TAGGvsPWZETF Comparison
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T. Rowe Price QM U.S. Bond ETF (TAGG) belongs to the US Aggregate Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. TAGG's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PWZ's top sector exposures are Municipal. TAGG is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.28% for PWZ. TAGG is down -1.2% year-to-date (YTD) with +$1.16B in YTD flows. PWZ performs worse with -4.14% YTD performance, and +$161M in YTD flows. Run a side-by-side ETF comparison of TAGG 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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TAGG vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAGG PWZ | -0.89%-3.88% | -1.19%-4.60% | -1.20%-4.14% | -0.22%-1.92% | +13.20%+4.09% | n/a-5.96% |
| Flows | TAGG PWZ | +$253M+$69M | +$743M+$120M | +$1.16B+$161M | +$1.23B+$147M | +$2.56B+$564M | -+$796M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAGG PWZ | +3.96%+4.44% | +3.65%+3.55% | +5.08%+5.21% | n/a+5.07% |
| Max drawdown | TAGG PWZ | -2.30%-5.93% | -2.96%-5.93% | -4.87%-8.29% | n/a-17.07% |
| Max drawdown duration | TAGG PWZ | 73d67d | 193d67d | 284d394d | n/a1712d |
Trading data
TAGG | PWZ | |
Last sale 9/11/2026 at 1:30 PM | $41.26 | $23.13 |
| Previous close 09/10/2026 | $41.33 | $23.07 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 13, 2026
1-year trailing difference
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TAGG
is actively managed and doesn’t replicate an indexTAGG | 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 9/11/2026 at 1:30 PM
Live
Closed
TAGG | PWZ | |
|---|---|---|
| Last price | $41.26 | $23.13 |
| 1D performance | -0.18% | +0.26% |
| AuM | $2.60 B | $1.20 B |
| E/R | 0.08% | 0.28% |
Characteristics
TAGG | PWZ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Invesco |
| Benchmark | - | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 1271 | 677 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 28, 2021 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
TAGG
USA
63.44%
Other
36.56%
PWZ
USA
69.86%
Other
30.14%
Sectors
TAGG
Sovereign
31.46%
Finance
12.6%
Industrials
9.49%
Other
46.44%
PWZ
Municipal
69.86%
Other
30.14%
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Diversification
TAGG
Total weight of top 15 holdings out of 15
20.87%
PWZ
Total weight of top 15 holdings out of 15
7.32%
Top 15 holdings
Data as of July 31, 2026
TAGG
USA, Notes 3.5% 15dec2028, USD (AV-2028)
2.11%
USA, Notes 4% 28feb2030, USD (H-2030)
1.92%
USA, Bonds 4.625% 15nov2044, USD
1.75%
USA, Bonds 4.5% 15nov2054, USD
1.70%
USA, Bonds 4.625% 15feb2046, USD
1.65%
USA, Notes 3.875% 15mar2028, USD (AL-2028)
1.64%
USA, Notes 4.25% 31jan2030, USD (U-2030)
1.60%
USA, Bonds 4.875% 15aug2045, USD
1.35%
USA, Notes 3.5% 30nov2030, USD (AG-2030)
1.26%
USA, Bonds 4.75% 15feb2056, USD
1.20%
USA, Notes 3.875% 15may2029, USD (AN-2029)
1.06%
USA, Notes 3.875% 30apr2031, USD (Y-2031)
1.03%
USA, Bonds 4.75% 15feb2045, USD
0.94%
USA, Notes 3.625% 31aug2030, USD (AC-2030)
0.90%
USA, Notes 4% 31mar2030, USD (W-2030)
0.77%
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 TAGG and PWZ
How have the TAGG and PWZ ETFs performed in 2026?
As of September 10, 2026, TAGG is down -1.2% year-to-date (YTD), while PWZ has lost -4.14%. That puts TAGG better performer ahead so far this year.
Which ETF is attracting more investor money: TAGG or PWZ?
Year-to-date, the TAGG ETF saw +$1.16B in flows, compared to +$161M for PWZ.
Which ETF is more volatile: TAGG or PWZ?
Over the past year, TAGG had a volatility of 3.65%, while PWZ experienced 3.55%.
Which ETF is bigger: TAGG or PWZ?
As of September 10, 2026, TAGG holds $2.60 B in assets under management (AUM), while PWZ manages $1.20 B.
What sectors do the TAGG and PWZ ETFs invest in?
TAGG leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the TAGG ETF and PWZ ETF?
TAGG top holdings include USA, Notes 3.5% 15dec2028, USD (AV-2028), USA, Notes 4% 28feb2030, USD (H-2030) and USA, Bonds 4.625% 15nov2044, 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: TAGG or PWZ?
TAGG holds 1813 securities with 20.87% of its assets in the top 15. PWZ has 1206 securities and a top 15 weight of 7.32%.
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