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 -0.93% year-to-date (YTD) with +$1.32B in YTD flows. PWZ performs worse with -4.15% YTD performance, and +$185M 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 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAGG PWZ | +1.78%+3.86% | -0.70%-3.32% | -0.93%-4.15% | -1.02%-4.07% | +17.05%+9.58% | -2.15%-5.00% |
| Flows | TAGG PWZ | +$112M+$31M | +$472M+$121M | +$1.32B+$185M | +$1.34B+$185M | +$2.73B+$351M | +$2.82B+$777M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAGG PWZ | +4.64%+6.90% | +3.94%+4.55% | +4.92%+5.26% | +6.07%+5.23% |
| Max drawdown | TAGG PWZ | -3.31%-8.03% | -4.65%-9.53% | -4.87%-9.53% | -18.55%-17.07% |
| Max drawdown duration | TAGG PWZ | 62d75d | 239d113d | 284d113d | 1812d1758d |
Trading data
TAGG | PWZ | |
Last sale 10/28/2026 at 1:30 PM | $41.05 | $23.03 |
| Previous close 10/27/2026 | $41.09 | $23.05 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 29, 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 10/28/2026 at 1:30 PM
Live
Closed
TAGG | PWZ | |
|---|---|---|
| Last price | $41.05 | $23.03 |
| 1D performance | -0.10% | -0.09% |
| AuM | $2.76 B | $1.22 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 | 1277 | 671 |
| 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
63.22%
Other
36.78%
PWZ
USA
68.28%
Other
31.72%
Sectors
TAGG
Sovereign
32.19%
Finance
12.01%
Industrials
9.13%
Other
46.68%
PWZ
Municipal
68.28%
Other
31.72%
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Diversification
TAGG
Total weight of top 15 holdings out of 15
19.19%
PWZ
Total weight of top 15 holdings out of 15
7.38%
Top 15 holdings
Data as of August 31, 2026
TAGG
USA, Bonds 4.625% 15feb2046, USD
2.11%
USA, Notes 3.5% 15dec2028, USD (AV-2028)
1.89%
USA, Notes 4% 28feb2030, USD (H-2030)
1.71%
USA, Bonds 4.75% 15feb2056, USD
1.53%
USA, Bonds 4.5% 15nov2054, USD
1.52%
USA, Notes 4.25% 31jan2030, USD (U-2030)
1.43%
USA, Bonds 4.625% 15nov2044, USD
1.40%
USA, Bonds 4.875% 15aug2045, USD
1.21%
USA, Notes 3.5% 30nov2030, USD (AG-2030)
1.12%
USA, Notes 3.875% 15may2029, USD (AN-2029)
0.95%
USA, Notes 3.875% 30apr2031, USD (Y-2031)
0.92%
USA, Notes 4.125% 15jun2029, USD (AP-2029)
0.87%
USA, Notes 3.875% 15mar2028, USD (AL-2028)
0.86%
USA, Bonds 4.75% 15feb2045, USD
0.84%
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.84%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.88%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.62%
University of California Medical Center, 5% 15may2047, USD (2022)
0.61%
University of California Medical Center, 4% 15may2053, USD
0.54%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.51%
California Educational Facilities Authority, 5% 1may2049, USD
0.50%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.46%
University of California, 5% 15may2053, USD (2025)
0.46%
Los Angeles Unified School District, 4% 1jul2044, USD
0.45%
US13032U7V45
0.44%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.40%
University of California, 5% 15may2052, USD (2022)
0.38%
California Educational Facilities Authority, 5% 1may2045, USD
0.38%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.38%
San Francisco Bay Area Rapid Transit District, 4.25% 1aug2052, USD (2016)
0.37%
Frequently asked questions about TAGG and PWZ
How have the TAGG and PWZ ETFs performed in 2026?
As of October 26, 2026, TAGG is down -0.93% year-to-date (YTD), while PWZ has lost -4.15%. 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 +$1.32B in flows, compared to +$185M for PWZ.
Which ETF is more volatile: TAGG or PWZ?
Over the past year, TAGG had a volatility of 3.94%, while PWZ experienced 4.55%.
Which ETF is bigger: TAGG or PWZ?
As of October 26, 2026, TAGG holds $2.76 B in assets under management (AUM), while PWZ manages $1.22 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, Bonds 4.625% 15feb2046, USD, USA, Notes 3.5% 15dec2028, USD (AV-2028) and USA, Notes 4% 28feb2030, USD (H-2030). 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 1854 securities with 19.19% of its assets in the top 15. PWZ has 1237 securities and a top 15 weight of 7.38%.
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