MUNYvsPZAETF Comparison
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Vanguard New York Tax-Exempt Bond ETF (MUNY) 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. MUNY is less expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.28% for PZA. MUNY is down -1.91% year-to-date (YTD) with +$546M in YTD flows. PZA performs worse with -5.77% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of MUNY 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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MUNY vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNY PZA | -0.04%-0.78% | -3.31%-6.25% | -1.91%-5.77% | -1.39%-5.56% | n/a+6.07% | n/a-7.44% |
| Flows | MUNY PZA | +$212M-$21M | +$277M+$84M | +$546M+$1.06B | +$616M+$954M | -+$2.07B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNY PZA | +5.24%+7.30% | +3.32%+4.68% | n/a+5.53% | n/a+5.45% |
| Max drawdown | MUNY PZA | -5.85%-8.91% | -6.60%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | MUNY PZA | 92d92d | 102d229d | n/a229d | n/a1747d |
Trading data
MUNY | PZA | |
Last sale 10/19/2026 at 1:30 PM | $98.64 | $21.61 |
| Previous close 10/16/2026 | $98.68 | $21.64 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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MUNY | 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 10/19/2026 at 1:30 PM
Live
Closed
MUNY | PZA | |
|---|---|---|
| Last price | $98.64 | $21.61 |
| 1D performance | -0.04% | -0.14% |
| AuM | $722.39 M | $4.08 B |
| E/R | 0.09% | 0.28% |
Characteristics
MUNY | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Invesco |
| Benchmark | S&P NewYork AMT-Free Municipal USD10 Million Par Bond Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 1835 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 20, 2025 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
MUNY
USA
59.67%
Other
40.33%
PZA
USA
59.27%
Other
40.73%
Sectors
MUNY
Municipal
59.67%
Other
40.33%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
MUNY
Total weight of top 15 holdings out of 15
3.51%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
MUNY
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.31%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.29%
City of New York, FRN 1aug2044, USD
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.27%
MTA Hudson Rail Yards Trust, 5% 15nov2056, USD (2016A)
0.25%
Triborough Bridge and Tunnel Authority, 5.25% 15may2064, USD (2024A-1)
0.23%
MTA Hudson Rail Yards Trust, 5% 15nov2051, USD (2016A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2051, USD (2021A)
0.22%
US896035CD29
0.22%
New York Transitional Finance Authority, 5% 1nov2034, USD (2026)
0.21%
US896032BB41
0.21%
Triborough Bridge and Tunnel Authority, 5% 15nov2047, USD (2017A)
0.21%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.20%
US89602HEY99
0.20%
New York Power Authority, 4% 15nov2050, USD
0.19%
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%
US6133408D38
0.09%
US67756AH960
0.09%
US160853VA29
0.09%
US43233KAE47
0.09%
Frequently asked questions about MUNY and PZA
How have the MUNY and PZA ETFs performed in 2026?
As of October 16, 2026, MUNY is down -1.91% year-to-date (YTD), while PZA has lost -5.77%. That puts MUNY better performer ahead so far this year.
Which ETF is attracting more investor money: MUNY or PZA?
Year-to-date, the MUNY ETF saw +$546M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: MUNY or PZA?
Over the past year, MUNY had a volatility of 3.32%, while PZA experienced 4.68%.
Which ETF is bigger: MUNY or PZA?
As of October 16, 2026, MUNY holds $722.39 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the MUNY and PZA ETFs invest in?
MUNY leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the MUNY ETF and PZA ETF?
MUNY top holdings include New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and City of New York, FRN 1aug2044, USD. 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: MUNY or PZA?
MUNY holds 3643 securities with 3.51% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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