SHYDvsPZAETF Comparison
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VanEck Short High Yield Muni ETF (SHYD) 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. SHYD is more expensive with a Total Expense Ratio (TER) of 0.32%, versus 0.28% for PZA. SHYD is down -0.1% year-to-date (YTD) with +$114M in YTD flows. PZA performs worse with -5.77% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of SHYD 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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SHYD vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SHYD PZA | -0.09%-0.78% | -1.41%-6.25% | -0.10%-5.77% | +0.62%-5.56% | +12.92%+6.07% | +3.35%-7.44% |
| Flows | SHYD PZA | +$37M-$21M | +$55M+$84M | +$114M+$1.06B | +$134M+$954M | +$135M+$2.07B | +$124M+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SHYD PZA | +3.46%+7.30% | +2.17%+4.68% | +2.40%+5.53% | +2.49%+5.45% |
| Max drawdown | SHYD PZA | -3.65%-8.91% | -3.75%-9.83% | -3.75%-9.83% | -12.01%-18.28% |
| Max drawdown duration | SHYD PZA | 64d92d | 102d229d | 102d229d | 1310d1747d |
Trading data
SHYD | PZA | |
Last sale 10/19/2026 at 1:30 PM | $22.25 | $21.61 |
| Previous close 10/16/2026 | $22.31 | $21.64 |
| 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 October 19, 2026
1-year trailing difference
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SHYD | 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 10/19/2026 at 1:30 PM
Live
Closed
SHYD | PZA | |
|---|---|---|
| Last price | $22.25 | $21.61 |
| 1D performance | -0.27% | -0.14% |
| AuM | $492.88 M | $4.08 B |
| E/R | 0.32% | 0.28% |
Characteristics
SHYD | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | VanEck | Invesco |
| Benchmark | ICE 1-12 Year Broad High Yield Crossover Municipal Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 266 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 13, 2014 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
SHYD
USA
57.59%
Other
42.41%
PZA
USA
59.27%
Other
40.73%
Sectors
SHYD
Municipal
57.59%
Other
42.41%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
SHYD
Total weight of top 15 holdings out of 15
14.21%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
SHYD
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
1.70%
Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1)
1.19%
Puerto Rico, 5.75% 1jul2031, USD
1.01%
Puerto Rico, 4% 1jul2033, USD
0.94%
Denver, 5% 1oct2032, USD (2017)
0.94%
Chicago Board of Education, 5% 1dec2036, USD (2017H)
0.93%
Greater Orlando Aviation Authority, 5.5% 1nov2037, USD (2025)
0.90%
US13034A7E44
0.89%
US09182TGC53
0.88%
US05786PAA12
0.87%
Houston Airport System, 5% 15jul2028, USD (2018)
0.86%
Mission Economic Development Corp., 4.625% 1oct2031, USD (2018)
0.84%
New York Transportation Development Corp., 4% 1jul2035, USD (2016A)
0.83%
Baldwin Industrial Development Authority, 4.3% 1mar2056, USD (2026A)
0.74%
Puerto Rico, 5.625% 1jul2029, USD
0.69%
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%
US6133408D38
0.09%
US67756AH960
0.09%
US160853VA29
0.09%
US43233KAE47
0.09%
Frequently asked questions about SHYD and PZA
How have the SHYD and PZA ETFs performed in 2026?
As of October 16, 2026, SHYD is down -0.1% year-to-date (YTD), while PZA has lost -5.77%. That puts SHYD better performer ahead so far this year.
Which ETF is attracting more investor money: SHYD or PZA?
Year-to-date, the SHYD ETF saw +$114M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: SHYD or PZA?
Over the past year, SHYD had a volatility of 2.17%, while PZA experienced 4.68%.
Which ETF is bigger: SHYD or PZA?
As of October 16, 2026, SHYD holds $492.88 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the SHYD and PZA ETFs invest in?
SHYD leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the SHYD ETF and PZA ETF?
SHYD top holdings include California Municipal Finance Authority, 4% 15jul2029, USD (2019), Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1) and Puerto Rico, 5.75% 1jul2031, 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: SHYD or PZA?
SHYD holds 520 securities with 14.21% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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