PWZvsEVYMETF Comparison
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Invesco California AMT-Free Municipal Bond ETF (PWZ) and Eaton Vance High Income Municipal ETF (EVYM) belong to the same industry segment: Municipal Bonds. PWZ's top 1 sector exposures are Municipal. In contrast, EVYM's top sector exposures are Municipal and Non-Corporate. PWZ is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.4% for EVYM. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. EVYM performs better with -1.19% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of PWZ and EVYM 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 EVYM 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 EVYM | -0.98%-1.30% | -6.27%-4.94% | -5.64%-1.19% | -5.26%-0.30% | +5.72%n/a | -6.62%n/a |
| Flows | PWZ EVYM | -$19M-$932K | +$81M+$1M | +$142M+$12M | +$138M+$17M | +$318M- | +$737M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ EVYM | +6.85%+6.44% | +4.44%+4.00% | +5.28%n/a | +5.21%n/a |
| Max drawdown | PWZ EVYM | -8.65%-7.12% | -9.53%-7.74% | -9.53%n/a | -17.07%n/a |
| Max drawdown duration | PWZ EVYM | 92d92d | 102d102d | 102dn/a | 1747dn/a |
Trading data
PWZ | EVYM | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $47.53 |
| Previous close 10/15/2026 | $22.70 | $47.44 |
| 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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EVYM
is actively managed and doesn’t replicate an indexPWZ | EVYM | |
|---|---|---|
| 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 | EVYM | |
|---|---|---|
| Last price | $22.73 | $47.53 |
| 1D performance | +0.13% | +0.21% |
| AuM | $1.16 B | $55.07 M |
| E/R | 0.28% | 0.4% |
Characteristics
PWZ | EVYM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Eaton Vance |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | - |
| N° of holdings | 671 | 72 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | February 25, 2025 |
| ESG | No | No |
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Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
EVYM
USA
64.2%
Other
35.8%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
EVYM
Municipal
64.02%
Other
35.98%
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Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
EVYM
Total weight of top 15 holdings out of 15
25.21%
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%
EVYM
Mobile Industrial Development Authority, 4.75% 1dec2054, USD (2024B)
2.37%
New York Transportation Development Corp., 6% 30jun2059, USD (2025)
1.79%
FW Texas Street Public Facility Corporation, 5% 1may2038, USD (2025)
1.78%
US939783Z415
1.77%
Vail Home Partners Corp., 6% 1oct2064, USD (2025)
1.75%
Atlanta Development Authority, 5.5% 1apr2039, USD (2024A-2)
1.73%
Louisiana Public Facilities Authority, 5.5% 1sep2059, USD (2024)
1.73%
California Municipal Finance Authority, 6% 1nov2043, USD (2025B)
1.71%
Lakewood Ranch Stewardship District, 5.125% 1may2046, USD (2016)
1.70%
California Municipal Finance Authority, 5% 31dec2047, USD (2018A)
1.69%
Washington Housing Finance Commission, 4.5% 1jul2055, USD (2025)
1.53%
US51946PCK84
1.50%
Chicago Board of Education, 5.75% 1dec2050, USD (2025A)
1.44%
New Hope Cultural Education Facilities Finance Corp., 5.5% 1oct2035, USD (2025A)
1.38%
New York Transportation Development Corp., 6% 30jun2055, USD (2025)
1.35%
Frequently asked questions about PWZ and EVYM
How have the PWZ and EVYM ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while EVYM has lost -1.19%. That puts EVYM better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or EVYM?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$12M for EVYM.
Which ETF is more volatile: PWZ or EVYM?
Over the past year, PWZ had a volatility of 4.44%, while EVYM experienced 4%.
Which ETF is bigger: PWZ or EVYM?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while EVYM manages $55.07 M.
What sectors do the PWZ and EVYM ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, EVYM focuses on Municipal.
What are the top holdings of the PWZ ETF and EVYM 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). EVYM holds in its top three: Mobile Industrial Development Authority, 4.75% 1dec2054, USD (2024B), New York Transportation Development Corp., 6% 30jun2059, USD (2025) and FW Texas Street Public Facility Corporation, 5% 1may2038, USD (2025).
Which ETF is more diversified: PWZ or EVYM?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. EVYM has 125 securities and a top 15 weight of 25.21%.
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