IVV vs PZT
iShares Core S&P 500 ETF vs Invesco New York AMT-Free Municipal Bond ETF
Which is better, IVV or PZT?
Large Cap Blend against Municipal New York.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PZT |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.28% |
| AUM | $876.4B | $140M |
| Dividend Yield | 1.06% | 3.82% |
| Holdings | 508 | 1,230 |
| YTD Return | +13.85%Best | -5.11% |
| 1Y Return | +18.57%Best | -3.69% |
| 3Y Return (annualized) | +23.50%Best | +2.07% |
| 5Y Return (annualized) | +13.34%Best | -1.62% |
| Volatility (annualized) | 15.7% | 7.4%Best |
| Max Drawdown | -56.5% | -25.4%Best |
| $10,000 over 5 years | $18,703Best | $9,216 |
| Fund Family | iShares by BlackRock (US) | Invesco (US) |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal New York |
| Inception | May 15, 2000 | Oct 11, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 11, 2007 to Sep 25, 2026 (19 years).
IVV vs PZT growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs PZT Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Invesco New York AMT-Free Municipal Bond ETF (PZT) is an ETF from Invesco (US). Over the past year IVV returned +18.57% while PZT returned -3.69%. Year to date, IVV is up 13.85% versus a loss of 5.11% for PZT.
Over three years, IVV compounded at +23.50% per year against +2.07% for PZT; over five years the annualized figures are +13.34% and -1.62% respectively. Across the full 19-year window we track, IVV has the edge at +9.29% annualized vs -0.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 7.4% for PZT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -25.4% for PZT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.29. They move largely independently of each other.
Fees and Cost Over Time
IVV charges 0.03% per year while PZT charges 0.28%. On a $10,000 position that is $3 vs $28 annually, a gap of $25 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 3.82% for PZT.
Holdings Overlap
We hold position weights for 490 holdings in IVV and 259 in PZT, totalling 99.3% and 23.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 490 positions we hold weights for in IVV and 259 in PZT, against full books of 508 and 1,230.
You are not choosing between two funds in isolation.
Whichever of IVV and PZT you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PZT?
IVV has an expense ratio of 0.03% while PZT charges 0.28%. IVV is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, IVV or PZT?
Over the past year IVV returned +18.57% vs -3.69% for PZT, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +9.29% vs -0.12% for PZT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PZT?
IVV has been the more volatile fund at 15.7% annualized versus 7.4% for PZT. Worst drawdown: IVV -56.5% vs PZT -25.4%.
Should I hold both IVV and PZT?
IVV and PZT have a monthly-return correlation of 0.29, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or PZT?
IVV yields 1.06% while PZT yields 3.82%, so PZT currently pays the higher dividend yield.
Is PZT better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.