JMHIvsPZAETF Comparison
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JPMorgan High Yield Municipal ETF (JMHI) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. JMHI's top 2 sector exposures are Municipal and Sovereign. In contrast, PZA's top sector exposures are Municipal. JMHI is more expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.28% for PZA. JMHI is up 0.32% year-to-date (YTD) with +$60M 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 JMHI 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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JMHI vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JMHI PZA | -0.62%-1.80% | -1.47%-3.64% | +0.32%-3.08% | +4.22%+2.77% | +14.83%+5.20% | n/a-5.69% |
| Flows | JMHI PZA | +$5M+$64M | +$22M+$220M | +$60M+$1.05B | +$80M+$1.20B | +$76M+$2.03B | -+$2.23B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JMHI PZA | +3.01%+3.84% | +2.81%+3.76% | +4.25%+5.37% | n/a+5.26% |
| Max drawdown | JMHI PZA | -2.43%-4.54% | -2.62%-4.54% | -5.46%-8.59% | n/a-18.28% |
| Max drawdown duration | JMHI PZA | 64d58d | 106d185d | 189d432d | n/a1703d |
Trading data
JMHI | PZA | |
Last sale 9/3/2026 at 1:30 PM | $48.83 | $22.40 |
| Previous close 09/02/2026 | $48.97 | $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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JMHI
is actively managed and doesn’t replicate an indexJMHI | 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
JMHI | PZA | |
|---|---|---|
| Last price | $48.83 | $22.40 |
| 1D performance | -0.28% | -0.27% |
| AuM | $293.06 M | $4.20 B |
| E/R | 0.58% | 0.28% |
Characteristics
JMHI | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | J.P. Morgan Asset Management | Invesco |
| Benchmark | - | ICE BofAML National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 125 | 3400 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 14, 2023 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
JMHI
USA
58.76%
Other
41.24%
PZA
USA
59.95%
Other
40.05%
Sectors
JMHI
Municipal
56.4%
Other
43.6%
PZA
Municipal
59.95%
Other
40.05%
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Diversification
JMHI
Total weight of top 15 holdings out of 15
17.15%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
JMHI
USA, Bills 0% 11aug2026, USD (119D)
2.37%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
1.35%
City of New York, 0% 15sep2006, USD (2029-SER, 2738D)
1.34%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
1.18%
Louisiana Public Facilities Authority, 5.75% 1sep2064, USD (2024)
1.12%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
1.11%
Black Belt Energy Gas District, 4% 1jun2051, USD (2021A)
1.07%
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.06%
Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD
1.04%
US74442PQH19
1.04%
Golden State Tobacco Securitization Corp., 5% 1jun2051, USD (2022A-1)
1.03%
Golden State Tobacco Securitization Corp., 0% 1jun2066, USD (2021B-2)
0.91%
US2510934Q05
0.89%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.82%
US452153PJ26
0.81%
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 JMHI and PZA
How have the JMHI and PZA ETFs performed in 2026?
As of September 2, 2026, JMHI is up 0.32% year-to-date (YTD), while PZA has lost -3.08%. That puts JMHI better performer ahead so far this year.
Which ETF is attracting more investor money: JMHI or PZA?
Year-to-date, the JMHI ETF saw +$60M in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: JMHI or PZA?
Over the past year, JMHI had a volatility of 2.81%, while PZA experienced 3.76%.
Which ETF is bigger: JMHI or PZA?
As of September 2, 2026, JMHI holds $293.06 M in assets under management (AUM), while PZA manages $4.20 B.
What sectors do the JMHI and PZA ETFs invest in?
JMHI leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the JMHI ETF and PZA ETF?
JMHI top holdings include USA, Bills 0% 11aug2026, USD (119D), Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2) and City of New York, 0% 15sep2006, USD (2029-SER, 2738D). 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: JMHI or PZA?
JMHI holds 237 securities with 17.15% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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