SCMBvsPZAETF Comparison
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Schwab Municipal Bond ETF (SCMB) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. SCMB is less expensive with a Total Expense Ratio (TER) of 0.03%, versus 0.28% for PZA. SCMB is down -0.67% year-to-date (YTD) with +$1.53B in YTD flows. PZA performs worse with -3.08% YTD performance, and +$1.05B in YTD flows. Run a side-by-side ETF comparison of SCMB and PZA 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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SCMB vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SCMB PZA | -0.84%-1.80% | -1.99%-3.64% | -0.67%-3.08% | +3.31%+2.77% | +8.78%+5.20% | n/a-5.69% |
| Flows | SCMB PZA | +$278M+$64M | +$395M+$220M | +$1.53B+$1.05B | +$1.97B+$1.20B | +$4.06B+$2.03B | -+$2.23B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SCMB PZA | +2.72%+3.84% | +2.57%+3.76% | +3.73%+5.37% | n/a+5.26% |
| Max drawdown | SCMB PZA | -2.64%-4.54% | -2.72%-4.54% | -5.45%-8.59% | n/a-18.28% |
| Max drawdown duration | SCMB PZA | 59d58d | 122d185d | 275d432d | n/a1703d |
Trading data
SCMB | PZA | |
Last sale 9/3/2026 at 3:07 PM | $24.99 | $22.50 |
| Previous close 09/02/2026 | $24.95 | $22.46 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 3, 2026
1-year trailing difference
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SCMB | PZA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 3:07 PM
Live
Closed
SCMB | PZA | |
|---|---|---|
| Last price | $24.99 | $22.50 |
| 1D performance | +0.14% | +0.18% |
| AuM | $4.15 B | $4.20 B |
| E/R | 0.03% | 0.28% |
Characteristics
SCMB | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Schwab ETFs | Invesco |
| Benchmark | ICE AMT-Free Core U.S. National Municipal Index | ICE BofAML National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 319 | 3400 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 12, 2022 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
SCMB
USA
60.28%
Other
39.72%
PZA
USA
59.95%
Other
40.05%
Sectors
SCMB
Municipal
60.28%
Other
39.72%
PZA
Municipal
59.95%
Other
40.05%
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Diversification
SCMB
Total weight of top 15 holdings out of 15
8.71%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
SCMB
New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026)
1.46%
Massachusetts, 5% 1nov2043, USD (2017)
0.67%
Pennsylvania, 4% 1mar2036, USD
0.66%
University of California, 5% 15nov2040, USD (2026)
0.59%
US64972GA612
0.57%
California, 5.25% 1sep2047, USD
0.56%
US93974EEM49
0.55%
Northwest Independent School District, 5% 15feb2055, USD (2025)
0.55%
University of California, 5% 15nov2035, USD (2026)
0.45%
US68607DXA89
0.45%
US74265L3A45
0.44%
US544647HQ66
0.44%
US592112XL58
0.44%
City of New York, 5% 1aug2032, USD (2022)
0.44%
US709225GV28
0.44%
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)
0.11%
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%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.10%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.10%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
San Diego Unified School District, 4% 1jul2047, USD
0.09%
Lower Alabama Gas District, 5% 1sep2046, USD
0.09%
Texas Water Development Board, 4.75% 15oct2055, USD (2025)
0.09%
University of California Medical Center, 4% 15may2053, USD
0.09%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.09%
Frequently asked questions about SCMB and PZA
How have the SCMB and PZA ETFs performed in 2026?
As of September 2, 2026, SCMB is down -0.67% year-to-date (YTD), while PZA has lost -3.08%. That puts SCMB better performer ahead so far this year.
Which ETF is attracting more investor money: SCMB or PZA?
Year-to-date, the SCMB ETF saw +$1.53B in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: SCMB or PZA?
Over the past year, SCMB had a volatility of 2.57%, while PZA experienced 3.76%.
Which ETF is bigger: SCMB or PZA?
As of September 2, 2026, SCMB holds $4.15 B in assets under management (AUM), while PZA manages $4.20 B.
What sectors do the SCMB and PZA ETFs invest in?
SCMB leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the SCMB ETF and PZA ETF?
SCMB top holdings include New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026), Massachusetts, 5% 1nov2043, USD (2017) and Pennsylvania, 4% 1mar2036, USD. PZA holds in its top three: 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).
Which ETF is more diversified: SCMB or PZA?
SCMB holds 541 securities with 8.71% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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