PZA vs TAXF
Invesco National AMT-Free Municipal Bond ETF against American Century Diversified Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
2%
100 shared positions
Fee gap
1 bp
TAXF is cheaper
1-year return gap
2.6 pts
TAXF is ahead
Larger fund
PZA
$4.1B
Side by side
| PZA | TAXF | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | American Century Diversified Municipal Bond ETF |
| Issuer | Invesco | American Century |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.27% |
| Assets | $4.1B | $707M |
| Average daily dollar volume | $100M | $8.7M |
| Listed | Oct 11, 2007 | Sep 10, 2018 |
| FrenzyCap score | 80 | 67 |
| 1-month return | −1.5% | −0.7% |
| 3-month return | −5.5% | −3.2% |
| Year to date | −6.9% | −4.6% |
| 1-year return | −7.7% | −5.1% |
| 30-day volatility | 8.8% | 7.9% |
| Worst drawdown, 1 year | −10.4% | −8.6% |
| Trailing 12-month yield | 4.10% | 4.00% |
| Holdings | 6,664 | 755 |
| Top 10 weight | 1.0% | 7.5% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$90M thru May 2026 |
| 30-day implied volatility | 9.4% | — |
| Holdings as of | as of May 31, 2026SEC filing | 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
2% of PZA · 15% of TAXF| Holding | PZA | TAXF |
|---|---|---|
| New York (State of) Dormitory Authority 5.25%, due Mar 15, 2052 | 0.09% | 0.15% |
| New York (City of), NY Municipal Water Finance Authority 5.25%, due Jun 15, 2052 | 0.08% | 0.08% |
| North Texas Tollway Authority 5%, due Jan 1, 2043 | 0.07% | 0.21% |
| Salt River Project Agricultural Improvement & Power District 5%, due Jan 1, 2048 | 0.07% | 0.32% |
| Triborough Bridge & Tunnel Authority 5.25%, due May 15, 2052 | 0.07% | 0.12% |
| Texas (State of) Water Development Board 4%, due Oct 15, 2043 | 0.06% | 0.09% |
| Chicago (City of), IL 6%, due Jan 1, 2050 | 0.06% | 0.13% |
| Martin (County of), FL Health Facilities Authority 4%, due Jan 1, 2046 | 0.05% | 0.10% |
| District of Columbia 5.25%, due May 1, 2048 | 0.05% | 0.17% |
| New York City Municipal Water Finance Authority 5%, due Jun 15, 2046 | 0.05% | 0.41% |
| New York (City of), NY 4%, due Jun 15, 2045 | 0.05% | 0.14% |
| State of Illinois 5.5%, due Apr 1, 2051 | 0.04% | 0.40% |
| New York (City of), NY 5%, due Apr 1, 2043 | 0.04% | 0.12% |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System) 5.25%, due Nov 15, 2049 | 0.04% | 0.24% |
| Salt River Project Agricultural Improvement & Power District 5%, due Jan 1, 2050 | 0.04% | 0.32% |
| Illinois (State of) Toll Highway Authority 5%, due Jan 1, 2042 | 0.04% | 0.19% |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) 5%, due Nov 15, 2051 | 0.04% | 0.09% |
| Illinois (State of) 5.5%, due Mar 1, 2042 | 0.04% | 0.20% |
| Illinois (State of) Toll Highway Authority 5.25%, due Jan 1, 2043 | 0.03% | 0.06% |
| Illinois State Toll Highway Authority 5%, due Jan 1, 2047 | 0.03% | 0.58% |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) 5%, due Jun 1, 2052 | 0.03% | 0.16% |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.) 4%, due Apr 1, 2052 | 0.03% | 0.14% |
| Lansing (City of), MI Board of Water & Light 5%, due Jul 1, 2049 | 0.03% | 0.18% |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group) 4%, due Nov 15, 2043 | 0.03% | 0.05% |
| New York (City of), NY Municipal Water Finance Authority 5%, due Jun 15, 2043 | 0.03% | 0.16% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · TAXF 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.