SMBvsPWZETF Comparison
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VanEck Short Muni ETF (SMB) 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. SMB is less expensive with a Total Expense Ratio (TER) of 0.07%, versus 0.28% for PWZ. SMB is up 0.74% year-to-date (YTD) with +$24M in YTD flows. PWZ performs worse with -2.78% YTD performance, and +$155M in YTD flows. Run a side-by-side ETF comparison of SMB 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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SMB vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMB PWZ | +0.17%-1.69% | +0.04%-3.37% | +0.74%-2.78% | +1.66%+3.29% | +9.77%+5.00% | +5.63%-4.63% |
| Flows | SMB PWZ | +$6M+$81M | +$15M+$122M | +$24M+$155M | +$35M+$225M | +$58M+$566M | +$21M+$793M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMB PWZ | +0.98%+3.77% | +0.99%+3.67% | +1.33%+5.17% | +1.46%+5.04% |
| Max drawdown | SMB PWZ | -0.65%-4.36% | -1.33%-4.36% | -1.62%-8.29% | -6.68%-17.07% |
| Max drawdown duration | SMB PWZ | 58d58d | 185d58d | 58d394d | 1045d1703d |
Trading data
SMB | PWZ | |
Last sale 9/3/2026 at 1:30 PM | $17.13 | $23.40 |
| Previous close 09/02/2026 | $17.12 | $23.45 |
| 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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SMB | 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 9/3/2026 at 1:30 PM
Live
Closed
SMB | PWZ | |
|---|---|---|
| Last price | $17.13 | $23.40 |
| 1D performance | +0.06% | -0.21% |
| AuM | $316.70 M | $1.21 B |
| E/R | 0.07% | 0.28% |
Characteristics
SMB | PWZ | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | VanEck | Invesco |
| Benchmark | ICE Short AMT-Free Broad National Municipal Index | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 233 | 677 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 22, 2008 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
SMB
USA
71.89%
Other
28.11%
PWZ
USA
69.86%
Other
30.14%
Sectors
SMB
Municipal
71.89%
Other
28.11%
PWZ
Municipal
69.86%
Other
30.14%
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Diversification
SMB
Total weight of top 15 holdings out of 15
13.26%
PWZ
Total weight of top 15 holdings out of 15
7.32%
Top 15 holdings
Data as of July 31, 2026
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%
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 SMB and PWZ
How have the SMB and PWZ ETFs performed in 2026?
As of September 2, 2026, SMB is up 0.74% year-to-date (YTD), while PWZ has lost -2.78%. That puts SMB better performer ahead so far this year.
Which ETF is attracting more investor money: SMB or PWZ?
Year-to-date, the SMB ETF saw +$24M in flows, compared to +$155M for PWZ.
Which ETF is more volatile: SMB or PWZ?
Over the past year, SMB had a volatility of 0.99%, while PWZ experienced 3.67%.
Which ETF is bigger: SMB or PWZ?
As of September 2, 2026, SMB holds $316.70 M in assets under management (AUM), while PWZ manages $1.21 B.
What sectors do the SMB and PWZ ETFs invest in?
SMB leans toward sectors like Municipal. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the SMB ETF and PWZ ETF?
SMB top holdings include US64972LAF04, US45506EMV29 and California, 5% 1apr2030, USD. 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: SMB or PWZ?
SMB holds 329 securities with 13.26% of its assets in the top 15. PWZ has 1206 securities and a top 15 weight of 7.32%.
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