WABFvsPZAETF Comparison
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Western Asset Bond ETF (WABF) belongs to the US Aggregate Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. WABF's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PZA's top sector exposures are Municipal. WABF is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.28% for PZA. WABF is down -5.75% year-to-date (YTD) with -$4M in YTD flows. PZA performs worse with -5.87% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of WABF 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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WABF vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/19/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | WABF PZA | -1.65%-1.08% | -3.64%-5.87% | -5.75%-5.87% | -6.85%-5.88% | +11.82%+8.15% | n/a-7.47% |
| Flows | WABF PZA | -$4M-$47M | -$4M+$69M | -$4M+$1.06B | -$4M+$957M | -$30M+$2.05B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | WABF PZA | +4.71%+7.33% | +4.48%+4.69% | +5.62%+5.49% | n/a+5.45% |
| Max drawdown | WABF PZA | -4.67%-8.44% | -8.57%-9.83% | -8.57%-9.83% | n/a-18.28% |
| Max drawdown duration | WABF PZA | 91d91d | 232d232d | 232d232d | n/a1750d |
Trading data
WABF | PZA | |
Last sale 10/19/2026 at 1:30 PM | $23.77 | $21.54 |
| Previous close 10/19/2026 | $23.81 | $21.61 |
| Consolidated volume 10/19/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 20, 2026
1-year trailing difference
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WABF
is actively managed and doesn’t replicate an indexWABF | 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 10/19/2026 at 1:30 PM
Live
Closed
WABF | PZA | |
|---|---|---|
| Last price | $23.77 | $21.54 |
| 1D performance | -0.18% | -0.35% |
| AuM | $11.88 M | $4.06 B |
| E/R | 0.35% | 0.28% |
Characteristics
WABF | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 348 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 19, 2023 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
WABF
USA
44.94%
Other
55.06%
PZA
USA
59.27%
Other
40.73%
Sectors
WABF
Sovereign
15.89%
Finance
9.54%
Other
74.58%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
WABF
Total weight of top 15 holdings out of 15
28.25%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
WABF
USA, Notes 4.625% 30sep2030, USD (Q-2030)
11.68%
US3140QNCM26
1.63%
US3132D9FS84
1.55%
US03665MAJ09
1.40%
USA, Bonds 4.75% 15feb2041, USD
1.32%
US02009EAA47
1.20%
US3133KRV844
1.16%
XS3315388846
1.14%
US3140NDCS41
1.12%
HSBC Holdings plc, 4.762% 29mar2033, USD
1.10%
Mexico, 4.875% 19may2033, USD
1.07%
KazMunayGas, 3.5% 14apr2033, USD
1.02%
Naspers, 3.061% 13jul2031, USD
1.02%
US3140FXTT96
0.99%
US081925AD15
0.87%
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%
US67756AH960
0.09%
US43233KAE47
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
Frequently asked questions about WABF and PZA
How have the WABF and PZA ETFs performed in 2026?
As of October 19, 2026, WABF is down -5.75% year-to-date (YTD), while PZA has lost -5.87%. That puts WABF better performer ahead so far this year.
Which ETF is attracting more investor money: WABF or PZA?
Year-to-date, the WABF ETF saw -$4M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: WABF or PZA?
Over the past year, WABF had a volatility of 4.48%, while PZA experienced 4.69%.
Which ETF is bigger: WABF or PZA?
As of October 19, 2026, WABF holds $11.88 M in assets under management (AUM), while PZA manages $4.06 B.
What sectors do the WABF and PZA ETFs invest in?
WABF leans toward sectors like Sovereign and Finance. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the WABF ETF and PZA ETF?
WABF top holdings include USA, Notes 4.625% 30sep2030, USD (Q-2030), US3140QNCM26 and US3132D9FS84. 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: WABF or PZA?
WABF holds 430 securities with 28.25% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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