VTELvsPZAETF Comparison
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Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) 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. VTEL is less expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.28% for PZA. VTEL is down -2.99% year-to-date (YTD) with +$320M 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 VTEL 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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VTEL 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. | VTEL PZA | -0.39%-0.78% | -4.81%-6.25% | -2.99%-5.77% | -2.48%-5.56% | n/a+6.07% | n/a-7.44% |
| Flows | VTEL PZA | +$84M-$21M | +$203M+$84M | +$320M+$1.06B | +$387M+$954M | -+$2.07B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEL PZA | +6.79%+7.30% | +4.27%+4.68% | n/a+5.53% | n/a+5.45% |
| Max drawdown | VTEL PZA | -7.63%-8.91% | -8.55%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | VTEL PZA | 92d92d | 102d229d | n/a229d | n/a1747d |
Trading data
VTEL | PZA | |
Last sale 10/16/2026 at 1:30 PM | $97.32 | $21.64 |
| Previous close 10/15/2026 | $97.49 | $21.59 |
| 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 September 30, 2026
1-year trailing difference
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VTEL | 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
VTEL | PZA | |
|---|---|---|
| Last price | $97.32 | $21.64 |
| 1D performance | -0.17% | +0.23% |
| AuM | $477.65 M | $4.08 B |
| E/R | 0.09% | 0.28% |
Characteristics
VTEL | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Invesco |
| Benchmark | S&P 10+ Year National AMT-Free Municipal Bond Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 2379 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 20, 2025 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
VTEL
USA
56.27%
Other
43.73%
PZA
USA
59.27%
Other
40.73%
Sectors
VTEL
Municipal
56.27%
Other
43.73%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
VTEL
Total weight of top 15 holdings out of 15
1.79%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
VTEL
US13063EVD56
0.17%
US13063EUG96
0.16%
California, 5% 1aug2050, USD
0.14%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.13%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.13%
US64972JN619
0.13%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.12%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.11%
US64972JDG04
0.11%
California, 5% 1aug2042, USD
0.11%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.10%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.10%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.10%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.10%
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%
US43233KAE47
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
US67756AH960
0.09%
Frequently asked questions about VTEL and PZA
How have the VTEL and PZA ETFs performed in 2026?
As of October 16, 2026, VTEL is down -2.99% year-to-date (YTD), while PZA has lost -5.77%. That puts VTEL better performer ahead so far this year.
Which ETF is attracting more investor money: VTEL or PZA?
Year-to-date, the VTEL ETF saw +$320M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: VTEL or PZA?
Over the past year, VTEL had a volatility of 4.27%, while PZA experienced 4.68%.
Which ETF is bigger: VTEL or PZA?
As of October 16, 2026, VTEL holds $477.65 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the VTEL and PZA ETFs invest in?
VTEL leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the VTEL ETF and PZA ETF?
VTEL top holdings include US13063EVD56, US13063EUG96 and California, 5% 1aug2050, 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: VTEL or PZA?
VTEL holds 4654 securities with 1.79% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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