, PZT bond profile. See the PZT overview for the latest quote and fund facts.
PZT performance FAQ
What is the PZT return over the past year?
PZT returned −3.3% 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 PZT?
PZT has returned −0.9% a year over 5 years, +1.3% a year over 10 years, +2.6% a year since October 11, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PZT be worth?
$10,000 invested in PZT at its first recorded close on October 11, 2007 would be worth about $16,403 on October 23, 2026 with distributions reinvested.
What was the worst year for PZT?
The worst calendar year was 2008, with a total return of −13.6%. The best was 2009 at +17.5%.
What is the biggest drawdown of PZT?
The largest peak-to-trough decline was −22.7% between January 22, 2008 and October 16, 2008. It recovered to the old high on September 18, 2009, 11 months after the bottom.
How volatile is PZT?
Over the past 3 years PZT had an annualized volatility of 8.7% and a Sharpe ratio of -0.20 (excess return over 1–3 month T-bills per unit of risk).