PZA vs VTEI
Invesco National AMT-Free Municipal Bond ETF against Vanguard Intermediate-Term Tax-Exempt Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
11%
1468 shared positions
Fee gap
20 bp
VTEI is cheaper
1-year return gap
3.7 pts
VTEI is ahead
Larger fund
PZA
$4.1B
Side by side
| PZA | VTEI | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | Vanguard Intermediate-Term Tax-Exempt Bond ETF |
| Issuer | Invesco | Vanguard |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.08% |
| Assets | $4.1B | $1.5B |
| Average daily dollar volume | $100M | $53M |
| Listed | Oct 11, 2007 | Jan 29, 2024 |
| FrenzyCap score | 80 | 91 |
| 1-month return | −1.5% | +0.1% |
| 3-month return | −5.5% | −2.2% |
| Year to date | −6.9% | −4.0% |
| 1-year return | −7.7% | −4.0% |
| 30-day volatility | 8.8% | 5.5% |
| Worst drawdown, 1 year | −10.4% | −7.8% |
| Trailing 12-month yield | 4.10% | 3.22% |
| Holdings | 6,664 | 6,663 |
| Top 10 weight | 1.0% | 2.1% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$206M thru Jul 2026 |
| 30-day implied volatility | 9.4% | 15.9% |
| 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
20% of PZA · 19% of VTEI| Holding | PZA | VTEI |
|---|---|---|
| Chicago (City of), IL Board of Education 6%, due Apr 1, 2046 | 0.09% | 0.10% |
| Foothill-Eastern Transportation Corridor Agency 4%, due Jan 15, 2046 | 0.07% | 0.07% |
| Hudson Yards Infrastructure Corp. 5%, due Feb 15, 2042 | 0.06% | 0.09% |
| Illinois (State of) Toll Highway Authority 5%, due Jan 1, 2045 | 0.08% | 0.06% |
| San Antonio Public Facilities Corp. 4%, due Sep 15, 2042 | 0.05% | 0.07% |
| New York (State of) Dormitory Authority 5%, due Mar 15, 2046 | 0.05% | 0.05% |
| New Jersey (State of) Turnpike Authority 5%, due Jan 1, 2046 | 0.06% | 0.05% |
| Broward (County of), FL 4%, due Oct 1, 2042 | 0.05% | 0.06% |
| New York (City of), NY Transitional Finance Authority 4%, due May 1, 2045 | 0.05% | 0.06% |
| State of Texas 5%, due Oct 1, 2044 | 0.05% | 0.05% |
| New York (State of) Dormitory Authority (New School (The)) 4%, due Jul 1, 2043 | 0.07% | 0.05% |
| New York (City of), NY 4%, due Jun 15, 2045 | 0.05% | 0.07% |
| Texas (State of) Water Development Board 4%, due Oct 15, 2045 | 0.05% | 0.05% |
| Grand Parkway Transportation Corp. (TELA Supported) 5%, due Oct 1, 2043 | 0.05% | 0.04% |
| Las Vegas (City of), NV Convention & Visitors Authority 5%, due Jul 1, 2043 | 0.04% | 0.06% |
| Hudson Yards Infrastructure Corp. 4%, due Feb 15, 2044 | 0.05% | 0.04% |
| New Jersey (State of) Transportation Trust Fund Authority 5%, due Jun 15, 2046 | 0.04% | 0.05% |
| Metropolitan Transportation Authority 4%, due Nov 15, 2042 | 0.04% | 0.04% |
| Massachusetts (Commonwealth of) 4%, due Jun 1, 2046 | 0.04% | 0.06% |
| Energy Northwest (Columbia Generating Station) 4%, due Jul 1, 2042 | 0.04% | 0.06% |
| Illinois (State of) Toll Highway Authority 4%, due Jan 1, 2046 | 0.04% | 0.04% |
| State of California 5%, due Aug 1, 2045 | 0.04% | 0.04% |
| New York (State of) Thruway Authority 4%, due Jan 1, 2045 | 0.06% | 0.04% |
| Illinois (State of) Toll Highway Authority 5%, due Jan 1, 2042 | 0.04% | 0.07% |
| New Jersey (State of) Transportation Trust Fund Authority 5%, due Jun 15, 2044 | 0.04% | 0.05% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · VTEI 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.