PWZ vs VTEC
Invesco California AMT-Free Municipal Bond ETF against Vanguard California Tax-Exempt Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
26%
869 shared positions
Fee gap
22 bp
VTEC is cheaper
1-year return gap
1.6 pts
VTEC is ahead
Larger fund
VTEC
$2.6B
Side by side
| PWZ | VTEC | |
|---|---|---|
| Fund | Invesco California AMT-Free Municipal Bond ETF | Vanguard California Tax-Exempt Bond ETF |
| Issuer | Invesco | Vanguard |
| Category | State Muni | State Muni |
| Expense ratio | 0.28% | 0.06% |
| Assets | $1.1B | $2.6B |
| Average daily dollar volume | $34M | $115M |
| Listed | Oct 11, 2007 | Jan 26, 2024 |
| FrenzyCap score | 72 | 96 |
| 1-month return | −0.8% | −0.4% |
| 3-month return | −4.9% | −3.0% |
| Year to date | −6.0% | −4.7% |
| 1-year return | −6.5% | −4.9% |
| 30-day volatility | 8.2% | 5.9% |
| Worst drawdown, 1 year | −10.0% | −8.1% |
| Trailing 12-month yield | 4.04% | 3.27% |
| Holdings | 1,158 | 3,993 |
| Top 10 weight | 5.8% | 3.1% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$41M thru May 2026 | +$513M thru May 2026 |
| 30-day implied volatility | 26.3% | 17.3% |
| Holdings as of | as of May 31, 2026SEC filing | as of Oct 20, 2026issuer data |
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
75% of PWZ · 29% of VTEC| Holding | PWZ | VTEC |
|---|---|---|
| California (State of) 4%, due Sep 1, 2043 | 0.30% | 0.24% |
| California (State of) Educational Facilities Authority 5%, due Oct 1, 2055 | 0.58% | 0.23% |
| California (State of) 5%, due Mar 1, 2055 | 0.34% | 0.20% |
| Foothill-Eastern Transportation Corridor Agency 4%, due Jan 15, 2046 | 0.45% | 0.18% |
| University of California 5%, due May 15, 2053 | 0.36% | 0.17% |
| California (State of) Educational Facilities Authority (Stanford University) 5%, due May 1, 2049 | 0.54% | 0.15% |
| State of California 5.25%, due Oct 1, 2051 | 0.26% | 0.15% |
| University of California 5%, due May 15, 2052 | 0.39% | 0.15% |
| Los Angeles (City of), CA Department of Water & Power 5%, due Jul 1, 2042 | 0.18% | 0.14% |
| California (State of) 5%, due Apr 1, 2042 | 0.14% | 0.17% |
| California (State of) 5%, due Sep 1, 2043 | 0.21% | 0.14% |
| University of California (Limited) 5%, due May 15, 2042 | 0.21% | 0.14% |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science) 4.5%, due May 15, 2055 | 0.13% | 0.16% |
| California (State of) Educational Facilities Authority (Stanford University) 5%, due May 1, 2045 | 0.42% | 0.13% |
| Los Angeles Unified School District 4%, due Jul 1, 2044 | 0.50% | 0.13% |
| Los Angeles Unified School District (Green Bonds) 5.25%, due Jul 1, 2047 | 0.14% | 0.12% |
| California (State of) 5%, due Nov 1, 2042 | 0.16% | 0.12% |
| San Diego Community College District 5%, due Aug 1, 2055 | 0.43% | 0.12% |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) 5%, due May 1, 2047 | 0.27% | 0.12% |
| University of California (Limited) 5%, due May 15, 2046 | 0.20% | 0.12% |
| State of California 5%, due Oct 1, 2056 | 0.22% | 0.11% |
| California (State of) Educational Facilities Authority (Stanford University) 5%, due Jun 1, 2043 | 0.33% | 0.11% |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), due Aug 1, 2052 | 0.37% | 0.11% |
| California State University 5%, due Nov 1, 2042 | 0.15% | 0.11% |
| Los Angeles Unified School District (Election of 2008), due Jul 1, 2042 | 0.21% | 0.11% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PWZ holdings · VTEC 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.