NUSBvsPZAETF Comparison
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Nuveen Ultra Short Income ETF (NUSB) belongs to the Money Market Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. NUSB's top 3 sector exposures are Finance, Industrials and Utilities. In contrast, PZA's top sector exposures are Municipal. NUSB is less expensive with a Total Expense Ratio (TER) of 0.17%, versus 0.28% for PZA. NUSB is up 2.99% year-to-date (YTD) with +$3M in YTD flows. PZA performs worse with -4.2% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of NUSB 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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NUSB 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. | NUSB PZA | +0.38%+4.27% | +0.92%-3.18% | +2.99%-4.20% | +3.77%-4.32% | n/a+9.92% | n/a-5.76% |
| Flows | NUSB PZA | -+$20M | +$3M+$57M | +$3M+$1.06B | +$4M+$955M | -+$1.98B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NUSB PZA | +0.27%+7.38% | +0.32%+4.81% | n/a+5.52% | n/a+5.47% |
| Max drawdown | NUSB PZA | -0.03%-8.18% | -0.04%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | NUSB PZA | 2d75d | 3d240d | n/a240d | n/a1758d |
Trading data
NUSB | PZA | |
Last sale 10/27/2026 at 1:30 PM | $25.21 | $21.90 |
| Previous close 10/27/2026 | $25.21 | $21.91 |
| Consolidated volume 10/27/2026 | ||
| 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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NUSB
is actively managed and doesn’t replicate an indexNUSB | 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 1:30 PM
Live
Closed
NUSB | PZA | |
|---|---|---|
| Last price | $25.21 | $21.90 |
| 1D performance | +0.00% | -0.05% |
| AuM | $158.83 M | $4.14 B |
| E/R | 0.17% | 0.28% |
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Exposure
Countries
NUSB
USA
53.07%
Other
46.93%
PZA
USA
59.27%
Other
40.73%
Sectors
NUSB
Finance
32%
Industrials
7.75%
Other
60.24%
PZA
Municipal
59.27%
Other
40.73%
Diversification
NUSB
Total weight of top 15 holdings out of 15
16.63%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
NUSB
US04821UKE19
1.92%
USA, Bills 0% 18mar2027, USD (364D)
1.66%
Pfizer, FRN 15nov2027, USD
1.13%
US87020XM720
1.11%
US37961NKP23
1.08%
JP Morgan, 6.07% 22oct2027, USD
1.07%
T-Mobile USA, 4.95% 15mar2028, USD
0.97%
US02079KCP03
0.97%
Amazon.com, FRN 13mar2029, USD
0.97%
Wells Fargo, FRN 20may2029, USD (Y)
0.96%
Citigroup, 4.643% 7may2028, USD
0.96%
US26244JJ261
0.96%
US06405LAL53
0.96%
Bank of America Corporation, 4.376% 27apr2028, USD (N)
0.96%
MetLife Global Funding I, 4.25% 13apr2028, USD (2026-5)
0.96%
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%
US6133408D38
0.09%
US43233KAE47
0.09%
US160853VA29
0.09%
US67756AH960
0.09%
Frequently asked questions about NUSB and PZA
How have the NUSB and PZA ETFs performed in 2026?
As of October 26, 2026, NUSB is up 2.99% year-to-date (YTD), while PZA has lost -4.2%. That puts NUSB better performer ahead so far this year.
Which ETF is attracting more investor money: NUSB or PZA?
Year-to-date, the NUSB ETF saw +$3M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: NUSB or PZA?
Over the past year, NUSB had a volatility of 0.32%, while PZA experienced 4.81%.
Which ETF is bigger: NUSB or PZA?
As of October 26, 2026, NUSB holds $158.83 M in assets under management (AUM), while PZA manages $4.14 B.
What sectors do the NUSB and PZA ETFs invest in?
NUSB leans toward sectors like Finance and Industrials. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the NUSB ETF and PZA ETF?
NUSB top holdings include US04821UKE19, USA, Bills 0% 18mar2027, USD (364D) and Pfizer, FRN 15nov2027, 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: NUSB or PZA?
NUSB holds 140 securities with 16.63% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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