PZAvsSCMBETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and Schwab Municipal Bond ETF (SCMB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PZA is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.03% for SCMB. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. SCMB performs better with -2.36% YTD performance, and +$1.12B in YTD flows. Run a side-by-side ETF comparison of PZA and SCMB 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 SCMB 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 SCMB | -0.78%-0.19% | -6.25%-3.55% | -5.77%-2.36% | -5.56%-1.83% | +6.07%+9.65% | -7.44%n/a |
| Flows | PZA SCMB | -$21M+$110M | +$84M-$169M | +$1.06B+$1.12B | +$954M+$1.43B | +$2.07B+$3.65B | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA SCMB | +7.30%+5.42% | +4.68%+3.39% | +5.53%+3.88% | +5.45%n/a |
| Max drawdown | PZA SCMB | -8.91%-6.09% | -9.83%-6.81% | -9.83%-6.81% | -18.28%n/a |
| Max drawdown duration | PZA SCMB | 92d92d | 229d103d | 229d103d | 1747dn/a |
Trading data
PZA | SCMB | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $24.49 |
| Previous close 10/15/2026 | $21.59 | $24.46 |
| 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 | SCMB | |
|---|---|---|
| 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 | SCMB | |
|---|---|---|
| Last price | $21.64 | $24.49 |
| 1D performance | +0.23% | +0.12% |
| AuM | $4.08 B | $3.66 B |
| E/R | 0.28% | 0.03% |
Characteristics
PZA | SCMB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Schwab ETFs |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | ICE AMT-Free Core U.S. National Municipal Index |
| N° of holdings | 3395 | 302 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | October 12, 2022 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
SCMB
USA
58.8%
Other
41.2%
Sectors
PZA
Municipal
59.27%
Other
40.73%
SCMB
Municipal
58.8%
Other
41.2%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
SCMB
Total weight of top 15 holdings out of 15
8.86%
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%
SCMB
New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026)
1.11%
US59261A3T29
0.97%
University of California, 5% 15nov2041, USD (2026)
0.76%
Massachusetts, 5% 1nov2043, USD (2017)
0.70%
Pennsylvania, 4% 1mar2036, USD
0.56%
City of New York, FRN 1apr2042, USD
0.56%
University of California, 5% 15nov2035, USD (2026)
0.48%
US68607DXA89
0.47%
US544647HQ66
0.47%
US74265L3A45
0.47%
US592112XL58
0.47%
City of New York, 5% 1aug2032, USD (2022)
0.46%
City of New York, 5.4% 1aug2006, USD
0.46%
US709225GV28
0.46%
California, 5% 1sep2031, USD
0.46%
Frequently asked questions about PZA and SCMB
How have the PZA and SCMB ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while SCMB has lost -2.36%. That puts SCMB better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or SCMB?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$1.12B for SCMB.
Which ETF is more volatile: PZA or SCMB?
Over the past year, PZA had a volatility of 4.68%, while SCMB experienced 3.39%.
Which ETF is bigger: PZA or SCMB?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while SCMB manages $3.66 B.
What sectors do the PZA and SCMB ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, SCMB focuses on Municipal.
What are the top holdings of the PZA ETF and SCMB 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). SCMB holds in its top three: New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026), US59261A3T29 and University of California, 5% 15nov2041, USD (2026).
Which ETF is more diversified: PZA or SCMB?
PZA holds 7121 securities with 1.51% of its assets in the top 15. SCMB has 522 securities and a top 15 weight of 8.86%.
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