HYDvsPZAETF Comparison
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VanEck High Yield Muni ETF (HYD) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. HYD is more expensive with a Total Expense Ratio (TER) of 0.32%, versus 0.28% for PZA. HYD is down -0.27% year-to-date (YTD) with +$605M 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 HYD 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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HYD 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. | HYD PZA | +3.40%+4.26% | -2.01%-3.19% | -0.27%-4.21% | +0.00%-4.33% | +16.75%+9.96% | -2.48%-5.62% |
| Flows | HYD PZA | +$484M+$20M | +$132M+$57M | +$605M+$1.06B | +$1.05B+$955M | +$1.97B+$1.99B | +$1.73B+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HYD PZA | +5.95%+7.44% | +3.75%+4.82% | +4.49%+5.52% | +4.68%+5.47% |
| Max drawdown | HYD PZA | -6.09%-8.18% | -6.77%-9.83% | -6.77%-9.83% | -19.44%-18.28% |
| Max drawdown duration | HYD PZA | 74d74d | 112d239d | 112d239d | 1757d1757d |
Trading data
HYD | PZA | |
Last sale 10/27/2026 at 6:41 PM | $49.47 | $21.91 |
| Previous close 10/26/2026 | $49.48 | $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 27, 2026
1-year trailing difference
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HYD | 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 6:41 PM
Live
Closed
HYD | PZA | |
|---|---|---|
| Last price | $49.47 | $21.91 |
| 1D performance | -0.03% | +0.00% |
| AuM | $4.48 B | $4.13 B |
| E/R | 0.32% | 0.28% |
Characteristics
HYD | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | VanEck | Invesco |
| Benchmark | ICE Broad High Yield Crossover Municipal Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 714 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 4, 2009 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
HYD
USA
60.08%
Other
39.92%
PZA
USA
59.27%
Other
40.73%
Sectors
HYD
Municipal
60.08%
Other
39.92%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
HYD
Total weight of top 15 holdings out of 15
8.65%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
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%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
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%
US160853VA29
0.09%
US6133408D38
0.09%
US43233KAE47
0.09%
US67756AH960
0.09%
Frequently asked questions about HYD and PZA
How have the HYD and PZA ETFs performed in 2026?
As of October 26, 2026, HYD is down -0.27% year-to-date (YTD), while PZA has lost -4.21%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: HYD or PZA?
Year-to-date, the HYD ETF saw +$605M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: HYD or PZA?
Over the past year, HYD had a volatility of 3.75%, while PZA experienced 4.82%.
Which ETF is bigger: HYD or PZA?
As of October 26, 2026, HYD holds $4.48 B in assets under management (AUM), while PZA manages $4.13 B.
What sectors do the HYD and PZA ETFs invest in?
HYD leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the HYD ETF and PZA ETF?
HYD top holdings include Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B). 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: HYD or PZA?
HYD holds 1443 securities with 8.65% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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