EVSMvsPZAETF Comparison
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Eaton Vance Short Duration Municipal Income ETF (EVSM) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. EVSM's top 3 sector exposures are Municipal, Sovereign and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. EVSM is less expensive with a Total Expense Ratio (TER) of 0.19%, versus 0.28% for PZA. EVSM is up 1.18% year-to-date (YTD) with +$259M in YTD flows. PZA performs worse with -3.08% YTD performance, and +$1.05B in YTD flows. Run a side-by-side ETF comparison of EVSM 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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EVSM vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | EVSM PZA | +0.13%-1.80% | +0.17%-3.64% | +1.18%-3.08% | +2.43%+2.77% | n/a+5.20% | n/a-5.69% |
| Flows | EVSM PZA | +$48M+$64M | +$114M+$220M | +$259M+$1.05B | +$398M+$1.20B | -+$2.03B | -+$2.23B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | EVSM PZA | +0.96%+3.84% | +0.94%+3.76% | n/a+5.37% | n/a+5.26% |
| Max drawdown | EVSM PZA | -0.62%-4.54% | -1.01%-4.54% | n/a-8.59% | n/a-18.28% |
| Max drawdown duration | EVSM PZA | 37d58d | 103d185d | n/a432d | n/a1703d |
Trading data
EVSM | PZA | |
Last sale 9/3/2026 at 1:30 PM | $49.97 | $22.40 |
| Previous close 09/02/2026 | $49.96 | $22.46 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 4, 2026
1-year trailing difference
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EVSM
is actively managed and doesn’t replicate an indexEVSM | 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 9/3/2026 at 1:30 PM
Live
Closed
EVSM | PZA | |
|---|---|---|
| Last price | $49.97 | $22.40 |
| 1D performance | +0.02% | -0.27% |
| AuM | $827.57 M | $4.20 B |
| E/R | 0.19% | 0.28% |
Characteristics
EVSM | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Morgan Stanley | Invesco |
| Benchmark | - | ICE BofAML National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 211 | 3400 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 25, 2024 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
EVSM
USA
60.04%
Other
39.96%
PZA
USA
59.95%
Other
40.05%
Sectors
EVSM
Municipal
56.06%
Other
43.94%
PZA
Municipal
59.95%
Other
40.05%
Diversification
EVSM
Total weight of top 15 holdings out of 15
14.48%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
EVSM
BlackRock Liquidity MuniCash
1.65%
Gainesville (FL), FRN 1oct2042, USD (2012)
1.11%
City of Los Angeles, 5% 24jun2027, USD (2026)
1.11%
US083773EE76
1.10%
Arkansas Development Finance Authority, 4% 1sep2046, USD (2026A)
1.02%
Build NYC Resource Corp., 5.25% 15dec2031, USD (2026B-3)
1.02%
US454898XD44
1.01%
University of Connecticut, 3.83% 23mar2027, USD (2026)
0.96%
Aquarion Water Authority, 5.25% 1feb2031, USD (2026)
0.90%
Ohio Water Development Authority, FRN 1dec2054, USD (2024C)
0.87%
US607167DW00
0.86%
US254845VW74
0.82%
Nashville and Davidson Metropolitan Government, 5% 1jul2032, USD (2026)
0.69%
US84136HCT86
0.68%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.68%
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)
0.11%
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%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.10%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.10%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
San Diego Unified School District, 4% 1jul2047, USD
0.09%
Lower Alabama Gas District, 5% 1sep2046, USD
0.09%
Texas Water Development Board, 4.75% 15oct2055, USD (2025)
0.09%
University of California Medical Center, 4% 15may2053, USD
0.09%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.09%
Frequently asked questions about EVSM and PZA
How have the EVSM and PZA ETFs performed in 2026?
As of September 1, 2026, EVSM is up 1.18% year-to-date (YTD), while PZA has lost -3.08%. That puts EVSM better performer ahead so far this year.
Which ETF is attracting more investor money: EVSM or PZA?
Year-to-date, the EVSM ETF saw +$259M in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: EVSM or PZA?
Over the past year, EVSM had a volatility of 0.94%, while PZA experienced 3.76%.
Which ETF is bigger: EVSM or PZA?
As of September 1, 2026, EVSM holds $827.57 M in assets under management (AUM), while PZA manages $4.20 B.
What sectors do the EVSM and PZA ETFs invest in?
EVSM leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the EVSM ETF and PZA ETF?
EVSM top holdings include BlackRock Liquidity MuniCash, Gainesville (FL), FRN 1oct2042, USD (2012) and City of Los Angeles, 5% 24jun2027, USD (2026). 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: EVSM or PZA?
EVSM holds 379 securities with 14.48% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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