PABvsPWZETF Comparison
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PGIM Active Aggregate Bond ETF (PAB) belongs to the Intl Aggregate Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. PAB's top 3 sector exposures are Sovereign, Industrials and Finance. In contrast, PWZ's top sector exposures are Municipal. PAB is less expensive with a Total Expense Ratio (TER) of 0.2%, versus 0.28% for PWZ. PAB is down -1.59% year-to-date (YTD) with +$7M in YTD flows. PWZ performs worse with -5.64% YTD performance, and +$142M in YTD flows. Run a side-by-side ETF comparison of PAB and PWZ 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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PAB vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAB PWZ | -0.16%-0.98% | -1.87%-6.27% | -1.59%-5.64% | -1.31%-5.26% | +16.29%+5.72% | -1.48%-6.62% |
| Flows | PAB PWZ | +$2M-$19M | +$32M+$81M | +$7M+$142M | +$14M+$138M | +$57M+$318M | +$83M+$737M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAB PWZ | +4.38%+6.85% | +3.94%+4.44% | +5.04%+5.28% | +6.00%+5.21% |
| Max drawdown | PAB PWZ | -3.39%-8.65% | -4.80%-9.53% | -4.80%-9.53% | -18.67%-17.07% |
| Max drawdown duration | PAB PWZ | 51d92d | 228d102d | 228d102d | 1553d1747d |
Trading data
PAB | PWZ | |
Last sale 10/16/2026 at 1:30 PM | $40.69 | $22.73 |
| Previous close 10/15/2026 | $40.69 | $22.70 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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PAB
is actively managed and doesn’t replicate an indexPAB | PWZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
PAB | PWZ | |
|---|---|---|
| Last price | $40.69 | $22.73 |
| 1D performance | -0.00% | +0.13% |
| AuM | $98.67 M | $1.16 B |
| E/R | 0.2% | 0.28% |
Exposure
Countries
PAB
USA
69.27%
Other
30.73%
PWZ
USA
68.28%
Other
31.72%
Sectors
PAB
Sovereign
39.92%
Industrials
12.56%
Finance
8.57%
Other
38.95%
PWZ
Municipal
68.28%
Other
31.72%
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Diversification
PAB
Total weight of top 15 holdings out of 15
28.85%
PWZ
Total weight of top 15 holdings out of 15
7.38%
Top 15 holdings
Data as of August 31, 2026
PAB
USA, Notes 3.125% 31aug2029, USD (P-2029)
5.96%
USA, Notes 3.5% 15dec2028, USD (AV-2028)
2.94%
PGIM Core Government Money Market Fund
2.35%
USA, Notes 4.25% 30jun2033, USD (M-2033)
2.19%
USA, Notes 3.5% 31jan2028, USD (U-2028)
2.07%
USA, Bonds 2% 15nov2041, USD
1.75%
USA, Notes 3.875% 31mar2028, USD (AZ-2028)
1.59%
US3618N5VR78
1.41%
USA, Notes 4.375% 15may2036, USD (C-2036)
1.37%
USA, Bonds 3% 15feb2049, USD
1.31%
USA, Notes 3.5% 15jan2029, USD (AJ-2029)
1.28%
USA, Notes 1.25% 15aug2031, USD (E-2031)
1.18%
USA, Notes 4.125% 30jun2031, USD (AA-2031)
1.17%
FR SD8004, 3% 1aug2049, USD (ABS)
1.15%
USA, Bonds 5% 15may2046, USD
1.14%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.88%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.62%
University of California Medical Center, 5% 15may2047, USD (2022)
0.61%
University of California Medical Center, 4% 15may2053, USD
0.54%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.51%
California Educational Facilities Authority, 5% 1may2049, USD
0.50%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.46%
University of California, 5% 15may2053, USD (2025)
0.46%
Los Angeles Unified School District, 4% 1jul2044, USD
0.45%
US13032U7V45
0.44%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.40%
University of California, 5% 15may2052, USD (2022)
0.38%
California Educational Facilities Authority, 5% 1may2045, USD
0.38%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.38%
San Francisco Bay Area Rapid Transit District, 4.25% 1aug2052, USD (2016)
0.37%
Frequently asked questions about PAB and PWZ
How have the PAB and PWZ ETFs performed in 2026?
As of October 15, 2026, PAB is down -1.59% year-to-date (YTD), while PWZ has lost -5.64%. That puts PAB better performer ahead so far this year.
Which ETF is attracting more investor money: PAB or PWZ?
Year-to-date, the PAB ETF saw +$7M in flows, compared to +$142M for PWZ.
Which ETF is more volatile: PAB or PWZ?
Over the past year, PAB had a volatility of 3.94%, while PWZ experienced 4.44%.
Which ETF is bigger: PAB or PWZ?
As of October 15, 2026, PAB holds $98.67 M in assets under management (AUM), while PWZ manages $1.16 B.
What sectors do the PAB and PWZ ETFs invest in?
PAB leans toward sectors like Sovereign, Industrials and Finance. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the PAB ETF and PWZ ETF?
PAB top holdings include USA, Notes 3.125% 31aug2029, USD (P-2029), USA, Notes 3.5% 15dec2028, USD (AV-2028) and PGIM Core Government Money Market Fund. PWZ holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022).
Which ETF is more diversified: PAB or PWZ?
PAB holds 987 securities with 28.85% of its assets in the top 15. PWZ has 1237 securities and a top 15 weight of 7.38%.
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