MUB vs PZA
iShares National Muni Bond 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
19%
1903 shared positions
Fee gap
23 bp
MUB is cheaper
1-year return gap
3.0 pts
MUB is ahead
Larger fund
MUB
$52.9B
Side by side
| MUB | PZA | |
|---|---|---|
| Fund | iShares National Muni Bond ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | iShares | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.05% | 0.28% |
| Assets | $52.9B | $4.1B |
| Average daily dollar volume | $1.8B | $100M |
| Listed | Sep 7, 2007 | Oct 11, 2007 |
| FrenzyCap score | 99 | 80 |
| 1-month return | +1.2% | +0.5% |
| 3-month return | −2.2% | −4.8% |
| Year to date | −3.6% | −6.2% |
| 1-year return | −4.0% | −7.0% |
| 30-day volatility | 6.4% | 8.9% |
| Worst drawdown, 1 year | −7.9% | −10.4% |
| Trailing 12-month yield | 3.31% | 4.07% |
| Holdings | 7,714 | 6,664 |
| Top 10 weight | 1.2% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$2.4B thru May 2026 | +$400M thru May 2026 |
| 30-day implied volatility | 6.4% | 9.2% |
| Holdings as of | as of Oct 21, 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
29% of MUB · 35% of PZA| Holding | MUB | PZA |
|---|---|---|
| NEW YORK ST DORM AUTH ST PERS 4%, due Feb 15, 2047 | 0.10% | 0.11% |
| TRIBOROUGH BRDG & TUNL AUTH N 5%, due May 15, 2051 | 0.09% | 0.10% |
| CALIFORNIA EDL FACS AUTH REV 5%, due Oct 1, 2055 | 0.09% | 0.09% |
| NEW YORK ST DORM AUTH REVS NON 5.5%, due Jul 1, 2054 | 0.08% | 0.12% |
| OKLAHOMA TRANSN AUTH OK F/K/A 5.5%, due Jan 1, 2053 | 0.12% | 0.08% |
| NORTHWEST TEX INDPT SCH DIST 5.25%, due Feb 15, 2055 | 0.13% | 0.08% |
| NEW YORK ST URBAN DEV CORP REV 4%, due Mar 15, 2049 | 0.07% | 0.09% |
| CHICAGO ILL TRAN AUTH SALES TA 5%, due Dec 1, 2049 | 0.09% | 0.07% |
| CALIFORNIA ST 5%, due Sep 1, 2043 | 0.07% | 0.07% |
| TEXAS WATER DEV BRD 5%, due Apr 15, 2049 | 0.07% | 0.08% |
| LOS ANGELES CALIF UNI SCH DIST 4%, due Jul 1, 2044 | 0.07% | 0.06% |
| FOOTHILL / EASTERN TRANSN CORR 4%, due Jan 15, 2046 | 0.06% | 0.07% |
| JEFFERSON CNTY ALA SWR REV 5.25%, due Oct 1, 2049 | 0.06% | 0.09% |
| TEXAS TRANSN FIN CORP SH 288 S, due Oct 1, 2050 | 0.06% | 0.07% |
| TEXAS TRANSN FIN CORP SH 288 S, due Oct 1, 2055 | 0.06% | 0.10% |
| MONROE CNTY N Y INDL DEV CORP 4%, due Jul 1, 2050 | 0.06% | 0.06% |
| NEW YORK ST TWY AUTH GEN REV J 4%, due Jan 1, 2045 | 0.06% | 0.06% |
| SALT RIV PROJ AGRIC IMPT & PWR 5.25%, due Jan 1, 2053 | 0.06% | 0.07% |
| METROPOLITAN TRANSN AUTH N Y R 5%, due Nov 15, 2050 | 0.05% | 0.07% |
| NEW YORK ST PWR AUTH REV 4%, due Nov 15, 2050 | 0.05% | 0.06% |
| UNIVERSITY CALIF REVS 4%, due May 15, 2047 | 0.05% | 0.05% |
| OKLAHOMA TRANSN AUTH OK F/K/A 5.5%, due Jan 1, 2054 | 0.05% | 0.07% |
| NEW JERSEY ST TRANSN TR FD AUT 5%, due Jun 15, 2042 | 0.05% | 0.06% |
| CALIFORNIA ST 5%, due Nov 1, 2042 | 0.05% | 0.05% |
| MASSACHUSETTS ST 5%, due Jan 1, 2049 | 0.05% | 0.06% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · MUB 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.