PZAvsHYDETF Comparison
VS
Invesco National AMT-Free Municipal Bond ETF (PZA) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PZA is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.32% for HYD. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. HYD performs better with -1.57% YTD performance, and +$535M in YTD flows. Run a side-by-side ETF comparison of PZA and HYD 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
PZA vs HYD 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 HYD | -0.78%-0.86% | -6.25%-3.95% | -5.77%-1.57% | -5.56%-0.91% | +6.07%+13.01% | -7.44%-4.06% |
| Flows | PZA HYD | -$21M+$368M | +$84M+$62M | +$1.06B+$535M | +$954M+$981M | +$2.07B+$1.81B | +$2.19B+$1.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA HYD | +7.30%+5.81% | +4.68%+3.64% | +5.53%+4.51% | +5.45%+4.67% |
| Max drawdown | PZA HYD | -8.91%-6.17% | -9.83%-6.77% | -9.83%-6.77% | -18.28%-19.44% |
| Max drawdown duration | PZA HYD | 92d92d | 229d102d | 229d102d | 1747d1747d |
Trading data
PZA | HYD | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $48.74 |
| Previous close 10/15/2026 | $21.59 | $48.82 |
| 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 19, 2026
1-year trailing difference
Create an account to view replication metrics
Join for free
PZA | HYD | |
|---|---|---|
| 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
PZA | HYD | |
|---|---|---|
| Last price | $21.64 | $48.74 |
| 1D performance | +0.23% | -0.16% |
| AuM | $4.08 B | $4.35 B |
| E/R | 0.28% | 0.32% |
Characteristics
PZA | HYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | VanEck |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | ICE Broad High Yield Crossover Municipal Index |
| N° of holdings | 3395 | 714 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | February 4, 2009 |
| ESG | No | No |
Advertisement
Exposure
Countries
PZA
USA
59.27%
Other
40.73%
HYD
USA
60.08%
Other
39.92%
Sectors
PZA
Municipal
59.27%
Other
40.73%
HYD
Municipal
60.08%
Other
39.92%
Advertisement
Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
HYD
Total weight of top 15 holdings out of 15
8.65%
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%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
Frequently asked questions about PZA and HYD
How have the PZA and HYD ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while HYD has lost -1.57%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or HYD?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$535M for HYD.
Which ETF is more volatile: PZA or HYD?
Over the past year, PZA had a volatility of 4.68%, while HYD experienced 3.64%.
Which ETF is bigger: PZA or HYD?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while HYD manages $4.35 B.
What sectors do the PZA and HYD ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the PZA ETF and HYD 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). HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B).
Which ETF is more diversified: PZA or HYD?
PZA holds 7121 securities with 1.51% of its assets in the top 15. HYD has 1443 securities and a top 15 weight of 8.65%.
Advertisement
Latest news about PZA & HYD
How Investors can Maximize Tax Efficiency with Income ETFs
July 22, 2026
HYD
Which Types of Bond ETFs Are the Most Tax Efficient?
September 2, 2025
HYD
Advertisement
Advertisement
