PWZvsBSMRETF Comparison
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Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PWZ is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.18% for BSMR. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. BSMR performs better with -0.53% YTD performance, and +$68M in YTD flows. Run a side-by-side ETF comparison of PWZ and BSMR 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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PWZ vs BSMR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PWZ BSMR | -0.98%+0.04% | -6.27%-0.74% | -5.64%-0.53% | -5.26%+0.03% | +5.72%+9.38% | -6.62%+0.37% |
| Flows | PWZ BSMR | -$19M+$9M | +$81M+$26M | +$142M+$68M | +$138M+$92M | +$318M+$276M | +$737M+$353M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ BSMR | +6.85%+1.84% | +4.44%+1.14% | +5.28%+1.81% | +5.21%+2.37% |
| Max drawdown | PWZ BSMR | -8.65%-1.83% | -9.53%-2.18% | -9.53%-2.18% | -17.07%-12.04% |
| Max drawdown duration | PWZ BSMR | 92d92d | 102d236d | 102d236d | 1747d1440d |
Trading data
PWZ | BSMR | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $23.40 |
| Previous close 10/15/2026 | $22.70 | $23.33 |
| 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 18, 2026
1-year trailing difference
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PWZ | BSMR | |
|---|---|---|
| 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
PWZ | BSMR | |
|---|---|---|
| Last price | $22.73 | $23.40 |
| 1D performance | +0.13% | +0.30% |
| AuM | $1.16 B | $367.21 M |
| E/R | 0.28% | 0.18% |
Characteristics
PWZ | BSMR | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | ICE BulletShares USD Municipal Bond 2027 Index |
| N° of holdings | 671 | 1347 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
BSMR
USA
63.19%
Other
36.81%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
BSMR
Municipal
63.19%
Other
36.81%
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Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
BSMR
Total weight of top 15 holdings out of 15
4.06%
Top 15 holdings
Data as of August 31, 2026
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%
BSMR
Illinois, 5% 1nov2029, USD (2017C)
0.48%
Illinois, 5% 1nov2027, USD (2017D)
0.46%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.34%
California Health Facilities Financing Authority, 5% 1nov2027, USD (2017A)
0.33%
New Jersey, 5% 1jun2027, USD
0.30%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.29%
Texas Water Development Board, 5% 15oct2047, USD (2017A)
0.24%
Houston Combined Utility System, 5% 15nov2042, USD (2017B)
0.23%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.22%
US64990CJK80
0.20%
US574218V676
0.20%
US494619ER60
0.20%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2017)
0.19%
Geisinger Authority Health System, 5% 15feb2045, USD (2017A-1)
0.19%
Oklahoma Turnpike Authority, 4% 1jan2042, USD (2017C)
0.19%
Frequently asked questions about PWZ and BSMR
How have the PWZ and BSMR ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while BSMR has lost -0.53%. That puts BSMR better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or BSMR?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$68M for BSMR.
Which ETF is more volatile: PWZ or BSMR?
Over the past year, PWZ had a volatility of 4.44%, while BSMR experienced 1.14%.
Which ETF is bigger: PWZ or BSMR?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while BSMR manages $367.21 M.
What sectors do the PWZ and BSMR ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, BSMR focuses on Municipal.
What are the top holdings of the PWZ ETF and BSMR ETF?
PWZ top holdings include 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). BSMR holds in its top three: Illinois, 5% 1nov2029, USD (2017C), Illinois, 5% 1nov2027, USD (2017D) and Hudson Yards Infrastructure Corp., 5% 15feb2042, USD.
Which ETF is more diversified: PWZ or BSMR?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. BSMR has 2631 securities and a top 15 weight of 4.06%.
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