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

In the year to Oct 9, 2026, with distributions reinvested, LMUB returned −3.7% and PZA −4.4%.

Which is cheaper, LMUB or PZA?

LMUB is cheaper, by 0.19 percentage points a year. That is about $19 on $10,000 held for a year. Fees come from each fund's prospectus.

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LMUB vs PZA: Differences, Returns & Fees

On May 31, 2026 LMUB's duration was 9.8 years and PZA's 8.6; LMUB charges 0.09% to PZA's 0.28%. Net assets on Oct 9, 2026: $1.6bn for iShares Long-Term National Muni Bond ETF and $4.0bn for Invesco National AMT-Free Municipal Bond ETF.

LMUB costs 0.19 points a year less; their one-year returns differ by 0.7 points; PZA is 2.5 times larger.

	LMUB	PZA
Expense ratio	0.09%	0.28%
Net assets	$1.6bn	$4.0bn
Total return, 1 year	−3.7%	−4.4%
What it tracks	ICE Long AMT-Free US National Municipal Index	not read by ETFIQ
Holdings in common	7%
Below its high	8.4%, high on Jul 2, 2026	8.7%, high on Jul 19, 2021

Holdings in common uses holdings dated May 31, 2026.

−3.7%

LMUB total return, 1 year

−4.4%

PZA total return, 1 year

0.09%

LMUB expense ratio

0.28%

PZA expense ratio

What they hold in common

By the books each fund has filed, LMUB and PZA hold 7% 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

7% in common

Positions both hold, largest shared weight first

Holding LMUB PZA

New York State Dormitory Authority, Series 2024A, due Jul 1, 2054 0.12% 0.12%

Empire State Development Corp., Series 2020A, due Mar 15, 2049 0.29% 0.09%

Grand Parkway Transportation Corp., Series 2020C, due Oct 1, 2049 0.19% 0.08%

County of Miami-Dade Water & Sewer System, Series 2025A, due Oct 1, 2055 0.19% 0.07%

New York City Transitional Finance Authority Future Tax Secured, Series 2024F, Sub-Series F-1, due Feb 1, 2053 0.22% 0.07%

City of Houston, Series 2024A, due Mar 1, 2049 0.26% 0.07%

Texas Water Development Board, Series 2025, due Oct 15, 2050 0.31% 0.07%

Triborough Bridge & Tunnel Authority, Series 2022C, due May 15, 2052 0.32% 0.07%

Oklahoma Turnpike Authority, Series 2025A, due Jan 1, 2054 0.28% 0.07%

Salt River Project Agricultural Improvement & Power District, Series 2023B, due Jan 1, 2053 0.23% 0.07%

New York State Dormitory Authority, Series 2025A, due Mar 15, 2055 0.49% 0.06%

Commonwealth of Massachusetts Transportation Fund, Series 2023A, due Jun 1, 2053 0.17% 0.06%

Only in LMUB

State of Washington, Series 2026D, due Jun 1, 2046 0.70%

State of Illinois, Series 2025-E11, due Sep 1, 2042 0.65%

State of Illinois, Series 2023C, due Dec 1, 2043 0.65%

State of Texas, Series 2025, due Oct 1, 2039 0.63%

State of New Jersey, due Jun 1, 2040 0.61%

Commonwealth of Pennsylvania, Series 2026, due Apr 1, 2041 0.61%

Clark County School District, Series 2026A, due Jun 15, 2040 0.60%

Permanent University Fund - University of Texas System, Series 2026A, due Jul 1, 2040 0.56%

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 2020 D, Ref. RB, due Feb 15, 2047 0.11%

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%

Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB, due May 15, 2051 0.09%

Check overlap with more funds →

On the same fields

LMUB

iShares Long-Term National Muni Bond ETF

PZA

Invesco National AMT-Free Municipal Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares Invesco

What it is Tracks an index Tracks an index

Total return, 1 year −3.7% −4.4%

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

Gap to the S&P 500 −20.9 pts −21.6 pts

Expense ratio 0.09% 0.28%

Holdings 975 7334

Net assets $1.6bn $4.0bn

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

LMUB in plain words

LMUB tracks an index. Over the year to Oct 9, 2026 it returned −3.7% with distributions reinvested. The prospectus expense ratio is 0.09% a year. It sat 8.4% below its high of Jul 2, 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, LMUB or PZA?: In the year to Oct 9, 2026, with distributions reinvested, LMUB returned −3.7% and PZA −4.4%.
Which is cheaper, LMUB or PZA?: LMUB is cheaper, by 0.19 percentage points a year. That is about $19 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

LMUB vs TAFM LMUB vs MUB LMUB vs SCMB LMUB vs TFI PZA vs TAFM MUB vs PZA PZA vs VCRM PZA vs TFI

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

Where these figures came from

LMUB filings on SEC EDGAR ↗LMUB prospectus with the expense ratio (SEC) ↗iShares page for LMUB ↗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, LMUB against PZA, data as of Oct 9, 2026. https://etfiq.com/compare/any/lmub-vs-pza

Open data

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