SMBvsPZTETF Comparison
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VanEck Short Muni ETF (SMB) and Invesco New York AMT-Free Municipal Bond ETF (PZT) 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 PZT. SMB is up 0.17% year-to-date (YTD) with +$81M in YTD flows. PZT performs worse with -5.78% YTD performance, and +$6M in YTD flows. Run a side-by-side ETF comparison of SMB and PZT 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 PZT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMB PZT | +0.03%-0.53% | -0.65%-6.24% | +0.17%-5.78% | +0.63%-5.69% | +9.84%+6.62% | +5.42%-7.53% |
| Flows | SMB PZT | +$57M-$1M | +$63M+$239K | +$81M+$6M | +$88M+$2M | +$125M+$52M | +$58M+$41M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMB PZT | +2.25%+7.43% | +1.41%+4.89% | +1.43%+5.83% | +1.53%+5.75% |
| Max drawdown | SMB PZT | -2.28%-8.98% | -2.49%-10.03% | -2.49%-10.03% | -6.38%-18.68% |
| Max drawdown duration | SMB PZT | 64d92d | 229d229d | 229d229d | 995d1747d |
Trading data
SMB | PZT | |
Last sale 10/16/2026 at 1:30 PM | $17.10 | $20.90 |
| Previous close 10/15/2026 | $17.18 | $20.82 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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SMB | PZT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
SMB | PZT | |
|---|---|---|
| Last price | $17.10 | $20.90 |
| 1D performance | -0.47% | +0.38% |
| AuM | $371.23 M | $130.87 M |
| E/R | 0.07% | 0.28% |
Characteristics
SMB | PZT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | VanEck | Invesco |
| Benchmark | ICE Short AMT-Free Broad National Municipal Index | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 234 | 767 |
| Asset class | - | Bonds |
| 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
72.14%
Other
27.86%
PZT
USA
69.78%
Other
30.22%
Sectors
SMB
Municipal
72.14%
Other
27.86%
PZT
Municipal
69.78%
Other
30.22%
Diversification
SMB
Total weight of top 15 holdings out of 15
13.24%
PZT
Total weight of top 15 holdings out of 15
11.73%
Top 15 holdings
Data as of August 31, 2026
SMB
US64972LAF04
1.05%
US45506EMV29
1.03%
US160853VD67
1.03%
California, 5% 1apr2030, USD
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)
0.90%
California, 5% 1oct2031, USD
0.89%
US64972KKJ33
0.85%
US13078HAY80
0.79%
Massachusetts, 5% 1oct2031, USD (2022)
0.79%
King, 4% 1jul2030, USD
0.72%
Black Belt Energy Gas District, 4% 1oct2052, USD (2021)
0.72%
Connecticut, 3% 15jan2032, USD
0.70%
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.74%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.89%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.87%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Power Authority, 4% 15nov2050, USD
0.78%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.73%
New York Power Authority, 4% 15nov2055, USD
0.73%
US649519DW23
0.72%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.69%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.68%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.66%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.63%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.63%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.60%
New York Power Authority, 4% 15nov2045, USD
0.60%
Frequently asked questions about SMB and PZT
How have the SMB and PZT ETFs performed in 2026?
As of October 16, 2026, SMB is up 0.17% year-to-date (YTD), while PZT has lost -5.78%. That puts SMB better performer ahead so far this year.
Which ETF is attracting more investor money: SMB or PZT?
Year-to-date, the SMB ETF saw +$81M in flows, compared to +$6M for PZT.
Which ETF is more volatile: SMB or PZT?
Over the past year, SMB had a volatility of 1.41%, while PZT experienced 4.89%.
Which ETF is bigger: SMB or PZT?
As of October 16, 2026, SMB holds $371.23 M in assets under management (AUM), while PZT manages $130.87 M.
What sectors do the SMB and PZT ETFs invest in?
SMB leans toward sectors like Municipal. Meanwhile, PZT focuses on Municipal.
What are the top holdings of the SMB ETF and PZT ETF?
SMB top holdings include US64972LAF04, US45506EMV29 and US160853VD67. PZT holds in its top three: 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).
Which ETF is more diversified: SMB or PZT?
SMB holds 330 securities with 13.24% of its assets in the top 15. PZT has 1312 securities and a top 15 weight of 11.73%.
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