FLCBvsPWZETF Comparison
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Franklin U.S. Core Bond ETF (FLCB) belongs to the US Aggregate Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. FLCB's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PWZ's top sector exposures are Municipal. FLCB is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.28% for PWZ. FLCB is down -4.12% year-to-date (YTD) with +$486M in YTD flows. PWZ performs worse with -5.64% YTD performance, and +$142M in YTD flows. Run a side-by-side ETF comparison of FLCB 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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FLCB vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FLCB PWZ | -0.55%-0.98% | -2.98%-6.27% | -4.12%-5.64% | -4.99%-5.26% | +10.13%+5.72% | -9.82%-6.62% |
| Flows | FLCB PWZ | +$103M-$19M | +$182M+$81M | +$486M+$142M | +$496M+$138M | +$1.57B+$318M | +$1.82B+$737M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FLCB PWZ | +4.39%+6.85% | +4.03%+4.44% | +5.00%+5.28% | +5.82%+5.21% |
| Max drawdown | FLCB PWZ | -4.34%-8.65% | -7.20%-9.53% | -7.20%-9.53% | -19.92%-17.07% |
| Max drawdown duration | FLCB PWZ | 89d92d | 229d102d | 229d102d | 1802d1747d |
Trading data
FLCB | PWZ | |
Last sale 10/16/2026 at 1:30 PM | $20.59 | $22.73 |
| Previous close 10/15/2026 | $20.58 | $22.70 |
| 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 18, 2026
1-year trailing difference
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FLCB
is actively managed and doesn’t replicate an indexFLCB | 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 10/16/2026 at 1:30 PM
Live
Closed
FLCB | PWZ | |
|---|---|---|
| Last price | $20.59 | $22.73 |
| 1D performance | +0.05% | +0.13% |
| AuM | $3.12 B | $1.16 B |
| E/R | 0.15% | 0.28% |
Characteristics
FLCB | PWZ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 828 | 671 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 17, 2019 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
FLCB
USA
59.09%
Other
40.91%
PWZ
USA
68.28%
Other
31.72%
Sectors
FLCB
Sovereign
28.18%
Finance
9.96%
Industrials
8.51%
Other
53.35%
PWZ
Municipal
68.28%
Other
31.72%
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Diversification
FLCB
Total weight of top 15 holdings out of 15
19.26%
PWZ
Total weight of top 15 holdings out of 15
7.38%
Top 15 holdings
Data as of August 31, 2026
FLCB
USA, Notes 3.25% 30jun2027, USD (AA-2027)
2.82%
USA, Notes 4.125% 15jul2029, USD (AQ-2029)
2.07%
USA, Notes 1.375% 31dec2028, USD (T-2028)
1.82%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
1.71%
USA, Notes 4.125% 30apr2033, USD (K-2033)
1.53%
USA, Notes 4.25% 30jun2033, USD (M-2033)
1.15%
USA, Bonds 1.375% 15aug2050, USD
1.12%
USA, Notes 4% 31oct2029, USD (R-2029)
1.07%
USA, Bonds 4.75% 15aug2055, USD
0.98%
USA, Notes 0.5% 30jun2027, USD (M-2027)
0.96%
USA, Notes 1.25% 31may2028, USD (L-2028)
0.83%
USA, Bonds 3% 15nov2044, USD
0.82%
USA, Bonds 2% 15nov2041, USD
0.81%
USA, Bonds 3% 15feb2049, USD
0.79%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.77%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.88%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.62%
University of California Medical Center, 5% 15may2047, USD (2022)
0.61%
University of California Medical Center, 4% 15may2053, USD
0.54%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.51%
California Educational Facilities Authority, 5% 1may2049, USD
0.50%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.46%
University of California, 5% 15may2053, USD (2025)
0.46%
Los Angeles Unified School District, 4% 1jul2044, USD
0.45%
US13032U7V45
0.44%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.40%
University of California, 5% 15may2052, USD (2022)
0.38%
California Educational Facilities Authority, 5% 1may2045, USD
0.38%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.38%
San Francisco Bay Area Rapid Transit District, 4.25% 1aug2052, USD (2016)
0.37%
Frequently asked questions about FLCB and PWZ
How have the FLCB and PWZ ETFs performed in 2026?
As of October 16, 2026, FLCB is down -4.12% year-to-date (YTD), while PWZ has lost -5.64%. That puts FLCB better performer ahead so far this year.
Which ETF is attracting more investor money: FLCB or PWZ?
Year-to-date, the FLCB ETF saw +$486M in flows, compared to +$142M for PWZ.
Which ETF is more volatile: FLCB or PWZ?
Over the past year, FLCB had a volatility of 4.03%, while PWZ experienced 4.44%.
Which ETF is bigger: FLCB or PWZ?
As of October 16, 2026, FLCB holds $3.12 B in assets under management (AUM), while PWZ manages $1.16 B.
What sectors do the FLCB and PWZ ETFs invest in?
FLCB leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the FLCB ETF and PWZ ETF?
FLCB top holdings include USA, Notes 3.25% 30jun2027, USD (AA-2027), USA, Notes 4.125% 15jul2029, USD (AQ-2029) and USA, Notes 1.375% 31dec2028, USD (T-2028). 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: FLCB or PWZ?
FLCB holds 1037 securities with 19.26% of its assets in the top 15. PWZ has 1237 securities and a top 15 weight of 7.38%.
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