Which returned more over the last year, JMUB or PZA?

In the year to Oct 9, 2026, with distributions reinvested, JMUB returned −2.1% and PZA −4.4%.

Which is cheaper, JMUB or PZA?

JMUB is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

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JMUB vs PZA: Differences, Returns & Fees

On May 31, 2026 JMUB's duration was 6.2 years and PZA's 8.6; JMUB charges 0.18% to PZA's 0.28%. Net assets on Oct 9, 2026: $8.5bn for JPMorgan Municipal ETF and $4.0bn for Invesco National AMT-Free Municipal Bond ETF.

JMUB costs 0.10 points a year less; their one-year returns differ by 2.3 points; JMUB is 2.1 times larger.

	JMUB	PZA
Expense ratio	0.18%	0.28%
Net assets	$8.5bn	$4.0bn
Total return, 1 year	−2.1%	−4.4%
What it tracks	No index, actively managed	not read by ETFIQ
Holdings in common	4%
Below its high	5.0%, high on Jul 6, 2026	8.7%, high on Jul 19, 2021

Holdings in common uses holdings dated May 31, 2026.

−2.1%

JMUB total return, 1 year

−4.4%

PZA total return, 1 year

0.18%

JMUB expense ratio

0.28%

PZA expense ratio

What they hold in common

By the books each fund has filed, JMUB and PZA hold 4% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026.

50%

half

4% in common

Positions both hold, largest shared weight first

Holding JMUB PZA

Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2, due Aug 1, 2044 0.17% 0.08%

Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A, due Dec 1, 2049 0.18% 0.07%

New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2026, Series 2026B, due May 1, 2051 0.12% 0.06%

Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2020C, due Oct 1, 2045 0.07% 0.05%

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2025, Series 2025AA, Subseries AA1, due Jun 15, 2051 0.08% 0.05%

Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A, due Feb 15, 2044 0.08% 0.05%

Colorado Health Facilities Authority, Adventist Health System, Series 2021A, due Nov 15, 2050 0.07% 0.05%

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022C, Subseries C-1, due Feb 1, 2047 0.09% 0.05%

Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2018A, due Oct 1, 2043 0.11% 0.05%

Commonwealth of Massachusetts, Consolidated Loan of 2023, Series 2023A, due May 1, 2048 0.18% 0.05%

New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023BB, due Jun 15, 2050 0.05% 0.08%

Energy Northwest, Columbia Generating Station, Series 2021A, due Jul 1, 2042 0.05% 0.04%

Only in JMUB

Black Belt Energy Gas District, Gas Project, Series 2026A, due Dec 1, 2034 0.77%

California Community Choice Financing Authority, Clean Energy Project, Series 2026B, due Mar 1, 2036 0.70%

California Health Facilities Financing Authority, Rady Children's Health, Series 2026B-3, due Aug 15, 2065 0.67%

California Community Choice Financing Authority, Clean Energy Project, Series 2026C, due Feb 1, 2036 0.61%

Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2, due Jun 1, 2055 0.55%

Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Issue, Series 2024C-1, due Jul 1, 2060 0.52%

Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2, due Jul 1, 2040 0.51%

California Community Choice Financing Authority, Clean Energy Project, Series 2025E, due Oct 1, 2056 0.49%

Only in PZA

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, due Nov 1, 2044 0.13%

New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, due Jul 1, 2054 0.12%

Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, due Jan 1, 2055 0.10%

Texas Water Development Board, Series 2025, RB, due Oct 15, 2055 0.10%

Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2047 0.10%

Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2053 0.10%

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB, due Oct 1, 2056 0.10%

Texas Transportation Finance Corp., Series 2025, RB, due Oct 1, 2055 0.09%

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On the same fields

JMUB

JPMorgan Municipal ETF

PZA

Invesco National AMT-Free Municipal Bond ETF

Where it sits Bond ETF Bond ETF

Issuer JPMorgan Invesco

What it is Actively managed Tracks an index

Total return, 1 year −2.1% −4.4%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −19.3 pts −21.6 pts

Expense ratio 0.18% 0.28%

Holdings 2155 7334

Net assets $8.5bn $4.0bn

JMUB and PZA on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

JMUB in plain words

JMUB is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.1% with distributions reinvested. The prospectus expense ratio is 0.18% a year. It sat 5.0% below its high of Jul 6, 2026 on Oct 9, 2026.

PZA in plain words

PZA tracks an index. Over the year to Oct 9, 2026 it returned −4.4% with distributions reinvested. The prospectus expense ratio is 0.28% a year. It sat 8.7% below its high of Jul 19, 2021 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, JMUB or PZA?: In the year to Oct 9, 2026, with distributions reinvested, JMUB returned −2.1% and PZA −4.4%.
Which is cheaper, JMUB or PZA?: JMUB is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

JMUB vs MUB JMUB vs SCMB JMUB vs TFI JMUB vs VCRM PZA vs SCMB PZA vs TFI PZA vs VCRM PZA vs VTEB

JMUB on its own →PZA on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

JMUB filings on SEC EDGAR ↗JMUB prospectus with the expense ratio (SEC) ↗JPMorgan website ↗PZA filings on SEC EDGAR ↗PZA prospectus with the expense ratio (SEC) ↗Invesco page for PZA ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, JMUB against PZA, data as of Oct 9, 2026. https://etfiq.com/compare/any/jmub-vs-pza

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.