PZA vs VCRM
Invesco National AMT-Free Municipal Bond ETF against Vanguard Core Tax-Exempt Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
5%
443 shared positions
Fee gap
16 bp
VCRM is cheaper
1-year return gap
3.2 pts
VCRM is ahead
Larger fund
PZA
$4.1B
Side by side
| PZA | VCRM | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | Vanguard Core Tax-Exempt Bond ETF |
| Issuer | Invesco | Vanguard |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.12% |
| Assets | $4.1B | $1.8B |
| Average daily dollar volume | $100M | $95M |
| Listed | Oct 11, 2007 | Nov 21, 2024 |
| FrenzyCap score | 80 | 89 |
| 1-month return | −1.5% | −0.5% |
| 3-month return | −5.5% | −2.8% |
| Year to date | −6.9% | −4.0% |
| 1-year return | −7.7% | −4.5% |
| 30-day volatility | 8.8% | 6.7% |
| Worst drawdown, 1 year | −10.4% | −7.9% |
| Trailing 12-month yield | 4.10% | 3.88% |
| Holdings | 6,664 | 2,945 |
| Top 10 weight | 1.0% | 6.4% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$533M thru Jul 2026 |
| 30-day implied volatility | 9.4% | — |
| 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
9% of PZA · 16% of VCRM| Holding | PZA | VCRM |
|---|---|---|
| New York State Urban Development Corp. 4%, due Mar 15, 2049 | 0.09% | 0.18% |
| Wisconsin (State of) Public Finance Authority 5.75%, due Jul 1, 2062 | 0.07% | 0.28% |
| New York City Transitional Finance Authority Future Tax Secured Revenue 5%, due May 1, 2051 | 0.06% | 0.14% |
| South Carolina Jobs-Economic Development Authority 5.5%, due Nov 1, 2054 | 0.05% | 0.12% |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group) 4%, due Nov 15, 2050 | 0.05% | 0.05% |
| New York (City of), NY Transitional Finance Authority 4%, due Feb 1, 2051 | 0.05% | 0.17% |
| Washington Metropolitan Area Transit Authority Dedicated Revenue 5%, due Jul 15, 2060 | 0.05% | 0.12% |
| Monroe County Industrial Development Corp. (University of Rochester) 4%, due Jul 1, 2050 | 0.06% | 0.05% |
| Chicago O'Hare International Airport 5.25%, due Jan 1, 2061 | 0.05% | 0.05% |
| Las Vegas (City of), NV Convention & Visitors Authority 4%, due Jul 1, 2049 | 0.05% | 0.09% |
| New York (State of) Dormitory Authority (Rockefeller University) 4%, due Jul 1, 2049 | 0.05% | 0.24% |
| Grand Parkway Transportation Corp. 4%, due Oct 1, 2049 | 0.08% | 0.04% |
| Michigan (State of) Finance Authority (McLaren Health Care) 4%, due Feb 15, 2050 | 0.04% | 0.11% |
| New York (City of), NY 5%, due Apr 1, 2043 | 0.04% | 0.18% |
| New York (City of), NY Municipal Water Finance Authority 4%, due Jun 15, 2051 | 0.04% | 0.07% |
| Illinois (State of) Toll Highway Authority 4%, due Jan 1, 2046 | 0.04% | 0.16% |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group) 4.5%, due Nov 1, 2054 | 0.04% | 0.16% |
| City of New York NY 5.25%, due Feb 1, 2045 | 0.04% | 0.05% |
| Illinois (State of) Toll Highway Authority 5%, due Jan 1, 2042 | 0.04% | 0.05% |
| Chicago O'Hare International Airport 5.25%, due Jan 1, 2056 | 0.04% | 0.04% |
| Oregon (State of) Facilities Authority (Willamette University) 4%, due Oct 1, 2051 | 0.04% | 0.04% |
| Philadelphia (City of), PA 5%, due Nov 1, 2045 | 0.04% | 0.07% |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health) 4%, due Jul 1, 2053 | 0.04% | 0.15% |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) 5%, due Nov 15, 2042 | 0.04% | 0.42% |
| Dallas (City of), TX Area Rapid Transit 4%, due Dec 1, 2051 | 0.04% | 0.06% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · VCRM 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.