GMUB vs PZA
Goldman Sachs Municipal Income ETF against Invesco National AMT-Free Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
1%
45 shared positions
Fee gap
10 bp
GMUB is cheaper
1-year return gap
4.6 pts
GMUB is ahead
Larger fund
PZA
$4.1B
Side by side
| GMUB | PZA | |
|---|---|---|
| Fund | Goldman Sachs Municipal Income ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | Goldman Sachs | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.18% | 0.28% |
| Assets | $638M | $4.1B |
| Average daily dollar volume | $19M | $100M |
| Listed | Jul 23, 2024 | Oct 11, 2007 |
| FrenzyCap score | 76 | 80 |
| 1-month return | −0.2% | −1.5% |
| 3-month return | −2.1% | −5.5% |
| Year to date | −3.2% | −6.9% |
| 1-year return | −3.1% | −7.7% |
| 30-day volatility | 5.5% | 8.8% |
| Worst drawdown, 1 year | −7.0% | −10.4% |
| Trailing 12-month yield | 3.48% | 4.10% |
| Holdings | 906 | 6,664 |
| Top 10 weight | 10.6% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$78M thru May 2026 | +$400M thru May 2026 |
| 30-day implied volatility | — | 9.4% |
| Holdings as of | as of Oct 20, 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
4% of GMUB · 1% of PZA| Holding | GMUB | PZA |
|---|---|---|
| CHICAGO ILLINOIS BOARD OF 6%, due Apr 1, 2046 | 0.16% | 0.09% |
| ALLEGHENY COUNTY HOSPITAL 4%, due Apr 1, 2044 | 0.15% | 0.05% |
| NEW JERSEY TURNPIKE AUTHO 4%, due Jan 1, 2042 | 0.04% | 0.05% |
| NEW JERSEY TURNPIKE AUTHO 5%, due Jan 1, 2043 | 0.32% | 0.04% |
| WASHINGTON METROPOLITAN A 5%, due Jul 1, 2042 | 0.16% | 0.04% |
| NEW YORK CITY INDUSTRIAL 3%, due Jan 1, 2046 | 0.08% | 0.03% |
| NEW JERSEY TURNPIKE AUTHO 5%, due Jan 1, 2044 | 0.03% | 0.03% |
| NEW HAMPSHIRE BUSINESS FI 3%, due Aug 15, 2046 | 0.03% | 0.05% |
| COLORADO HEALTH FACILITIE 3.25%, due Aug 1, 2049 | 0.13% | 0.03% |
| NEW JERSEY HEALTH CARE FA 5%, due Jul 1, 2042 | 0.21% | 0.03% |
| PENNSYLVANIA TURNPIKE COM 5%, due Dec 1, 2044 | 0.08% | 0.03% |
| ILLINOIS FINANCE AUTHORIT 5%, due Jul 15, 2042 | 0.10% | 0.03% |
| SARASOTA COUNTY PUBLIC HO 4%, due Jul 1, 2048 | 0.02% | 0.03% |
| LOUISIANA PUBLIC FACILITI 3%, due Jun 1, 2050 | 0.09% | 0.02% |
| STATE OF ILLINOIS 5.25%, due May 1, 2047 | 0.02% | 0.04% |
| NORTH CAROLINA MEDICAL CA 3%, due Jul 1, 2045 | 0.06% | 0.02% |
| KENTUCKY ECONOMIC DEVELOP 5%, due Dec 1, 2045 | 0.13% | 0.02% |
| COMMONWEALTH OF MASSACHUS 3%, due Apr 1, 2044 | 0.08% | 0.02% |
| NEW JERSEY TRANSPORTATION 4%, due Jun 15, 2041 | 0.02% | 0.02% |
| METROPOLITAN TRANSPORTATI 4%, due Nov 15, 2048 | 0.02% | 0.04% |
| JEFFERSON, ALABAMA (COUNT 5.25%, due Oct 1, 2042 | 0.02% | 0.02% |
| STATE OF ILLINOIS 5%, due Jun 15, 2043 | 0.02% | 0.01% |
| SALES TAX SECURITIZATION 5.25%, due Jan 1, 2043 | 0.21% | 0.01% |
| REGIONAL TRANSPORTATION D 5%, due Nov 1, 2046 | 0.06% | 0.01% |
| COMMONWEALTH OF PENNSYLVA 4%, due Aug 15, 2044 | 0.02% | 0.01% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · GMUB holdings · PZA 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.