PZAvsSHYDETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and VanEck Short High Yield Muni ETF (SHYD) 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 SHYD. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. SHYD performs better with -0.1% YTD performance, and +$114M in YTD flows. Run a side-by-side ETF comparison of PZA and SHYD 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 SHYD 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 SHYD | -0.78%-0.09% | -6.25%-1.41% | -5.77%-0.10% | -5.56%+0.62% | +6.07%+12.92% | -7.44%+3.35% |
| Flows | PZA SHYD | -$21M+$37M | +$84M+$55M | +$1.06B+$114M | +$954M+$134M | +$2.07B+$135M | +$2.19B+$124M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA SHYD | +7.30%+3.46% | +4.68%+2.17% | +5.53%+2.40% | +5.45%+2.49% |
| Max drawdown | PZA SHYD | -8.91%-3.65% | -9.83%-3.75% | -9.83%-3.75% | -18.28%-12.01% |
| Max drawdown duration | PZA SHYD | 92d64d | 229d102d | 229d102d | 1747d1310d |
Trading data
PZA | SHYD | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $22.31 |
| Previous close 10/16/2026 | $21.59 | $22.34 |
| Consolidated volume 10/16/2026 | ||
| 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 | SHYD | |
|---|---|---|
| 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 | SHYD | |
|---|---|---|
| Last price | $21.64 | $22.31 |
| 1D performance | +0.23% | -0.13% |
| AuM | $4.08 B | $492.88 M |
| E/R | 0.28% | 0.32% |
Characteristics
PZA | SHYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | VanEck |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
| N° of holdings | 3395 | 266 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | January 13, 2014 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
SHYD
USA
57.59%
Other
42.41%
Sectors
PZA
Municipal
59.27%
Other
40.73%
SHYD
Municipal
57.59%
Other
42.41%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
SHYD
Total weight of top 15 holdings out of 15
14.21%
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%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
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%
US160853VA29
0.09%
US6133408D38
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
SHYD
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
1.70%
Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1)
1.19%
Puerto Rico, 5.75% 1jul2031, USD
1.01%
Puerto Rico, 4% 1jul2033, USD
0.94%
Denver, 5% 1oct2032, USD (2017)
0.94%
Chicago Board of Education, 5% 1dec2036, USD (2017H)
0.93%
Greater Orlando Aviation Authority, 5.5% 1nov2037, USD (2025)
0.90%
US13034A7E44
0.89%
US09182TGC53
0.88%
US05786PAA12
0.87%
Houston Airport System, 5% 15jul2028, USD (2018)
0.86%
Mission Economic Development Corp., 4.625% 1oct2031, USD (2018)
0.84%
New York Transportation Development Corp., 4% 1jul2035, USD (2016A)
0.83%
Baldwin Industrial Development Authority, 4.3% 1mar2056, USD (2026A)
0.74%
Puerto Rico, 5.625% 1jul2029, USD
0.69%
Frequently asked questions about PZA and SHYD
How have the PZA and SHYD ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while SHYD has lost -0.1%. That puts SHYD better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or SHYD?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$114M for SHYD.
Which ETF is more volatile: PZA or SHYD?
Over the past year, PZA had a volatility of 4.68%, while SHYD experienced 2.17%.
Which ETF is bigger: PZA or SHYD?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while SHYD manages $492.88 M.
What sectors do the PZA and SHYD ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, SHYD focuses on Municipal.
What are the top holdings of the PZA ETF and SHYD 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). SHYD holds in its top three: California Municipal Finance Authority, 4% 15jul2029, USD (2019), Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1) and Puerto Rico, 5.75% 1jul2031, USD.
Which ETF is more diversified: PZA or SHYD?
PZA holds 7121 securities with 1.51% of its assets in the top 15. SHYD has 520 securities and a top 15 weight of 14.21%.
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