PZTvsPWZETF Comparison
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Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco California AMT-Free Municipal Bond ETF (PWZ) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. Both PZT and PWZ have the same Total Expense Ratio (TER) of 0.28%. PZT is down -2.48% year-to-date (YTD) with +$11M in YTD flows. PWZ performs better with -2.01% YTD performance, and +$148M in YTD flows. Run a side-by-side ETF comparison of PZT and PWZ 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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PZT vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZT PWZ | -1.11%-0.86% | -2.78%-2.35% | -2.48%-2.01% | +3.22%+4.10% | +5.93%+5.89% | -5.39%-3.91% |
| Flows | PZT PWZ | +$6M+$78M | +$11M+$118M | +$11M+$148M | +$8M+$218M | +$57M+$559M | +$43M+$786M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT PWZ | +3.89%+3.60% | +3.93%+3.61% | +5.69%+5.15% | +5.55%+5.03% |
| Max drawdown | PZT PWZ | -4.00%-3.61% | -4.08%-3.61% | -8.97%-8.29% | -18.68%-17.07% |
| Max drawdown duration | PZT PWZ | 56d56d | 183d56d | 432d394d | 1701d1701d |
Trading data
PZT | PWZ | |
Last sale 9/1/2026 at 1:30 PM | $21.59 | $23.50 |
| Previous close 08/31/2026 | $21.88 | $23.71 |
| Consolidated volume 08/31/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 2, 2026
1-year trailing difference
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PZT | PWZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
PZT | PWZ | |
|---|---|---|
| Last price | $21.59 | $23.50 |
| 1D performance | -1.33% | -0.89% |
| AuM | $141.36 M | $1.22 B |
| E/R | 0.28% | 0.28% |
Characteristics
PZT | PWZ | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 734 | 677 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
PZT
USA
71.26%
Other
28.74%
PWZ
USA
69.86%
Other
30.14%
Sectors
PZT
Municipal
71.26%
Other
28.74%
PWZ
Municipal
69.86%
Other
30.14%
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Diversification
PZT
Total weight of top 15 holdings out of 15
12.03%
PWZ
Total weight of top 15 holdings out of 15
7.32%
Top 15 holdings
Data as of July 31, 2026
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.76%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.94%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.88%
New York Power Authority, 4% 15nov2050, USD
0.82%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.76%
US649519DW23
0.74%
New York Power Authority, 4% 15nov2055, USD
0.74%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.73%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.71%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.68%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.64%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.62%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.62%
New York Liberty Development Corp., 2.8% 15sep2069, USD (2019)
0.61%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.74%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.65%
University of California Medical Center, 5% 15may2047, USD (2022)
0.62%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.58%
University of California Medical Center, 4% 15may2053, USD
0.55%
California Educational Facilities Authority, 5% 1may2049, USD
0.54%
Los Angeles Unified School District, 4% 1jul2044, USD
0.48%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.43%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.42%
University of California, 5% 15may2052, USD (2022)
0.40%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.40%
California Educational Facilities Authority, 5% 1may2045, USD
0.39%
San Francisco Public Utilities Commission, 5% 1nov2055, USD (2025)
0.38%
University of California, 5% 15may2053, USD (2025)
0.38%
California Public Works Board, 5% 1apr2049, USD (2024)
0.38%
Frequently asked questions about PZT and PWZ
How have the PZT and PWZ ETFs performed in 2026?
As of August 31, 2026, PZT is down -2.48% year-to-date (YTD), while PWZ has lost -2.01%. That puts PWZ better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or PWZ?
Year-to-date, the PZT ETF saw +$11M in flows, compared to +$148M for PWZ.
Which ETF is more volatile: PZT or PWZ?
Over the past year, PZT had a volatility of 3.93%, while PWZ experienced 3.61%.
Which ETF is bigger: PZT or PWZ?
As of August 31, 2026, PZT holds $141.36 M in assets under management (AUM), while PWZ manages $1.22 B.
What sectors do the PZT and PWZ ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the PZT ETF and PWZ ETF?
PZT top holdings include New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and New York Dormitory Authority, 4.25% 1may2052, USD (2022A). PWZ holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022).
Which ETF is more diversified: PZT or PWZ?
PZT holds 1222 securities with 12.03% of its assets in the top 15. PWZ has 1206 securities and a top 15 weight of 7.32%.
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