PZTvsSMBETF Comparison
VS
Invesco New York AMT-Free Municipal Bond ETF (PZT) and VanEck Short Muni ETF (SMB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PZT is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.07% for SMB. PZT is down -2.48% year-to-date (YTD) with +$11M in YTD flows. SMB performs better with 0.91% YTD performance, and +$24M in YTD flows. Run a side-by-side ETF comparison of PZT and SMB 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 SMB 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 SMB | -1.11%+0.41% | -2.78%+0.28% | -2.48%+0.91% | +3.22%+1.83% | +5.93%+9.97% | -5.39%+5.78% |
| Flows | PZT SMB | +$6M+$6M | +$11M+$15M | +$11M+$24M | +$8M+$35M | +$57M+$58M | +$43M+$21M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT SMB | +3.89%+0.94% | +3.93%+0.98% | +5.69%+1.32% | +5.55%+1.45% |
| Max drawdown | PZT SMB | -4.00%-0.65% | -4.08%-1.33% | -8.97%-1.62% | -18.68%-6.70% |
| Max drawdown duration | PZT SMB | 56d56d | 183d183d | 432d58d | 1701d1067d |
Trading data
PZT | SMB | |
Last sale 9/1/2026 at 1:30 PM | $21.59 | $17.16 |
| Previous close 08/31/2026 | $21.88 | $17.22 |
| 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 | SMB | |
|---|---|---|
| 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 | SMB | |
|---|---|---|
| Last price | $21.59 | $17.16 |
| 1D performance | -1.33% | -0.35% |
| AuM | $141.36 M | $317.98 M |
| E/R | 0.28% | 0.07% |
Characteristics
PZT | SMB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | VanEck |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | ICE Short AMT-Free Broad National Municipal Index |
| N° of holdings | 734 | 233 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | February 22, 2008 |
| ESG | No | No |
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Exposure
Countries
PZT
USA
71.26%
Other
28.74%
SMB
USA
71.89%
Other
28.11%
Sectors
PZT
Municipal
71.26%
Other
28.74%
SMB
Municipal
71.89%
Other
28.11%
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Diversification
PZT
Total weight of top 15 holdings out of 15
12.03%
SMB
Total weight of top 15 holdings out of 15
13.26%
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%
SMB
US64972LAF04
1.05%
US45506EMV29
1.03%
California, 5% 1apr2030, USD
1.03%
US160853VD67
1.03%
Southeast Energy Authority, 4% 1dec2051, USD
0.95%
Massachusetts, 5% 1may2031, USD
0.91%
US48542AFE64
0.90%
New Jersey, 2% 1jun2030, USD (2021)
0.89%
US64972KKJ33
0.84%
Massachusetts, 5% 1oct2031, USD (2022)
0.79%
US13078HAY80
0.79%
Massachusetts Water Resources Authority, 5.25% 1aug2030, USD
0.78%
US56035DGT37
0.76%
Main Street Natural Gas Inc., 5% 1apr2054, USD (2024D)
0.75%
Tennessee Energy Acquisition Corp., 5% 1may2052, USD (2020A)
0.75%
Frequently asked questions about PZT and SMB
How have the PZT and SMB ETFs performed in 2026?
As of August 31, 2026, PZT is down -2.48% year-to-date (YTD), while SMB has returned 0.91%. That puts SMB better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or SMB?
Year-to-date, the PZT ETF saw +$11M in flows, compared to +$24M for SMB.
Which ETF is more volatile: PZT or SMB?
Over the past year, PZT had a volatility of 3.93%, while SMB experienced 0.98%.
Which ETF is bigger: PZT or SMB?
As of August 31, 2026, PZT holds $141.36 M in assets under management (AUM), while SMB manages $317.98 M.
What sectors do the PZT and SMB ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, SMB focuses on Municipal.
What are the top holdings of the PZT ETF and SMB 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). SMB holds in its top three: US64972LAF04, US45506EMV29 and California, 5% 1apr2030, USD.
Which ETF is more diversified: PZT or SMB?
PZT holds 1222 securities with 12.03% of its assets in the top 15. SMB has 329 securities and a top 15 weight of 13.26%.
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