FBNDvsPWZETF Comparison
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Fidelity Total Bond ETF (FBND) belongs to the Intl Aggregate Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. FBND's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PWZ's top sector exposures are Municipal. FBND is more expensive with a Total Expense Ratio (TER) of 0.36%, versus 0.28% for PWZ. FBND is down -1.03% year-to-date (YTD) with +$5.73B in YTD flows. PWZ performs worse with -4.14% YTD performance, and +$161M in YTD flows. Run a side-by-side ETF comparison of FBND and PWZ 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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FBND vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FBND PWZ | -1.09%-3.88% | -1.80%-4.60% | -1.03%-4.14% | -0.48%-1.92% | +14.54%+4.09% | +0.78%-5.96% |
| Flows | FBND PWZ | +$1.20B+$69M | +$2.60B+$120M | +$5.73B+$161M | +$8.55B+$147M | +$23.99B+$564M | +$27.23B+$796M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FBND PWZ | +3.68%+4.44% | +3.53%+3.55% | +4.92%+5.21% | +5.59%+5.07% |
| Max drawdown | FBND PWZ | -2.37%-5.93% | -2.90%-5.93% | -4.37%-8.29% | -17.34%-17.07% |
| Max drawdown duration | FBND PWZ | 74d67d | 194d67d | 280d394d | 1451d1712d |
Trading data
FBND | PWZ | |
Last sale 9/11/2026 at 1:30 PM | $44.24 | $23.13 |
| Previous close 09/11/2026 | $44.26 | $23.07 |
| Consolidated volume 09/11/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 14, 2026
1-year trailing difference
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FBND
is actively managed and doesn’t replicate an indexFBND | PWZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
FBND | PWZ | |
|---|---|---|
| Last price | $44.24 | $23.13 |
| 1D performance | -0.05% | +0.26% |
| AuM | $28.10 B | $1.20 B |
| E/R | 0.36% | 0.28% |
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Exposure
Countries
FBND
USA
62.96%
Other
37.04%
PWZ
USA
69.86%
Other
30.14%
Sectors
FBND
Sovereign
38.88%
Finance
12.95%
Other
48.17%
PWZ
Municipal
69.86%
Other
30.14%
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Diversification
FBND
Total weight of top 15 holdings out of 15
22.38%
PWZ
Total weight of top 15 holdings out of 15
7.32%
Top 15 holdings
Data as of July 31, 2026
FBND
US31635A1051
3.27%
USA, Notes 4.125% 15feb2036, USD (B-2036)
2.10%
USA, Notes 4.25% 15aug2035, USD (E-2035)
2.05%
USA, Notes 3.875% 15aug2034, USD (E-2034)
1.70%
USA, Notes 4.375% 15may2036, USD (C-2036)
1.70%
USA, Bonds 4.25% 15feb2054, USD
1.44%
USA, Notes 3.875% 31dec2032, USD (T-2032)
1.41%
USA, Notes 3.75% 31aug2031, USD (P-2031)
1.28%
USA, Bonds 4.5% 15nov2054, USD
1.18%
USA, Notes 4% 31jan2033, USD (G-2033)
1.13%
USA, Notes 4.125% 31mar2032, USD (J-2032)
1.11%
USA, Bonds 4.75% 15aug2055, USD
1.05%
USA, Bonds 5% 15may2056, USD
1.00%
USA, Notes 4.125% 31may2032, USD (L-2032)
0.98%
USA, Bonds 4.75% 15may2055, USD
0.98%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.74%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.65%
University of California Medical Center, 5% 15may2047, USD (2022)
0.62%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.58%
University of California Medical Center, 4% 15may2053, USD
0.55%
California Educational Facilities Authority, 5% 1may2049, USD
0.54%
Los Angeles Unified School District, 4% 1jul2044, USD
0.48%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.43%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.42%
University of California, 5% 15may2052, USD (2022)
0.40%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.40%
California Educational Facilities Authority, 5% 1may2045, USD
0.39%
San Francisco Public Utilities Commission, 5% 1nov2055, USD (2025)
0.38%
University of California, 5% 15may2053, USD (2025)
0.38%
California Public Works Board, 5% 1apr2049, USD (2024)
0.38%
Frequently asked questions about FBND and PWZ
How have the FBND and PWZ ETFs performed in 2026?
As of September 11, 2026, FBND is down -1.03% year-to-date (YTD), while PWZ has lost -4.14%. That puts FBND better performer ahead so far this year.
Which ETF is attracting more investor money: FBND or PWZ?
Year-to-date, the FBND ETF saw +$5.73B in flows, compared to +$161M for PWZ.
Which ETF is more volatile: FBND or PWZ?
Over the past year, FBND had a volatility of 3.53%, while PWZ experienced 3.55%.
Which ETF is bigger: FBND or PWZ?
As of September 11, 2026, FBND holds $28.10 B in assets under management (AUM), while PWZ manages $1.20 B.
What sectors do the FBND and PWZ ETFs invest in?
FBND leans toward sectors like Sovereign and Finance. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the FBND ETF and PWZ ETF?
FBND top holdings include US31635A1051, USA, Notes 4.125% 15feb2036, USD (B-2036) and USA, Notes 4.25% 15aug2035, USD (E-2035). PWZ holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022).
Which ETF is more diversified: FBND or PWZ?
FBND holds 2143 securities with 22.38% of its assets in the top 15. PWZ has 1206 securities and a top 15 weight of 7.32%.
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Latest news about FBND & PWZ
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