APMUvsPZAETF Comparison
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ActivePassive Intermediate Municipal Bond ETF (APMU) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. In contrast, PZA's top sector exposures are Municipal. APMU is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.28% for PZA. APMU is down -1.36% year-to-date (YTD) with +$55M in YTD flows. PZA performs worse with -5.72% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of APMU and PZA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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APMU vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | APMU PZA | -0.08%-0.79% | -1.92%-6.48% | -1.36%-5.72% | -0.82%-5.26% | +9.30%+6.13% | n/a-7.38% |
| Flows | APMU PZA | +$6M-$23M | +$13M+$97M | +$55M+$1.06B | +$66M+$959M | +$227M+$2.07B | -+$2.20B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | APMU PZA | +3.84%+7.31% | +2.39%+4.69% | +2.49%+5.54% | n/a+5.45% |
| Max drawdown | APMU PZA | -4.17%-9.19% | -5.19%-9.83% | -5.19%-9.83% | n/a-18.28% |
| Max drawdown duration | APMU PZA | 92d92d | 228d228d | 228d228d | n/a1746d |
Trading data
APMU | PZA | |
Last sale 10/16/2026 at 1:30 PM | $24.29 | $21.64 |
| Previous close 10/15/2026 | $24.29 | $21.59 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 17, 2026
1-year trailing difference
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APMU
is actively managed and doesn’t replicate an indexAPMU | PZA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
APMU | PZA | |
|---|---|---|
| Last price | $24.29 | $21.64 |
| 1D performance | +0.00% | +0.23% |
| AuM | $252.63 M | $4.09 B |
| E/R | 0.35% | 0.28% |
Characteristics
APMU | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Envestnet Asset Management | Invesco |
| Benchmark | - | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | - | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 3, 2023 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
APMU
Data will be available soon
PZA
USA
59.27%
Other
40.73%
Sectors
APMU
Data will be available soon
PZA
Municipal
59.27%
Other
40.73%
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Diversification
APMU
Data will be available soon
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of January 1, 1970
APMU
Data will be available soon
PZA
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.12%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
County of Jefferson (AL), 5.25% 1oct2049, USD (2024)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.09%
US818200VF19
0.09%
US160853VA29
0.09%
US67756AH960
0.09%
US6133408D38
0.09%
US43233KAE47
0.09%
Frequently asked questions about APMU and PZA
How have the APMU and PZA ETFs performed in 2026?
As of October 15, 2026, APMU is down -1.36% year-to-date (YTD), while PZA has lost -5.72%. That puts APMU better performer ahead so far this year.
Which ETF is attracting more investor money: APMU or PZA?
Year-to-date, the APMU ETF saw +$55M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: APMU or PZA?
Over the past year, APMU had a volatility of 2.39%, while PZA experienced 4.69%.
Which ETF is bigger: APMU or PZA?
As of October 15, 2026, APMU holds $252.63 M in assets under management (AUM), while PZA manages $4.09 B.
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