TPLSvsPZAETF Comparison
VS
Thornburg Core Plus Bond ETF (TPLS) belongs to the Intl Aggregate Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. TPLS's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PZA's top sector exposures are Municipal. TPLS is more expensive with a Total Expense Ratio (TER) of 0.45%, versus 0.28% for PZA. TPLS is down -0.15% year-to-date (YTD) with -$4M in YTD flows. PZA performs worse with -3.08% YTD performance, and +$1.05B in YTD flows. Run a side-by-side ETF comparison of TPLS 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.
Find out how industry players manage ETF portfolios. Discover our library of Model portfolios
TPLS vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TPLS PZA | +0.15%-1.80% | -0.71%-3.64% | -0.15%-3.08% | +2.39%+2.77% | n/a+5.20% | n/a-5.69% |
| Flows | TPLS PZA | -+$64M | -$5M+$220M | -$4M+$1.05B | -$4M+$1.20B | -+$2.03B | -+$2.23B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TPLS PZA | +3.94%+3.84% | +3.85%+3.76% | n/a+5.37% | n/a+5.26% |
| Max drawdown | TPLS PZA | -1.90%-4.54% | -2.99%-4.54% | n/a-8.59% | n/a-18.28% |
| Max drawdown duration | TPLS PZA | 65d58d | 185d185d | n/a432d | n/a1703d |
Trading data
TPLS | PZA | |
Last sale 9/3/2026 at 1:30 PM | $24.69 | $22.40 |
| Previous close 09/02/2026 | $24.68 | $22.46 |
| 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 4, 2026
1-year trailing difference
Create an account to view replication metrics
Join for free
TPLS
is actively managed and doesn’t replicate an indexTPLS | PZA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Advertisement
Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
TPLS | PZA | |
|---|---|---|
| Last price | $24.69 | $22.40 |
| 1D performance | +0.04% | -0.27% |
| AuM | $14.77 M | $4.20 B |
| E/R | 0.45% | 0.28% |
Advertisement
Exposure
Countries
TPLS
USA
56.8%
Other
43.2%
PZA
USA
59.95%
Other
40.05%
Sectors
TPLS
Sovereign
17.15%
Finance
11.66%
Industrials
8.17%
Other
63.02%
PZA
Municipal
59.95%
Other
40.05%
Advertisement
Diversification
TPLS
Total weight of top 15 holdings out of 15
27.78%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
TPLS
USA, STRIPS 0% 15may2045, USD (10958D)
8.52%
USA, STRIPS 0% 15feb2056, USD (10955D)
4.94%
Thornburg Capital Management Fund
2.56%
US693981AC68
1.63%
USA, TIPS 0.125% 15feb2051, USD
1.18%
FR SD8533, 5.5% 1may2055, USD (ABS)
1.16%
US31418EU999
1.05%
FN MA5910, 5.5% 1dec2055, USD (ABS)
1.04%
US3140XRWW19
1.03%
US3132DP3J51
0.92%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.90%
US3140W6XM92
0.73%
US00969YAA29
0.73%
US85573HAA86
0.71%
US233824AA90
0.67%
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)
0.11%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.10%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.10%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
San Diego Unified School District, 4% 1jul2047, USD
0.09%
Lower Alabama Gas District, 5% 1sep2046, USD
0.09%
Texas Water Development Board, 4.75% 15oct2055, USD (2025)
0.09%
University of California Medical Center, 4% 15may2053, USD
0.09%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.09%
Frequently asked questions about TPLS and PZA
How have the TPLS and PZA ETFs performed in 2026?
As of September 2, 2026, TPLS is down -0.15% year-to-date (YTD), while PZA has lost -3.08%. That puts TPLS better performer ahead so far this year.
Which ETF is attracting more investor money: TPLS or PZA?
Year-to-date, the TPLS ETF saw -$4M in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: TPLS or PZA?
Over the past year, TPLS had a volatility of 3.85%, while PZA experienced 3.76%.
Which ETF is bigger: TPLS or PZA?
As of September 2, 2026, TPLS holds $14.77 M in assets under management (AUM), while PZA manages $4.20 B.
What sectors do the TPLS and PZA ETFs invest in?
TPLS leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the TPLS ETF and PZA ETF?
TPLS top holdings include USA, STRIPS 0% 15may2045, USD (10958D), USA, STRIPS 0% 15feb2056, USD (10955D) and Thornburg Capital Management Fund. 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: TPLS or PZA?
TPLS holds 344 securities with 27.78% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
Advertisement
Advertisement
