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MUB vs PZA: Differences, Returns & Fees

On May 31, 2026 MUB's duration was 6.3 years and PZA's 8.6; MUB charges 0.05% to PZA's 0.28%. Net assets on Oct 9, 2026: $48.9bn for iShares National Muni Bond ETF and $4.0bn for Invesco National AMT-Free Municipal Bond ETF.

MUB costs 0.23 points a year less; their one-year returns differ by 2.4 points; MUB is 12.1 times larger.

MUBPZA
Expense ratio0.05%0.28%
Net assets$48.9bn$4.0bn
Total return, 1 year−2.0%−4.4%
What it tracksICE AMT-Free US National Municipal Indexnot read by ETFIQ
Holdings in common19%
Below its high5.3%, high on Jul 6, 20268.7%, high on Jul 19, 2021

Holdings in common uses holdings dated May 31, 2026.

−2.0%
MUB total return, 1 year
−4.4%
PZA total return, 1 year
0.05%
MUB expense ratio
0.28%
PZA expense ratio

What they hold in common

By the books each fund has filed, MUB and PZA hold 19% 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.

half

19% in common

Positions both hold, largest shared weight first
Holding MUB PZA
New York State Dormitory Authority, Series 2019D, due Feb 15, 2047 0.13% 0.11%
Empire State Development Corp., Series 2020A, due Mar 15, 2049 0.09% 0.09%
Triborough Bridge & Tunnel Authority, Series 2021A-1, due May 15, 2051 0.09% 0.09%
California Educational Facilities Authority, Series 2025A, due Oct 1, 2055 0.09% 0.09%
Texas Water Development Board, Series 2018B, due Apr 15, 2049 0.08% 0.08%
Northwest Independent School District, Series 2025, due Feb 15, 2055 0.13% 0.08%
New York State Dormitory Authority, Series 2024A, due Jul 1, 2054 0.08% 0.12%
County of Jefferson, Series 2024, due Oct 1, 2049 0.08% 0.09%
Foothill-Eastern Transportation Corridor Agency, Series 2021A, due Jan 15, 2046 0.08% 0.07%
New Jersey Educational Facilities Authority, Series 2024B, due Mar 1, 2054 0.08% 0.07%
Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A, due Dec 1, 2049 0.11% 0.07%
State of California, due Sep 1, 2043 0.08% 0.07%
Only in MUB
Board of Regents of the University of Texas System, Series 2025B, due Aug 15, 2036 0.19%
San Antonio Water System, Series 2025D, due May 1, 2055 0.14%
Triborough Bridge & Tunnel Authority, Series 2005B-2, due Jan 1, 2032 0.14%
New York City Transitional Finance Authority Future Tax Secured, Series 2019C-4, due Nov 1, 2044 0.13%
Ohio State University (The), Series 2026A, due Jun 1, 2035 0.13%
Houston Higher Education Finance Corp., Series 2024, due May 15, 2034 0.13%
State of New Jersey, Series 2020A, due Jun 1, 2028 0.13%
State of California, due Sep 1, 2031 0.12%
Only in PZA
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, due Nov 1, 2044 0.13%
Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, due Jan 1, 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%
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, due Aug 15, 2048 0.09%
Lower Alabama Gas District (The), Series 2016 A, RB, due Sep 1, 2046 0.09%
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB, due Jun 15, 2050 0.08%

Check overlap with more funds →

On the same fields

MUB
iShares 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 of National Muni Bond Tracks an index
Total return, 1 year −2.0% −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 0.05% 0.28%
Holdings 7448 7334
Net assets $48.9bn $4.0bn

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

MUB in plain words

MUB tracks an index of National Muni Bond. Over the year to Oct 9, 2026 it returned −2.0% with distributions reinvested. The prospectus expense ratio is 0.05% a year. It sat 5.3% 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, MUB or PZA?
In the year to Oct 9, 2026, with distributions reinvested, MUB returned −2.0% and PZA −4.4%.
Which is cheaper, MUB or PZA?
MUB is cheaper, by 0.23 percentage points a year. That is about $23 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
MUB vs SCMBMUB vs TFIFLMI vs MUBMUB vs TAFMPZA vs VTEBPZA vs SCMBPZA vs TAFMPZA vs TFI
MUB on its own →PZA on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
MUB filings on SEC EDGAR ↗MUB prospectus with the expense ratio (SEC) ↗iShares page for MUB ↗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, MUB against PZA, data as of Oct 9, 2026. https://etfiq.com/compare/any/mub-vs-pza

Open data

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