Data as of Oct 28, 2026.
PWZ vs VTEC: Differences, Returns & Fees
On May 31, 2026 PWZ's duration was 8.5 years and VTEC's 6.5; VTEC charges 0.06% to PWZ's 0.28%.
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Net assets: $1.2bn on Oct 27, 2026 for Invesco California AMT-Free Municipal Bond ETF, and $3.6bn on Sep 30, 2026 for Vanguard California Tax-Exempt Bond ETF.
Pair scorecard
VTEC costs 0.22 points a year less; their one-year returns differ by 0.7 points.
| Measure | PWZ | VTEC |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.5% | −0.8% |
| Drawdown | ||
| Below its high | 5.0%, high on Jul 2, 2026 | |
| Benchmark | ||
| What it tracks | ICE BofA California Long-Term Core Plus Municipal Securities Index | S&P California AMT-Free Municipal Bond Index |
| Cost and size | ||
| Expense ratio | 0.28% | 0.06% |
| Net assets, PWZ as of Oct 27, 2026 and VTEC as of Sep 30, 2026 | $1.2bn | $3.6bn |
| Holdings | ||
| Holdings in common | 28% | |
Holdings in common uses holdings dated May 31, 2026. Method
Risk and return
Feb 9, 2024 to Oct 23, 2026 · 141 weekly returnsVTEC returned more: +3.7% to +1.1%. VTEC swung less: 4.0% to 6.1%. VTEC fell less at its worst: −5.6% to −8.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PWZ | VTEC | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +1.1% | +3.7% | VTEC | Price change plus distributions, reinvested. |
| Annualized | +0.4% | +1.3% | VTEC | Total return as a yearly rate. |
| Price return | −8.2% | −4.3% | VTEC | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 6.1% | 4.0% | VTEC | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.0% | 3.3% | VTEC | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −8.5% | −5.6% | VTEC | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.62 | −0.73 | PWZ | Return above Treasury bills per unit of volatility. |
| Sortino | −0.76 | −0.89 | PWZ | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.05 | 0.24 | VTEC | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 141 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PWZ and VTEC hold 28% of their money in the same securities at the same weight. Holdings dated May 31, 2026.
half
28% in common
Only in one fund ↓
Side by side
PWZ and VTEC on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
PWZ and VTEC are built for the same job. How do they differ in cost, holdings and results?
- What each follows. PWZ follows ICE BofA California Long-Term Core Plus Municipal Securities Index and VTEC follows S&P California AMT-Free Municipal Bond Index.
- Holdings in common. 28% of the weight is in the same securities (holdings dated May 31, 2026).
- Number of holdings. PWZ holds 1,298 positions and VTEC holds 3944.
Data as of Oct 28, 2026.
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PWZ
PWZ tracks an index. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.28% a year. It sat 5.0% below its high of Jul 2, 2026 on Oct 28, 2026.
VTEC
VTEC tracks an index. Over the year to Oct 28, 2026 it returned −0.8% with distributions reinvested. The prospectus expense ratio is 0.06% a year.
Questions people ask
- Which returned more over the last year, PWZ or VTEC?
- In the year to Oct 28, 2026, with distributions reinvested, PWZ returned −1.5% and VTEC −0.8%.
- Which is cheaper, PWZ or VTEC?
- VTEC is cheaper, by 0.22 percentage points a year. That is about $22 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. 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, PWZ against VTEC, data as of Oct 28, 2026. https://etfiq.com/compare/any/pwz-vs-vtec
ETFIQ. (Oct 28, 2026). PWZ against VTEC. Retrieved from https://etfiq.com/compare/any/pwz-vs-vtec
[PWZ against VTEC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/pwz-vs-vtec)
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