TPLSvsPZAETF Comparison
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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 -1.27% year-to-date (YTD) with +$2M in YTD flows. PZA performs worse with -5.77% YTD performance, and +$1.06B 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.
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TPLS vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TPLS PZA | -0.29%-0.78% | -1.61%-6.25% | -1.27%-5.77% | -1.42%-5.56% | n/a+6.07% | n/a-7.44% |
| Flows | TPLS PZA | +$6M-$21M | +$6M+$84M | +$2M+$1.06B | +$2M+$954M | -+$2.07B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TPLS PZA | +4.34%+7.30% | +3.95%+4.68% | n/a+5.53% | n/a+5.45% |
| Max drawdown | TPLS PZA | -3.17%-8.91% | -4.59%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | TPLS PZA | 52d92d | 229d229d | n/a229d | n/a1747d |
Trading data
TPLS | PZA | |
Last sale 10/16/2026 at 1:30 PM | $24.26 | $21.64 |
| Previous close 10/16/2026 | $24.23 | $21.59 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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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 | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
TPLS | PZA | |
|---|---|---|
| Last price | $24.26 | $21.64 |
| 1D performance | +0.12% | +0.23% |
| AuM | $20.38 M | $4.08 B |
| E/R | 0.45% | 0.28% |
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Exposure
Countries
TPLS
USA
56.46%
Other
43.54%
PZA
USA
59.27%
Other
40.73%
Sectors
TPLS
Sovereign
16.96%
Finance
11.36%
Industrials
7.18%
Other
64.5%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
TPLS
Total weight of top 15 holdings out of 15
29.4%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
TPLS
USA, STRIPS 0% 15may2045, USD (10958D)
8.61%
USA, STRIPS 0% 15feb2056, USD (10955D)
4.61%
Thornburg Capital Management Fund
3.80%
US31427NEK19
2.04%
US693981AC68
1.61%
USA, TIPS 0.125% 15feb2051, USD
1.21%
FR SD8533, 5.5% 1may2055, USD (ABS)
1.16%
US31418EU999
1.05%
US3132DP3J51
0.93%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.91%
US3140W6XM92
0.73%
US00969YAA29
0.72%
US233824AA90
0.68%
US19688RAF64
0.68%
US85573HAA86
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)
0.10%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
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%
County of Jefferson (AL), 5.25% 1oct2049, USD (2024)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.09%
US818200VF19
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
Frequently asked questions about TPLS and PZA
How have the TPLS and PZA ETFs performed in 2026?
As of October 16, 2026, TPLS is down -1.27% year-to-date (YTD), while PZA has lost -5.77%. 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 +$2M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: TPLS or PZA?
Over the past year, TPLS had a volatility of 3.95%, while PZA experienced 4.68%.
Which ETF is bigger: TPLS or PZA?
As of October 16, 2026, TPLS holds $20.38 M in assets under management (AUM), while PZA manages $4.08 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 29.4% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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