USFIvsPWZETF Comparison
VS
BrandywineGLOBAL - U.S. Fixed Income ETF (USFI) belongs to the US Aggregate Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. USFI's top 3 sector exposures are Sovereign, Industrials and Finance. In contrast, PWZ's top sector exposures are Municipal. USFI is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.28% for PWZ. USFI is down -2.88% year-to-date (YTD) with -$4M in YTD flows. PWZ performs worse with -5.64% YTD performance, and +$142M in YTD flows. Run a side-by-side ETF comparison of USFI 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.
Find out how industry players manage ETF portfolios. Discover our library of Model portfolios
USFI vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | USFI PWZ | -0.42%-0.98% | -2.52%-6.27% | -2.88%-5.64% | -3.79%-5.26% | +13.01%+5.72% | n/a-6.62% |
| Flows | USFI PWZ | --$19M | -+$81M | -$4M+$142M | -$2M+$138M | -$2M+$318M | -+$737M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | USFI PWZ | +3.22%+6.85% | +2.76%+4.44% | +6.27%+5.28% | n/a+5.21% |
| Max drawdown | USFI PWZ | -3.48%-8.65% | -4.97%-9.53% | -6.44%-9.53% | n/a-17.07% |
| Max drawdown duration | USFI PWZ | 89d92d | 359d102d | 216d102d | n/a1747d |
Trading data
USFI | PWZ | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | |
| Previous close 10/15/2026 | $22.70 | |
| 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
Create an account to view replication metrics
Join for free
USFI
is actively managed and doesn’t replicate an indexUSFI | PWZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Advertisement
Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
USFI | PWZ | |
|---|---|---|
| Last price | – | $22.73 |
| 1D performance | – | +0.13% |
| AuM | $9.52 M | $1.16 B |
| E/R | 0.39% | 0.28% |
Characteristics
USFI | PWZ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 34 | 671 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 25, 2023 | October 11, 2007 |
| ESG | No | No |
Advertisement
Exposure
Countries
USFI
USA
67.92%
Other
32.08%
PWZ
USA
68.28%
Other
31.72%
Sectors
USFI
Sovereign
45.96%
Industrials
17.4%
Other
36.64%
PWZ
Municipal
68.28%
Other
31.72%
Advertisement
Diversification
USFI
Total weight of top 15 holdings out of 15
74.98%
PWZ
Total weight of top 15 holdings out of 15
7.38%
Top 15 holdings
Data as of August 31, 2026
USFI
USA, TIPS 1.25% 15apr2031, USD (X-2031)
22.86%
USA, Notes FRN 30apr2028, USD (BB-2028)
9.53%
USA, Notes 4.25% 15aug2035, USD (E-2035)
5.45%
US91282CRF04
4.85%
USA, TIPS 2.375% 15feb2056, USD
4.85%
US36180AAG85
3.41%
G2 MB0873, 6% 20jan2056, USD (ABS)
3.41%
USA, Notes FRN 31jul2028, USD (BF-2028)
3.28%
US3618N5VR78
2.85%
US3618N5RF86
2.79%
G2 MA9780, 6% 20jul2054, USD (ABS)
2.72%
US912810UW61
2.52%
G2 MA9669, 6% 20may2054, USD (ABS)
2.30%
US102104AA49
2.10%
US36179YKT00
2.08%
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 USFI and PWZ
How have the USFI and PWZ ETFs performed in 2026?
As of October 16, 2026, USFI is down -2.88% year-to-date (YTD), while PWZ has lost -5.64%. That puts USFI better performer ahead so far this year.
Which ETF is attracting more investor money: USFI or PWZ?
Year-to-date, the USFI ETF saw -$4M in flows, compared to +$142M for PWZ.
Which ETF is more volatile: USFI or PWZ?
Over the past year, USFI had a volatility of 2.76%, while PWZ experienced 4.44%.
Which ETF is bigger: USFI or PWZ?
As of October 16, 2026, USFI holds $9.52 M in assets under management (AUM), while PWZ manages $1.16 B.
What sectors do the USFI and PWZ ETFs invest in?
USFI leans toward sectors like Sovereign and Industrials. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the USFI ETF and PWZ ETF?
USFI top holdings include USA, TIPS 1.25% 15apr2031, USD (X-2031), USA, Notes FRN 30apr2028, USD (BB-2028) and USA, Notes 4.25% 15aug2035, USD (E-2035). 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: USFI or PWZ?
USFI holds 59 securities with 74.98% of its assets in the top 15. PWZ has 1237 securities and a top 15 weight of 7.38%.
Advertisement
Advertisement
