VCRMvsPZAETF Comparison
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Vanguard Core Tax-Exempt Bond ETF (VCRM) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VCRM is less expensive with a Total Expense Ratio (TER) of 0.12%, versus 0.28% for PZA. VCRM is down -0.95% year-to-date (YTD) with +$1.18B in YTD flows. PZA performs worse with -4.87% YTD performance, and +$1.10B in YTD flows. Run a side-by-side ETF comparison of VCRM 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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VCRM vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VCRM PZA | -2.07%-3.33% | -3.14%-5.66% | -0.95%-4.87% | +0.50%-3.37% | n/a+4.08% | n/a-7.51% |
| Flows | VCRM PZA | +$134M+$75M | +$300M+$215M | +$1.18B+$1.10B | +$1.49B+$1.14B | -+$2.08B | -+$2.26B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VCRM PZA | +3.20%+4.66% | +2.57%+3.69% | n/a+5.43% | n/a+5.30% |
| Max drawdown | VCRM PZA | -3.57%-6.46% | -3.57%-6.47% | n/a-8.59% | n/a-18.28% |
| Max drawdown duration | VCRM PZA | 74d74d | 74d201d | n/a432d | n/a1719d |
Trading data
VCRM | PZA | |
Last sale 9/18/2026 at 1:30 PM | $73.07 | $22.02 |
| Previous close 09/17/2026 | $73.27 | $22.08 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 20, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexVCRM | 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 9/18/2026 at 1:30 PM
Live
Closed
VCRM | PZA | |
|---|---|---|
| Last price | $73.07 | $22.02 |
| 1D performance | -0.27% | -0.27% |
| AuM | $1.93 B | $4.18 B |
| E/R | 0.12% | 0.28% |
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Exposure
Countries
VCRM
USA
58.45%
Other
41.55%
PZA
USA
59.95%
Other
40.05%
Sectors
VCRM
Municipal
58.45%
Other
41.55%
PZA
Municipal
59.95%
Other
40.05%
Diversification
VCRM
Total weight of top 15 holdings out of 15
7.97%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
VCRM
University of Cincinnati, 5% 1jun2045, USD (2017)
0.83%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.74%
Massachusetts, 5% 1jun2047, USD
0.66%
US09182TEC71
0.63%
Kentucky Public Energy Authority, 4% 1aug2052, USD (2022)
0.55%
Chicago O'Hare International Airport, 5% 1jan2047, USD (2016D)
0.55%
Jefferson Sales Tax District, 5% 1dec2042, USD (2017B)
0.54%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.47%
PEFA Inc., 5% 1apr2035, USD (2026A)
0.46%
Texas Department of Housing and Community Affairs, 6% 1jan2057, USD (2026B)
0.45%
Wisconsin Public Finance Authority, 5.75% 1jul2062, USD (2023-1, A)
0.43%
Energy Southeast, 5% 1sep2033, USD (2025B)
0.43%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.42%
US57563WAC29
0.42%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.40%
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 VCRM and PZA
How have the VCRM and PZA ETFs performed in 2026?
As of September 18, 2026, VCRM is down -0.95% year-to-date (YTD), while PZA has lost -4.87%. That puts VCRM better performer ahead so far this year.
Which ETF is attracting more investor money: VCRM or PZA?
Year-to-date, the VCRM ETF saw +$1.18B in flows, compared to +$1.10B for PZA.
Which ETF is more volatile: VCRM or PZA?
Over the past year, VCRM had a volatility of 2.57%, while PZA experienced 3.69%.
Which ETF is bigger: VCRM or PZA?
As of September 18, 2026, VCRM holds $1.93 B in assets under management (AUM), while PZA manages $4.18 B.
What sectors do the VCRM and PZA ETFs invest in?
VCRM leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the VCRM ETF and PZA ETF?
VCRM top holdings include University of Cincinnati, 5% 1jun2045, USD (2017), Black Belt Energy Gas District, 5% 1oct2035, USD (2025) and Massachusetts, 5% 1jun2047, USD. 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: VCRM or PZA?
VCRM holds 2396 securities with 7.97% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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