PZAvsTAFLETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and AB Tax-Aware Long Municipal ETF (TAFL) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. Both PZA and TAFL have the same Total Expense Ratio (TER) of 0.28%. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. TAFL performs better with -2.12% YTD performance, and +$16M in YTD flows. Run a side-by-side ETF comparison of PZA and TAFL 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 TAFL 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 TAFL | -0.78%-0.81% | -6.25%-4.44% | -5.77%-2.12% | -5.56%-1.90% | +6.07%n/a | -7.44%n/a |
| Flows | PZA TAFL | -$21M-$5M | +$84M+$3M | +$1.06B+$16M | +$954M+$31M | +$2.07B- | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA TAFL | +7.30%+6.63% | +4.68%+4.12% | +5.53%n/a | +5.45%n/a |
| Max drawdown | PZA TAFL | -8.91%-7.06% | -9.83%-7.70% | -9.83%n/a | -18.28%n/a |
| Max drawdown duration | PZA TAFL | 92d92d | 229d102d | 229dn/a | 1747dn/a |
Trading data
PZA | TAFL | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $23.67 |
| Previous close 10/16/2026 | $21.59 | $23.63 |
| 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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TAFL
is actively managed and doesn’t replicate an indexPZA | TAFL | |
|---|---|---|
| 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 | TAFL | |
|---|---|---|
| Last price | $21.64 | $23.67 |
| 1D performance | +0.23% | +0.17% |
| AuM | $4.08 B | $60.41 M |
| E/R | 0.28% | 0.28% |
Characteristics
PZA | TAFL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | AllianceBernstein |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | - |
| N° of holdings | 3395 | 66 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | December 13, 2023 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
TAFL
USA
58.25%
Other
41.75%
Sectors
PZA
Municipal
59.27%
Other
40.73%
TAFL
Municipal
58.25%
Other
41.75%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
TAFL
Total weight of top 15 holdings out of 15
27%
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%
TAFL
US896035DE92
2.72%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.34%
Chicago, 5.25% 1nov2061, USD (2026A)
2.26%
West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B)
1.93%
New York Dormitory Authority, 5% 15mar2055, USD (2025C)
1.80%
South Carolina Public Service Authority, 5.25% 1dec2054, USD (2024)
1.77%
US494791UA28
1.60%
US13048V7N23
1.60%
US544525X784
1.59%
US59333P7M43
1.58%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.58%
Cuyahoga, 5.5% 1dec2061, USD (2026)
1.56%
US544446BT39
1.56%
Chicago O'Hare International Airport, 5.25% 1jan2040, USD (2025A)
1.56%
US79574CFC29
1.56%
Frequently asked questions about PZA and TAFL
How have the PZA and TAFL ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while TAFL has lost -2.12%. That puts TAFL better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or TAFL?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$16M for TAFL.
Which ETF is more volatile: PZA or TAFL?
Over the past year, PZA had a volatility of 4.68%, while TAFL experienced 4.12%.
Which ETF is bigger: PZA or TAFL?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while TAFL manages $60.41 M.
What sectors do the PZA and TAFL ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, TAFL focuses on Municipal.
What are the top holdings of the PZA ETF and TAFL 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). TAFL holds in its top three: US896035DE92, Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025) and Chicago, 5.25% 1nov2061, USD (2026A).
Which ETF is more diversified: PZA or TAFL?
PZA holds 7121 securities with 1.51% of its assets in the top 15. TAFL has 127 securities and a top 15 weight of 27%.
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