PZAvsVTECETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard California Tax-Exempt Bond ETF (VTEC) 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 0.06% for VTEC. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. VTEC performs better with -2.37% YTD performance, and +$2.54B in YTD flows. Run a side-by-side ETF comparison of PZA and VTEC 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 VTEC 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 VTEC | -0.78%-0.33% | -6.25%-3.44% | -5.77%-2.37% | -5.56%-1.74% | +6.07%n/a | -7.44%n/a |
| Flows | PZA VTEC | -$21M+$796M | +$84M+$1.28B | +$1.06B+$2.54B | +$954M+$2.89B | +$2.07B- | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA VTEC | +7.30%+4.94% | +4.68%+3.13% | +5.53%n/a | +5.45%n/a |
| Max drawdown | PZA VTEC | -8.91%-5.76% | -9.83%-6.50% | -9.83%n/a | -18.28%n/a |
| Max drawdown duration | PZA VTEC | 92d92d | 229d229d | 229dn/a | 1747dn/a |
Trading data
PZA | VTEC | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $95.41 |
| Previous close 10/15/2026 | $21.59 | $95.36 |
| 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 September 30, 2026
1-year trailing difference
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PZA | VTEC | |
|---|---|---|
| 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 | VTEC | |
|---|---|---|
| Last price | $21.64 | $95.41 |
| 1D performance | +0.23% | +0.05% |
| AuM | $4.08 B | $4.15 B |
| E/R | 0.28% | 0.06% |
Characteristics
PZA | VTEC | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Vanguard |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | S&P California AMT-Free Municipal Bond Index |
| N° of holdings | 3395 | 1739 |
| Asset class | Fixed Income | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | January 30, 2024 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
VTEC
USA
60.82%
Other
39.18%
Sectors
PZA
Municipal
59.27%
Other
40.73%
VTEC
Municipal
60.82%
Other
39.18%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
VTEC
Total weight of top 15 holdings out of 15
4.13%
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%
VTEC
University of California, FRN 15may2048, USD (2013)
0.52%
University of California, 5% 15may2036, USD (2025)
0.44%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.33%
Bay Area Toll Authority, 5% 1apr2061, USD (2026)
0.31%
US072024YF30
0.29%
US91412HWB58
0.27%
US544647HQ66
0.23%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.23%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.23%
University of California, 5% 15may2032, USD (2022)
0.23%
US13063EUR51
0.22%
US13063EUX20
0.22%
Irvine Ranch Water District, FRN 1oct2041, USD (2009A)
0.21%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.21%
California, 5.25% 1aug2032, USD
0.20%
Frequently asked questions about PZA and VTEC
How have the PZA and VTEC ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while VTEC has lost -2.37%. That puts VTEC better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or VTEC?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$2.54B for VTEC.
Which ETF is more volatile: PZA or VTEC?
Over the past year, PZA had a volatility of 4.68%, while VTEC experienced 3.13%.
Which ETF is bigger: PZA or VTEC?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while VTEC manages $4.15 B.
What sectors do the PZA and VTEC ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, VTEC focuses on Municipal.
What are the top holdings of the PZA ETF and VTEC 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). VTEC holds in its top three: University of California, FRN 15may2048, USD (2013), University of California, 5% 15may2036, USD (2025) and Los Angeles Unified School District, 5% 1jul2034, USD (2024A).
Which ETF is more diversified: PZA or VTEC?
PZA holds 7121 securities with 1.51% of its assets in the top 15. VTEC has 3916 securities and a top 15 weight of 4.13%.
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