GCAL vs PWZ
Goldman Sachs Dynamic California Municipal Income ETF against Invesco California AMT-Free Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
2%
23 shared positions
Fee gap
2 bp
PWZ is cheaper
1-year return gap
2.6 pts
GCAL is ahead
Larger fund
PWZ
$1.2B
Side by side
| GCAL | PWZ | |
|---|---|---|
| Fund | Goldman Sachs Dynamic California Municipal Income ETF | Invesco California AMT-Free Municipal Bond ETF |
| Issuer | Goldman Sachs | Invesco |
| Category | State Muni | State Muni |
| Expense ratio | 0.30% | 0.28% |
| Assets | $244M | $1.2B |
| Average daily dollar volume | $5.2M | $33M |
| Listed | Jul 23, 2024 | Oct 11, 2007 |
| FrenzyCap score | 57 | 72 |
| 1-month return | +1.9% | +2.5% |
| 3-month return | −2.1% | −4.2% |
| Year to date | −2.7% | −4.8% |
| 1-year return | −2.9% | −5.5% |
| 30-day volatility | 5.8% | 8.1% |
| Worst drawdown, 1 year | −7.0% | −10.0% |
| Trailing 12-month yield | 3.65% | 3.99% |
| Holdings | 421 | 1,158 |
| Top 10 weight | 10.1% | 5.8% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$17M thru May 2026 | +$41M thru May 2026 |
| 30-day implied volatility | — | 30.0% |
| Holdings as of | as of Oct 23, 2026issuer data | as of May 31, 2026SEC filing |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
7% of GCAL · 3% of PWZ| Holding | GCAL | PWZ |
|---|---|---|
| CALIFORNIA HEALTH FACILIT 4%, due Aug 15, 2048 | 0.42% | 0.67% |
| CALIFORNIA EDUCATIONAL FA 5%, due Jun 1, 2046 | 0.43% | 0.29% |
| MUNICIPAL IMPROVEMENT COR 5.25%, due May 1, 2050 | 0.42% | 0.23% |
| LOS ANGELES UNIFIED SCHOO 5%, due Jul 1, 2045 | 0.25% | 0.16% |
| LOS ANGELES UNIFIED SCHOO 5%, due Jul 1, 2043 | 0.27% | 0.15% |
| LOS ANGELES COUNTY CALIF 5.25%, due Dec 1, 2050 | 0.43% | 0.15% |
| CALIFORNIA STATE UNIVERSI 5%, due Nov 1, 2047 | 0.25% | 0.14% |
| CALIFORNIA HEALTH FACILIT 4%, due Nov 15, 2041 | 0.13% | 0.21% |
| IMPERIAL IRRIGATION DISTR 5%, due Nov 1, 2046 | 0.37% | 0.11% |
| CALIFORNIA HEALTH FACILIT 5%, due Oct 1, 2044 | 0.39% | 0.11% |
| CALIFORNIA STATEWIDE COMM 5%, due Aug 15, 2051 | 0.39% | 0.09% |
| GUAM WATERWORKS AUTHORITY 5.25%, due Jul 1, 2050 | 0.20% | 0.07% |
| CALIFORNIA HEALTH FACILIT 5.25%, due Dec 1, 2049 | 0.21% | 0.07% |
| LOS ANGELES DEPARTMENT OF 5%, due Jul 1, 2048 | 0.51% | 0.06% |
| SAN FRANCISCO CALIFORNIA 5.25%, due Jun 15, 2049 | 0.04% | 0.21% |
| SAN JOAQUIN HILLS TRANSPO 5.25%, due Jan 15, 2049 | 0.04% | 0.04% |
| PUBLIC FACILITIES FINANCI 3%, due Aug 1, 2049 | 0.04% | 0.04% |
| GUAM (TERRITORY OF) 4%, due Jan 1, 2042 | 0.04% | 0.14% |
| CALIFORNIA HEALTH FACILIT 5%, due Feb 1, 2042 | 0.61% | 0.04% |
| IRVINE FACILITIES FINANCI 5.25%, due May 1, 2048 | 0.35% | 0.04% |
| BAY AREA TOLL AUTHORITY 3%, due Apr 1, 2054 | 0.03% | 0.09% |
| CALIFORNIA STATEWIDE COMM 5%, due Apr 1, 2047 | 0.09% | 0.03% |
| CALIFORNIA INFRASTRUCTURE 5%, due Nov 1, 2049 | 0.66% | 0.01% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · GCAL holdings · PWZ holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.