CMFvsPZAETF Comparison
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iShares California Muni Bond ETF (CMF) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. CMF's top 2 sector exposures are Municipal and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. CMF is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.28% for PZA. CMF is down -0.97% year-to-date (YTD) with +$1.69B in YTD flows. PZA performs worse with -4.21% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of CMF 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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CMF vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF PZA | +3.74%+4.26% | -1.10%-3.19% | -0.97%-4.21% | -0.54%-4.33% | +12.09%+9.96% | +1.97%-5.62% |
| Flows | CMF PZA | +$548M+$20M | +$877M+$57M | +$1.69B+$1.06B | +$2.02B+$955M | +$3.13B+$1.99B | +$3.71B+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF PZA | +4.99%+7.44% | +3.20%+4.82% | +3.57%+5.52% | +3.60%+5.47% |
| Max drawdown | CMF PZA | -5.53%-8.18% | -6.52%-9.83% | -6.52%-9.83% | -12.25%-18.28% |
| Max drawdown duration | CMF PZA | 74d74d | 239d239d | 239d239d | 1346d1757d |
Trading data
CMF | PZA | |
Last sale 10/27/2026 at 1:30 PM | $55.63 | $21.90 |
| Previous close 10/26/2026 | $55.57 | $21.91 |
| Consolidated volume 10/26/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 28, 2026
1-year trailing difference
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CMF | 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 10/27/2026 at 1:30 PM
Live
Closed
CMF | PZA | |
|---|---|---|
| Last price | $55.63 | $21.90 |
| 1D performance | +0.11% | -0.05% |
| AuM | $5.35 B | $4.13 B |
| E/R | 0.08% | 0.28% |
Characteristics
CMF | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | Invesco |
| Benchmark | ICE AMT-Free California Municipal Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 903 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 4, 2007 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
CMF
USA
59.23%
Other
40.77%
PZA
USA
59.27%
Other
40.73%
Sectors
CMF
Municipal
59.23%
Other
40.77%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
CMF
Total weight of top 15 holdings out of 15
6.39%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.60%
US79766DLC10
0.52%
US032556NJ70
0.49%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
California Educational Facilities Authority, 5% 1may2045, USD
0.44%
US4636324Q95
0.44%
US79905CAB90
0.42%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.40%
University of California, 5% 15may2036, USD (2025)
0.39%
California, 5% 1mar2055, USD
0.37%
California, 5.25% 1aug2032, USD
0.34%
US91412GSH91
0.32%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
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%
US67756AH960
0.09%
US6133408D38
0.09%
US43233KAE47
0.09%
US160853VA29
0.09%
Frequently asked questions about CMF and PZA
How have the CMF and PZA ETFs performed in 2026?
As of October 26, 2026, CMF is down -0.97% year-to-date (YTD), while PZA has lost -4.21%. That puts CMF better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or PZA?
Year-to-date, the CMF ETF saw +$1.69B in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: CMF or PZA?
Over the past year, CMF had a volatility of 3.2%, while PZA experienced 4.82%.
Which ETF is bigger: CMF or PZA?
As of October 26, 2026, CMF holds $5.35 B in assets under management (AUM), while PZA manages $4.13 B.
What sectors do the CMF and PZA ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the CMF ETF and PZA ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70. 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: CMF or PZA?
CMF holds 1670 securities with 6.39% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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Latest news about CMF & PZA
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