PWZvsPZTETF Comparison
VS
Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco New York AMT-Free Municipal Bond ETF (PZT) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. Both PWZ and PZT have the same Total Expense Ratio (TER) of 0.28%. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. PZT performs worse with -5.78% YTD performance, and +$6M in YTD flows. Run a side-by-side ETF comparison of PWZ and PZT below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
Find out how industry players manage ETF portfolios. Discover our library of Model portfolios
PWZ vs PZT 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 PZT | -0.98%-0.53% | -6.27%-6.24% | -5.64%-5.78% | -5.26%-5.69% | +5.72%+6.62% | -6.62%-7.53% |
| Flows | PWZ PZT | -$19M-$1M | +$81M+$239K | +$142M+$6M | +$138M+$2M | +$318M+$52M | +$737M+$41M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ PZT | +6.85%+7.43% | +4.44%+4.89% | +5.28%+5.83% | +5.21%+5.75% |
| Max drawdown | PWZ PZT | -8.65%-8.98% | -9.53%-10.03% | -9.53%-10.03% | -17.07%-18.68% |
| Max drawdown duration | PWZ PZT | 92d92d | 102d229d | 102d229d | 1747d1747d |
Trading data
PWZ | PZT | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $20.90 |
| Previous close 10/15/2026 | $22.70 | $20.82 |
| 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
Create an account to view replication metrics
Join for free
PWZ | PZT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Advertisement
Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
PWZ | PZT | |
|---|---|---|
| Last price | $22.73 | $20.90 |
| 1D performance | +0.13% | +0.38% |
| AuM | $1.16 B | $130.87 M |
| E/R | 0.28% | 0.28% |
Characteristics
PWZ | PZT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 671 | 767 |
| Asset class | Fixed Income | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | October 11, 2007 |
| ESG | No | No |
Advertisement
Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
PZT
USA
69.78%
Other
30.22%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
PZT
Municipal
69.78%
Other
30.22%
Advertisement
Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
PZT
Total weight of top 15 holdings out of 15
11.73%
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%
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.74%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.89%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.87%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Power Authority, 4% 15nov2050, USD
0.78%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.73%
New York Power Authority, 4% 15nov2055, USD
0.73%
US649519DW23
0.72%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.69%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.68%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.66%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.63%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.63%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.60%
New York Power Authority, 4% 15nov2045, USD
0.60%
Frequently asked questions about PWZ and PZT
How have the PWZ and PZT ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while PZT has lost -5.78%. That puts PWZ better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or PZT?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$6M for PZT.
Which ETF is more volatile: PWZ or PZT?
Over the past year, PWZ had a volatility of 4.44%, while PZT experienced 4.89%.
Which ETF is bigger: PWZ or PZT?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while PZT manages $130.87 M.
What sectors do the PWZ and PZT ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, PZT focuses on Municipal.
What are the top holdings of the PWZ ETF and PZT 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). PZT holds in its top three: New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and New York Dormitory Authority, 4.25% 1may2052, USD (2022A).
Which ETF is more diversified: PWZ or PZT?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. PZT has 1312 securities and a top 15 weight of 11.73%.
Advertisement
Advertisement
