PZAvsCMFETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and iShares California Muni Bond ETF (CMF) belong to the same industry segment: Municipal Bonds. PZA's top 1 sector exposures are Municipal. In contrast, CMF's top sector exposures are Municipal and Non-Corporate. PZA is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.08% for CMF. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. CMF performs better with -2.36% YTD performance, and +$1.60B in YTD flows. Run a side-by-side ETF comparison of PZA and CMF 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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PZA vs CMF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZA CMF | -0.78%-0.25% | -6.25%-3.34% | -5.77%-2.36% | -5.56%-1.71% | +6.07%+9.17% | -7.44%+0.25% |
| Flows | PZA CMF | -$21M+$660M | +$84M+$801M | +$1.06B+$1.60B | +$954M+$1.96B | +$2.07B+$3.16B | +$2.19B+$3.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA CMF | +7.30%+4.84% | +4.68%+3.08% | +5.53%+3.57% | +5.45%+3.58% |
| Max drawdown | PZA CMF | -8.91%-5.69% | -9.83%-6.52% | -9.83%-6.52% | -18.28%-12.25% |
| Max drawdown duration | PZA CMF | 92d92d | 229d229d | 229d229d | 1747d1346d |
Trading data
PZA | CMF | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $54.82 |
| Previous close 10/15/2026 | $21.59 | $54.79 |
| 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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PZA | CMF | |
|---|---|---|
| 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
PZA | CMF | |
|---|---|---|
| Last price | $21.64 | $54.82 |
| 1D performance | +0.23% | +0.05% |
| AuM | $4.08 B | $5.19 B |
| E/R | 0.28% | 0.08% |
Characteristics
PZA | CMF | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | iShares |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | ICE AMT-Free California Municipal Index |
| N° of holdings | 3395 | 903 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | October 4, 2007 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
CMF
USA
59.23%
Other
40.77%
Sectors
PZA
Municipal
59.27%
Other
40.73%
CMF
Municipal
59.23%
Other
40.77%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
CMF
Total weight of top 15 holdings out of 15
6.39%
Top 15 holdings
Data as of August 31, 2026
PZA
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.12%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
County of Jefferson (AL), 5.25% 1oct2049, USD (2024)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.09%
US818200VF19
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.60%
US79766DLC10
0.52%
US032556NJ70
0.49%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
California Educational Facilities Authority, 5% 1may2045, USD
0.44%
US4636324Q95
0.44%
US79905CAB90
0.42%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.40%
University of California, 5% 15may2036, USD (2025)
0.39%
California, 5% 1mar2055, USD
0.37%
California, 5.25% 1aug2032, USD
0.34%
US91412GSH91
0.32%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
Frequently asked questions about PZA and CMF
How have the PZA and CMF ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while CMF has lost -2.36%. That puts CMF better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or CMF?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$1.60B for CMF.
Which ETF is more volatile: PZA or CMF?
Over the past year, PZA had a volatility of 4.68%, while CMF experienced 3.08%.
Which ETF is bigger: PZA or CMF?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while CMF manages $5.19 B.
What sectors do the PZA and CMF ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, CMF focuses on Municipal.
What are the top holdings of the PZA ETF and CMF ETF?
PZA top holdings include California Health Facilities Financing Authority, 4% 1nov2044, USD, New York Dormitory Authority, 5.5% 1jul2054, USD (2024A) and New York Dormitory Authority, 4% 15feb2047, USD (2019D). CMF holds in its top three: Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70.
Which ETF is more diversified: PZA or CMF?
PZA holds 7121 securities with 1.51% of its assets in the top 15. CMF has 1670 securities and a top 15 weight of 6.39%.
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Latest news about PZA & CMF
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