PZAvsVTELETF Comparison
VS
Invesco National AMT-Free Municipal Bond ETF (PZA) and Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) 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 0.09% for VTEL. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. VTEL performs better with -2.99% YTD performance, and +$320M in YTD flows. Run a side-by-side ETF comparison of PZA and VTEL 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 VTEL 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 VTEL | -0.78%-0.39% | -6.25%-4.81% | -5.77%-2.99% | -5.56%-2.48% | +6.07%n/a | -7.44%n/a |
| Flows | PZA VTEL | -$21M+$84M | +$84M+$203M | +$1.06B+$320M | +$954M+$387M | +$2.07B- | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA VTEL | +7.30%+6.79% | +4.68%+4.27% | +5.53%n/a | +5.45%n/a |
| Max drawdown | PZA VTEL | -8.91%-7.63% | -9.83%-8.55% | -9.83%n/a | -18.28%n/a |
| Max drawdown duration | PZA VTEL | 92d92d | 229d102d | 229dn/a | 1747dn/a |
Trading data
PZA | VTEL | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $97.32 |
| Previous close 10/16/2026 | $21.59 | $97.49 |
| 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 September 30, 2026
1-year trailing difference
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PZA | VTEL | |
|---|---|---|
| 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 | VTEL | |
|---|---|---|
| Last price | $21.64 | $97.32 |
| 1D performance | +0.23% | -0.17% |
| AuM | $4.08 B | $477.65 M |
| E/R | 0.28% | 0.09% |
Characteristics
PZA | VTEL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Vanguard |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | S&P 10+ Year National AMT-Free Municipal Bond Index |
| N° of holdings | 3395 | 2379 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | May 20, 2025 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
VTEL
USA
56.27%
Other
43.73%
Sectors
PZA
Municipal
59.27%
Other
40.73%
VTEL
Municipal
56.27%
Other
43.73%
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
VTEL
Total weight of top 15 holdings out of 15
1.79%
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%
VTEL
US13063EVD56
0.17%
US13063EUG96
0.16%
California, 5% 1aug2050, USD
0.14%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.13%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.13%
US64972JN619
0.13%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.12%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.11%
US64972JDG04
0.11%
California, 5% 1aug2042, USD
0.11%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.10%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.10%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.10%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.10%
Frequently asked questions about PZA and VTEL
How have the PZA and VTEL ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while VTEL has lost -2.99%. That puts VTEL better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or VTEL?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$320M for VTEL.
Which ETF is more volatile: PZA or VTEL?
Over the past year, PZA had a volatility of 4.68%, while VTEL experienced 4.27%.
Which ETF is bigger: PZA or VTEL?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while VTEL manages $477.65 M.
What sectors do the PZA and VTEL ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, VTEL focuses on Municipal.
What are the top holdings of the PZA ETF and VTEL 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). VTEL holds in its top three: US13063EVD56, US13063EUG96 and California, 5% 1aug2050, USD.
Which ETF is more diversified: PZA or VTEL?
PZA holds 7121 securities with 1.51% of its assets in the top 15. VTEL has 4654 securities and a top 15 weight of 1.79%.
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