MUBvsPZAETF Comparison

ETF 1

MUB

iShares National Muni Bond ETF

This fund is part of

Municipal Bonds

+0.28%

Full MUB fund page

ETF 2

PZA

Invesco National AMT-Free Municipal Bond ETF

This fund is part of

Municipal Bonds

+0.28%

Full PZA fund page

iShares National Muni Bond ETF (MUB) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. MUB's top 2 sector exposures are Municipal and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. MUB is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.28% for PZA. MUB is down -0.65% year-to-date (YTD) with +$13.78B 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 MUB 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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MUB vs PZA performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/26/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	MUB PZA	+3.83%+4.26%	-1.07%-3.19%	-0.65%-4.21%	-0.30%-4.33%	+8.97%+9.96%	-0.35%-5.62%
Flows	MUB PZA	+$7.18B+$20M	+$9.92B+$57M	+$13.78B+$1.06B	+$14.97B+$955M	+$18.91B+$1.99B	+$33.33B+$2.19B

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	MUB PZA	+5.22%+7.44%	+3.31%+4.82%	+3.68%+5.52%	+3.60%+5.47%
Max drawdown	MUB PZA	-5.55%-8.18%	-6.40%-9.83%	-6.40%-9.83%	-11.55%-18.28%
Max drawdown duration	MUB PZA	74d74d	112d239d	112d239d	1488d1757d

Trading data

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	MUB	PZA
Last sale 10/27/2026 at 1:30 PM	$103.87	$21.90
Previous close 10/26/2026	$103.82	$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 28, 2026

1-year trailing difference

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	MUB	PZA
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 10/27/2026 at 1:30 PM

Live

Closed

	MUB	PZA
Last price	$103.87	$21.90
1D performance	+0.05%	-0.05%
AuM	$54.09 B	$4.13 B
E/R	0.05%	0.28%

Characteristics

	MUB	PZA
Management strategy	Passive	Passive
Provider	iShares	Invesco
Benchmark	ICE AMT-Free US National Municipal Index	ICE BofA National Long-Term Core Plus Municipal Securities Index
N° of holdings	3823	3395
Asset class	Fixed Income	Fixed Income
Trailing 12m distribution yield	Join	Join
Inception date	September 7, 2007	October 11, 2007
ESG	No	No

More MUB data on Trackinsight

More PZA data on Trackinsight

Exposure

Countries

MUB

USA

56.95%

Other

43.05%

PZA

USA

59.27%

Other

40.73%

Sectors

MUB

Municipal

56.94%

Other

43.06%

PZA

Municipal

59.27%

Other

40.73%

Diversification

MUB

Total weight of top 15 holdings out of 15

1.93%

PZA

Total weight of top 15 holdings out of 15

1.51%

Top 15 holdings

Data as of August 31, 2026

MUB

University of Texas, 5% 15aug2036, USD (2025B)

0.19%

US79642GTU66

0.15%

US650028ZA41

0.15%

New York Dormitory Authority, 4% 15feb2047, USD (2019D)

0.13%

Houston Higher Education Finance Corp., 5% 15may2034, USD (2024)

0.13%

New Jersey, 5% 1jun2028, USD

0.13%

Northwest Independent School District, 5.25% 15feb2055, USD (2025)

0.13%

Ohio State University, 5% 1jun2035, USD (2026)

0.12%

California, 5% 1sep2031, USD

0.12%

US93974EVY93

0.12%

Illinois, 5% 1nov2027, USD (2017D)

0.11%

East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)

0.11%

Chicago Transit Authority, 5% 1dec2049, USD (2024A)

0.11%

US812643ZK32

0.11%

US44244CN944

0.11%

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%

Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)

0.10%

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%

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%

US67756AH960

0.09%

US6133408D38

0.09%

US43233KAE47

0.09%

US160853VA29

0.09%

Frequently asked questions about MUB and PZA

How have the MUB and PZA ETFs performed in 2026?

As of October 26, 2026, MUB is down -0.65% year-to-date (YTD), while PZA has lost -4.21%. That puts MUB better performer ahead so far this year.

Which ETF is attracting more investor money: MUB or PZA?

Year-to-date, the MUB ETF saw +$13.78B in flows, compared to +$1.06B for PZA.

Which ETF is more volatile: MUB or PZA?

Over the past year, MUB had a volatility of 3.31%, while PZA experienced 4.82%.

Which ETF is bigger: MUB or PZA?

As of October 26, 2026, MUB holds $54.09 B in assets under management (AUM), while PZA manages $4.13 B.

What sectors do the MUB and PZA ETFs invest in?

MUB leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.

What are the top holdings of the MUB ETF and PZA ETF?

MUB top holdings include University of Texas, 5% 15aug2036, USD (2025B), US79642GTU66 and US650028ZA41. 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).

MUBvsPZAETF Comparison

iShares National Muni Bond ETF

Invesco National AMT-Free Municipal Bond ETF

MUB vs PZA performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the MUB and PZA ETFs performed in 2026?

As of October 26, 2026, MUB is down -0.65% year-to-date (YTD), while PZA has lost -4.21%. That puts MUB better performer ahead so far this year.

Which ETF is attracting more investor money: MUB or PZA?

Year-to-date, the MUB ETF saw +$13.78B in flows, compared to +$1.06B for PZA.

Which ETF is more volatile: MUB or PZA?

Over the past year, MUB had a volatility of 3.31%, while PZA experienced 4.82%.

Which ETF is bigger: MUB or PZA?

As of October 26, 2026, MUB holds $54.09 B in assets under management (AUM), while PZA manages $4.13 B.

What sectors do the MUB and PZA ETFs invest in?

MUB leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.

What are the top holdings of the MUB ETF and PZA ETF?

Which ETF is more diversified: MUB or PZA?

MUB holds 6873 securities with 1.93% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.

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