IROCvsTFIETF Comparison
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Invesco Rochester High Yield Municipal ETF (IROC) belongs to the US Aggregate Bonds segment. State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is part of the Municipal Bonds segment. Both ETFs have the same top 1 sector exposures: Municipal. IROC is more expensive with a Total Expense Ratio (TER) of 0.4%, versus 0.23% for TFI. IROC is down -2.14% year-to-date (YTD) with +$98M in YTD flows. TFI performs better with -1.39% YTD performance, and +$124M in YTD flows. Run a side-by-side ETF comparison of IROC and TFI 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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IROC vs TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | IROC TFI | +0.66%+1.70% | -2.26%-1.23% | -2.14%-1.39% | -1.60%-1.04% | +14.22%+11.99% | n/a-1.98% |
| Flows | IROC TFI | +$34M+$116M | +$71M+$34M | +$98M+$124M | +$138M-$207M | +$173M-$286M | --$291M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IROC TFI | +5.73%+5.56% | +3.60%+3.49% | +3.52%+4.11% | n/a+4.16% |
| Max drawdown | IROC TFI | -6.05%-6.01% | -7.11%-7.00% | -7.11%-7.00% | n/a-14.88% |
| Max drawdown duration | IROC TFI | 71d71d | 109d236d | 109d236d | n/a1513d |
Trading data
IROC | TFI | |
Last sale 10/23/2026 at 1:30 PM | $48.70 | $43.80 |
| Previous close 10/22/2026 | $48.66 | $43.72 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 25, 2026
1-year trailing difference
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IROC
is actively managed and doesn’t replicate an indexIROC | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
IROC | TFI | |
|---|---|---|
| Last price | $48.70 | $43.80 |
| 1D performance | +0.08% | +0.18% |
| AuM | $198.29 M | $3.01 B |
| E/R | 0.4% | 0.23% |
Characteristics
IROC | TFI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | - | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 71 | 813 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 12, 2022 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
IROC
USA
40.88%
Other
59.12%
TFI
USA
42.6%
Other
57.4%
Sectors
IROC
Municipal
40.88%
Other
59.12%
TFI
Municipal
42.6%
Other
57.4%
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Diversification
IROC
Total weight of top 15 holdings out of 15
18.23%
TFI
Total weight of top 15 holdings out of 15
2.91%
Top 15 holdings
Data as of August 31, 2026
IROC
Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A)
1.28%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.28%
US13013JGF75
1.25%
US37353PWV74
1.25%
US812643H643
1.24%
US121342PQ61
1.24%
City of New York, FRN 1dec2047, USD
1.24%
Gulf Coast Industrial Development Authority, FRN 1nov2041, USD (2012)
1.24%
US686507NQ33
1.24%
US677561LA84
1.24%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.24%
Mississippi Business Finance Corp., FRN 1nov2035, USD (2010I)
1.24%
US63608TBR05
1.09%
Texas, 5% 1aug2041, USD
1.07%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
1.05%
TFI
California, 5% 1nov2027, USD
0.23%
US574193VL92
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
US91412HWK57
0.20%
US373385LV30
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US64972GE598
0.20%
US55844RWX87
0.20%
US574204S201
0.19%
US677523KE13
0.19%
US764581KP80
0.19%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
California, 5% 1nov2032, USD
0.18%
US010831EC55
0.18%
California, 5% 1nov2031, USD
0.17%
Frequently asked questions about IROC and TFI
How have the IROC and TFI ETFs performed in 2026?
As of October 23, 2026, IROC is down -2.14% year-to-date (YTD), while TFI has lost -1.39%. That puts TFI better performer ahead so far this year.
Which ETF is attracting more investor money: IROC or TFI?
Year-to-date, the IROC ETF saw +$98M in flows, compared to +$124M for TFI.
Which ETF is more volatile: IROC or TFI?
Over the past year, IROC had a volatility of 3.6%, while TFI experienced 3.49%.
Which ETF is bigger: IROC or TFI?
As of October 23, 2026, IROC holds $198.29 M in assets under management (AUM), while TFI manages $3.01 B.
What sectors do the IROC and TFI ETFs invest in?
IROC leans toward sectors like Municipal. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the IROC ETF and TFI ETF?
IROC top holdings include Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A), Kentucky Public Energy Authority, 5% 1dec2033, USD (2025) and US13013JGF75. TFI holds in its top three: California, 5% 1nov2027, USD, US574193VL92 and State of Washington, 5% 1feb2028, USD (2024A).
Which ETF is more diversified: IROC or TFI?
IROC holds 174 securities with 18.23% of its assets in the top 15. TFI has 1916 securities and a top 15 weight of 2.91%.
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