PZT vs SPY
Invesco New York AMT-Free Municipal Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. PZT offers more diversification with 1,230 holdings.
Side-by-Side Comparison
| Metric | PZT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.28% | 0.09% | |
| AUM | $141M | $821.1B | |
| Dividend Yield | 3.73% | 1.01% | |
| Holdings | 1,230 | 505 | |
| YTD Return | +1.11% | +12.68% | |
| 1Y Return | +7.53% | +21.82% | |
| 3Y Return (annualized) | +3.35% | +21.98% | |
| 5Y Return (annualized) | -0.44% | +12.89% | |
| Volatility (annualized) | 7.3% | 15.3% | |
| Max Drawdown | -25.4% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 11, 2007 | Jan 22, 1993 |
PZT vs SPY Performance
Invesco New York AMT-Free Municipal Bond ETF (PZT) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PZT returned +7.53% while SPY returned +21.82%. Year to date, PZT is up 1.11% versus a gain of 12.68% for SPY.
Over three years, PZT compounded at +3.35% per year against +21.98% for SPY; over five years the annualized figures are -0.44% and +12.89% respectively. Across the full 19-year window we track, SPY has the edge at +8.81% annualized vs +0.22%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.3% 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 -25.4% for PZT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.29. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PZT charges 0.28% per year while SPY charges 0.09%. On a $10,000 position that is $28 vs $9 annually, a gap of $19 per year that compounds over a long holding period. On income, PZT currently yields 3.73% against 1.01% for SPY.
Holdings Overlap
PZT and SPY share 0 holdings out of 758 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PZT or SPY?
PZT has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $19 per year of difference.
Which performed better, PZT or SPY?
Over the past year PZT returned +7.53% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PZT annualized +0.22% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, PZT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.3% for PZT. Worst drawdown: PZT -25.4% vs SPY -56.5%.
Should I hold both PZT and SPY?
PZT and SPY have a monthly-return correlation of 0.29, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PZT and SPY?
PZT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 758 unique securities.
Which pays a higher dividend, PZT or SPY?
PZT yields 3.73% while SPY yields 1.01%, so PZT currently pays the higher dividend yield.
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