PZT vs VOO
Invesco New York AMT-Free Municipal Bond ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. PZT offers more diversification with 1,230 holdings.
Side-by-Side Comparison
| Metric | PZT | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.28% | 0.03% | |
| AUM | $141M | $997.4B | |
| Dividend Yield | 3.73% | 1.08% | |
| Holdings | 1,230 | 509 | |
| YTD Return | +1.09% | +12.25% | |
| 1Y Return | +7.14% | +20.92% | |
| 3Y Return (annualized) | +3.30% | +21.79% | |
| 5Y Return (annualized) | -0.45% | +13.05% | |
| Volatility (annualized) | 7.3% | 14.1% | |
| Max Drawdown | -25.4% | -34.3% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 11, 2007 | Sep 7, 2010 |
PZT vs VOO Performance
Invesco New York AMT-Free Municipal Bond ETF (PZT) is a ETF from Invesco (US) and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year PZT returned +7.14% while VOO returned +20.92%. Year to date, PZT is up 1.09% versus a gain of 12.25% for VOO.
Over three years, PZT compounded at +3.30% per year against +21.79% for VOO; over five years the annualized figures are -0.45% and +13.05% respectively. Across the full 16-year window we track, VOO has the edge at +13.45% annualized vs +0.22%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% 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 -34.3% for VOO. 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 VOO charges 0.03%. On a $10,000 position that is $28 vs $3 annually, a gap of $25 per year that compounds over a long holding period. On income, PZT currently yields 3.73% against 1.08% for VOO.
Holdings Overlap
PZT and VOO share 0 holdings out of 759 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 VOO?
PZT has an expense ratio of 0.28% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $25 per year of difference.
Which performed better, PZT or VOO?
Over the past year PZT returned +7.14% vs +20.92% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), PZT annualized +0.22% vs +13.45% for VOO. Past performance does not guarantee future results.
Which is riskier, PZT or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 7.3% for PZT. Worst drawdown: PZT -25.4% vs VOO -34.3%.
Should I hold both PZT and VOO?
PZT and VOO 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 VOO?
PZT and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 759 unique securities.
Which pays a higher dividend, PZT or VOO?
PZT yields 3.73% while VOO yields 1.08%, so PZT currently pays the higher dividend yield.
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