BRTRvsPZAETF Comparison
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iShares Total Return Active ETF (BRTR) belongs to the US Aggregate Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. BRTR's top 3 sector exposures are Sovereign, Industrials and Finance. In contrast, PZA's top sector exposures are Municipal. BRTR is more expensive with a Total Expense Ratio (TER) of 0.41%, versus 0.28% for PZA. BRTR is down -2.33% year-to-date (YTD) with +$348M in YTD flows. PZA performs worse with -6.75% YTD performance, and +$1.10B in YTD flows. Run a side-by-side ETF comparison of BRTR 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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BRTR vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BRTR PZA | -0.96%-2.29% | -2.47%-7.58% | -2.33%-6.75% | -1.89%-6.07% | n/a+4.97% | n/a-8.36% |
| Flows | BRTR PZA | +$62M+$25M | +$119M+$151M | +$348M+$1.10B | +$597M+$1.00B | -+$2.12B | -+$2.25B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BRTR PZA | +4.24%+6.91% | +3.96%+4.56% | n/a+5.50% | n/a+5.43% |
| Max drawdown | BRTR PZA | -3.54%-9.26% | -4.97%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | BRTR PZA | 50d92d | 227d227d | n/a227d | n/a1745d |
Trading data
BRTR | PZA | |
Last sale 10/15/2026 at 1:30 PM | $48.07 | $21.59 |
| Previous close 10/14/2026 | $47.89 | $21.44 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 16, 2026
1-year trailing difference
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BRTR
is actively managed and doesn’t replicate an indexBRTR | 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 10/15/2026 at 1:30 PM
Live
Closed
BRTR | PZA | |
|---|---|---|
| Last price | $48.07 | $21.59 |
| 1D performance | +0.39% | +0.70% |
| AuM | $816.28 M | $4.08 B |
| E/R | 0.41% | 0.28% |
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Exposure
Countries
BRTR
Data will be available soon
PZA
USA
59.27%
Other
40.73%
Sectors
BRTR
Data will be available soon
PZA
Municipal
59.27%
Other
40.73%
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Diversification
BRTR
Data will be available soon
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
BRTR
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%
US6133408D38
0.09%
US160853VA29
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
Frequently asked questions about BRTR and PZA
How have the BRTR and PZA ETFs performed in 2026?
As of October 14, 2026, BRTR is down -2.33% year-to-date (YTD), while PZA has lost -6.75%. That puts BRTR better performer ahead so far this year.
Which ETF is attracting more investor money: BRTR or PZA?
Year-to-date, the BRTR ETF saw +$348M in flows, compared to +$1.10B for PZA.
Which ETF is more volatile: BRTR or PZA?
Over the past year, BRTR had a volatility of 3.96%, while PZA experienced 4.56%.
Which ETF is bigger: BRTR or PZA?
As of October 14, 2026, BRTR holds $816.28 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the BRTR and PZA ETFs invest in?
BRTR leans toward sectors like Sovereign and Industrials. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the BRTR ETF and PZA ETF?
BRTR top holdings include US01F0526982, BlackRock Cash Funds - Institutional and USA, Bonds 4.75% 15nov2043, USD. PZA holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, New York Dormitory Authority, 5.5% 1jul2054, USD (2024A) and New York Dormitory Authority, 4% 15feb2047, USD (2019D).
Which ETF is more diversified: BRTR or PZA?
BRTR holds 9316 securities with 41.49% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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