PZA vs VTEB
Invesco National AMT-Free Municipal Bond ETF against Vanguard Tax-Exempt Bond Index Fund: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
27%
3573 shared positions
Fee gap
25 bp
VTEB is cheaper
1-year return gap
3.0 pts
VTEB is ahead
Larger fund
VTEB
$50.4B
Side by side
| PZA | VTEB | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | Vanguard Tax-Exempt Bond Index Fund |
| Issuer | Invesco | Vanguard |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.03% |
| Assets | $4.1B | $50.4B |
| Average daily dollar volume | $100M | $1.6B |
| Listed | Oct 11, 2007 | Aug 21, 2015 |
| FrenzyCap score | 80 | 100 |
| 1-month return | −2.0% | −0.6% |
| 3-month return | −6.6% | −3.7% |
| Year to date | −7.2% | −4.6% |
| 1-year return | −8.0% | −5.0% |
| 30-day volatility | 8.9% | 6.7% |
| Worst drawdown, 1 year | −10.4% | −8.2% |
| Trailing 12-month yield | 4.11% | 3.54% |
| Holdings | 6,664 | 11,156 |
| Top 10 weight | 1.0% | 1.2% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$3.6B thru Jul 2026 |
| 30-day implied volatility | 21.5% | 5.7% |
| Holdings as of | as of May 31, 2026SEC filing | as of Sep 30, 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
59% of PZA · 35% of VTEB| Holding | PZA | VTEB |
|---|---|---|
| New York (State of) Dormitory Authority 5.5%, due Jul 1, 2054 | 0.12% | 0.13% |
| Illinois (State of) Toll Highway Authority 5%, due Jan 1, 2045 | 0.08% | 0.10% |
| New York (City of), NY Municipal Water Finance Authority 5.25%, due Jun 15, 2054 | 0.07% | 0.07% |
| New Jersey (State of) Transportation Trust Fund Authority 5.25%, due Jun 15, 2055 | 0.07% | 0.07% |
| New York State Dormitory Authority 5%, due Mar 15, 2055 | 0.07% | 0.07% |
| Triborough Bridge & Tunnel Authority 5.25%, due May 15, 2064 | 0.08% | 0.06% |
| Salt River Project Agricultural Improvement & Power District 5.25%, due Jan 1, 2055 | 0.10% | 0.06% |
| New York City Transitional Finance Authority Future Tax Secured Revenue 5.25%, due May 1, 2055 | 0.07% | 0.06% |
| New York City Municipal Water Finance Authority 5.25%, due Jun 15, 2055 | 0.08% | 0.06% |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds) 5%, due Jun 1, 2053 | 0.06% | 0.06% |
| Triborough Bridge & Tunnel Authority (Green Bonds) 5.25%, due May 15, 2054 | 0.07% | 0.06% |
| Triborough Bridge & Tunnel Authority 5%, due May 15, 2051 | 0.10% | 0.06% |
| New Jersey Transportation Trust Fund Authority 5%, due Jun 15, 2050 | 0.06% | 0.07% |
| Chicago (City of), IL Board of Education 6%, due Apr 1, 2046 | 0.09% | 0.05% |
| New Jersey Transportation Trust Fund Authority 5%, due Jun 15, 2055 | 0.09% | 0.05% |
| Jefferson (County of), AL 5.5%, due Oct 1, 2053 | 0.08% | 0.05% |
| Texas Transportation Finance Corp. 5%, due Oct 1, 2050 | 0.07% | 0.05% |
| California (State of) Educational Facilities Authority (Stanford University) 5%, due May 1, 2049 | 0.09% | 0.05% |
| New York (State of) Dormitory Authority 4%, due Feb 15, 2047 | 0.11% | 0.05% |
| Denton Independent School District 5%, due Aug 15, 2053 | 0.06% | 0.05% |
| Hudson Yards Infrastructure Corp. 5%, due Feb 15, 2042 | 0.06% | 0.05% |
| Texas (State of) Water Development Board 4%, due Oct 15, 2043 | 0.06% | 0.05% |
| New York (City of), NY Municipal Water Finance Authority 5%, due Jun 15, 2051 | 0.05% | 0.05% |
| New York (State of) Dormitory Authority 5%, due Mar 15, 2046 | 0.05% | 0.05% |
| Denton Independent School District 5%, due Aug 15, 2048 | 0.04% | 0.07% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · VTEB 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.