PWZvsSMBETF Comparison
VS
Invesco California AMT-Free Municipal Bond ETF (PWZ) and VanEck Short Muni ETF (SMB) 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 0.07% for SMB. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. SMB performs better with 0.17% YTD performance, and +$81M in YTD flows. Run a side-by-side ETF comparison of PWZ and SMB 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 SMB 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 SMB | -0.98%+0.03% | -6.27%-0.65% | -5.64%+0.17% | -5.26%+0.63% | +5.72%+9.84% | -6.62%+5.42% |
| Flows | PWZ SMB | -$19M+$57M | +$81M+$63M | +$142M+$81M | +$138M+$88M | +$318M+$125M | +$737M+$58M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ SMB | +6.85%+2.25% | +4.44%+1.41% | +5.28%+1.43% | +5.21%+1.53% |
| Max drawdown | PWZ SMB | -8.65%-2.28% | -9.53%-2.49% | -9.53%-2.49% | -17.07%-6.38% |
| Max drawdown duration | PWZ SMB | 92d64d | 102d229d | 102d229d | 1747d995d |
Trading data
PWZ | SMB | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $17.10 |
| Previous close 10/15/2026 | $22.70 | $17.18 |
| 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 | SMB | |
|---|---|---|
| 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 | SMB | |
|---|---|---|
| Last price | $22.73 | $17.10 |
| 1D performance | +0.13% | -0.47% |
| AuM | $1.16 B | $371.23 M |
| E/R | 0.28% | 0.07% |
Characteristics
PWZ | SMB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | VanEck |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | ICE Short AMT-Free Broad National Municipal Index |
| N° of holdings | 671 | 234 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | February 22, 2008 |
| ESG | No | No |
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Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
SMB
USA
72.14%
Other
27.86%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
SMB
Municipal
72.14%
Other
27.86%
Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
SMB
Total weight of top 15 holdings out of 15
13.24%
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%
SMB
US64972LAF04
1.05%
US45506EMV29
1.03%
US160853VD67
1.03%
California, 5% 1apr2030, USD
1.03%
Southeast Energy Authority, 4% 1dec2051, USD
0.95%
Massachusetts, 5% 1may2031, USD
0.91%
US48542AFE64
0.90%
New Jersey, 2% 1jun2030, USD (2021)
0.90%
California, 5% 1oct2031, USD
0.89%
US64972KKJ33
0.85%
US13078HAY80
0.79%
Massachusetts, 5% 1oct2031, USD (2022)
0.79%
King, 4% 1jul2030, USD
0.72%
Black Belt Energy Gas District, 4% 1oct2052, USD (2021)
0.72%
Connecticut, 3% 15jan2032, USD
0.70%
Frequently asked questions about PWZ and SMB
How have the PWZ and SMB ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while SMB has returned 0.17%. That puts SMB better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or SMB?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$81M for SMB.
Which ETF is more volatile: PWZ or SMB?
Over the past year, PWZ had a volatility of 4.44%, while SMB experienced 1.41%.
Which ETF is bigger: PWZ or SMB?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while SMB manages $371.23 M.
What sectors do the PWZ and SMB ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, SMB focuses on Municipal.
What are the top holdings of the PWZ ETF and SMB 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). SMB holds in its top three: US64972LAF04, US45506EMV29 and US160853VD67.
Which ETF is more diversified: PWZ or SMB?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. SMB has 330 securities and a top 15 weight of 13.24%.
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