VTECvsPZAETF Comparison
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Vanguard California Tax-Exempt Bond ETF (VTEC) 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. VTEC is less expensive with a Total Expense Ratio (TER) of 0.06%, versus 0.28% for PZA. VTEC is down -0.96% year-to-date (YTD) with +$2.67B in YTD flows. PZA performs worse with -4.19% YTD performance, and +$1.01B in YTD flows. Run a side-by-side ETF comparison of VTEC 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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VTEC vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/29/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEC PZA | +3.94%+4.65% | -1.30%-3.30% | -0.96%-4.19% | -0.56%-4.32% | n/a+10.18% | n/a-5.89% |
| Flows | VTEC PZA | +$801M-$48M | +$1.30B+$13M | +$2.67B+$1.01B | +$3.00B+$905M | -+$1.93B | -+$2.14B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEC PZA | +5.02%+7.35% | +3.24%+4.81% | n/a+5.52% | n/a+5.47% |
| Max drawdown | VTEC PZA | -5.64%-8.18% | -6.50%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | VTEC PZA | 77d77d | 242d242d | n/a242d | n/a1760d |
Trading data
VTEC | PZA | |
Last sale 10/30/2026 at 5:01 PM | $97.06 | $21.96 |
| Previous close 10/29/2026 | $96.82 | $21.84 |
| Consolidated volume 10/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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VTEC | 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 10/30/2026 at 5:01 PM
Live
Closed
VTEC | PZA | |
|---|---|---|
| Last price | $97.06 | $21.96 |
| 1D performance | +0.25% | +0.55% |
| AuM | $4.34 B | $4.09 B |
| E/R | 0.06% | 0.28% |
Characteristics
VTEC | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Invesco |
| Benchmark | S&P California AMT-Free Municipal Bond Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 1732 | 3412 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 30, 2024 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
VTEC
USA
60.19%
Other
39.81%
PZA
USA
58.71%
Other
41.29%
Sectors
VTEC
Municipal
60.19%
Other
39.81%
PZA
Municipal
58.71%
Other
41.29%
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Diversification
VTEC
Total weight of top 15 holdings out of 15
3.77%
PZA
Total weight of top 15 holdings out of 15
1.53%
Top 15 holdings
Data as of September 30, 2026
VTEC
University of California, 5% 15may2036, USD (2025)
0.50%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.37%
Bay Area Toll Authority, 5% 1apr2061, USD (2026)
0.28%
US91412HWB58
0.25%
San Diego Public Facilities Financing Authority, 5.25% 15oct2055, USD (2025A)
0.24%
US544525Y931
0.23%
California, 5.25% 1oct2051, USD
0.23%
US88035JSP83
0.23%
US13048TGT43
0.22%
University of California, 5% 15may2032, USD (2022)
0.22%
US672325R587
0.21%
US544647HQ66
0.21%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.20%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.20%
US13063EUR51
0.20%
PZA
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.12%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
US160853VA29
0.10%
US6133408D38
0.10%
US818200VF19
0.10%
US43233KAE47
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.09%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
0.09%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.09%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.09%
Frequently asked questions about VTEC and PZA
How have the VTEC and PZA ETFs performed in 2026?
As of October 29, 2026, VTEC is down -0.96% year-to-date (YTD), while PZA has lost -4.19%. That puts VTEC better performer ahead so far this year.
Which ETF is attracting more investor money: VTEC or PZA?
Year-to-date, the VTEC ETF saw +$2.67B in flows, compared to +$1.01B for PZA.
Which ETF is more volatile: VTEC or PZA?
Over the past year, VTEC had a volatility of 3.24%, while PZA experienced 4.81%.
Which ETF is bigger: VTEC or PZA?
As of October 29, 2026, VTEC holds $4.34 B in assets under management (AUM), while PZA manages $4.09 B.
What sectors do the VTEC and PZA ETFs invest in?
VTEC leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the VTEC ETF and PZA ETF?
VTEC top holdings include University of California, 5% 15may2036, USD (2025), Los Angeles Unified School District, 5% 1jul2034, USD (2024A) and Bay Area Toll Authority, 5% 1apr2061, USD (2026). PZA holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, New York Dormitory Authority, 5.5% 1jul2054, USD (2024A) and County of Jefferson (AL), 5.5% 1oct2053, USD (2024).
Which ETF is more diversified: VTEC or PZA?
VTEC holds 3944 securities with 3.77% of its assets in the top 15. PZA has 7224 securities and a top 15 weight of 1.53%.
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