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 -0.8% year-to-date (YTD) with +$196M in YTD flows. PZA performs worse with -3.03% YTD performance, and +$1.05B 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 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEL PZA | -1.30%-1.76% | -2.49%-3.32% | -0.80%-3.03% | +4.97%+2.82% | n/a+5.25% | n/a-5.65% |
| Flows | VTEL PZA | +$43M+$62M | +$92M+$213M | +$196M+$1.05B | +$296M+$1.20B | -+$2.02B | -+$2.24B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEL PZA | +3.52%+3.90% | +3.34%+3.77% | n/a+5.37% | n/a+5.26% |
| Max drawdown | VTEL PZA | -3.62%-4.49% | -3.62%-4.50% | n/a-8.59% | n/a-18.28% |
| Max drawdown duration | VTEL PZA | 57d57d | 57d184d | n/a432d | n/a1702d |
Trading data
VTEL | PZA | |
Last sale 9/2/2026 at 1:30 PM | $100.02 | $22.46 |
| Previous close 09/01/2026 | $100.08 | $22.44 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 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 9/2/2026 at 1:30 PM
Live
Closed
VTEL | PZA | |
|---|---|---|
| Last price | $100.02 | $22.46 |
| 1D performance | -0.06% | +0.09% |
| AuM | $362.54 M | $4.20 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 BofAML National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 2271 | 3400 |
| 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
58.08%
Other
41.92%
PZA
USA
59.95%
Other
40.05%
Sectors
VTEL
Municipal
58.08%
Other
41.92%
PZA
Municipal
59.95%
Other
40.05%
Diversification
VTEL
Total weight of top 15 holdings out of 15
1.86%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
VTEL
California, 5% 1aug2050, USD
0.16%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.15%
US64972JN619
0.15%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.13%
US64972JDG04
0.13%
California, 5% 1aug2042, USD
0.12%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.12%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.12%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.11%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.11%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.11%
Tampa-Hillsborough Expressway Authority, 5% 1jul2047, USD (2017)
0.11%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.10%
Los Angeles Department of Water and Power, 5% 1jul2042, USD
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)
0.11%
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 VTEL and PZA
How have the VTEL and PZA ETFs performed in 2026?
As of September 1, 2026, VTEL is down -0.8% year-to-date (YTD), while PZA has lost -3.03%. 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 +$196M in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: VTEL or PZA?
Over the past year, VTEL had a volatility of 3.34%, while PZA experienced 3.77%.
Which ETF is bigger: VTEL or PZA?
As of September 1, 2026, VTEL holds $362.54 M in assets under management (AUM), while PZA manages $4.20 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 California, 5% 1aug2050, USD, Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A) and US64972JN619. 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 4397 securities with 1.86% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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