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PZA vs SCMB: Differences, Returns & Fees

PZA's duration was 8.6 years on May 31, 2026 and SCMB's 6.6 on Jun 30, 2026; SCMB charges 0.03% to PZA's 0.28%. Net assets: $4.0bn on Oct 9, 2026 for Invesco National AMT-Free Municipal Bond ETF, and $4.0bn on Jun 30, 2026 for Schwab Municipal Bond ETF.

SCMB costs 0.25 points a year less; their one-year returns differ by 1.7 points.

PZASCMB
Expense ratio0.28%0.03%
Net assets, PZA as of Oct 9, 2026 and SCMB as of Jun 30, 2026$4.0bn$4.0bn
Total return, 1 year−4.4%−2.7%
What it tracksnot read by ETFIQnot read by ETFIQ
Holdings in common25%
Below its high8.7%, high on Jul 19, 20215.8%, high on Jul 6, 2026

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.

−4.4%
PZA total return, 1 year
−2.7%
SCMB total return, 1 year
0.28%
PZA expense ratio
0.03%
SCMB expense ratio

What they hold in common

By the books each fund has filed, PZA and SCMB hold 25% 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 and Jun 30, 2026.

half

25% in common

Positions both hold, largest shared weight first
Holding PZA SCMB
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, due Jul 1, 2054 0.12% 0.08%
New Jersey Transportation Trust Fund Authority, Series 2025 AA, RB, due Jun 15, 2055 0.09% 0.08%
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts., due Oct 1, 2049 0.09% 0.08%
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB, due Jan 1, 2048 0.07% 0.13%
Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, due Jan 1, 2055 0.10% 0.07%
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB, due May 15, 2054 0.07% 0.09%
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB, due Feb 1, 2053 0.07% 0.07%
Texas Water Development Board, Series 2025, RB, due Oct 15, 2050 0.07% 0.08%
Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB, due Dec 1, 2049 0.07% 0.14%
Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB, due Jan 1, 2054 0.07% 0.08%
New York City Municipal Water Finance Authority, Subseries 2025 AA-1, RB, due Jun 15, 2055 0.08% 0.06%
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds, due May 1, 2053 0.06% 0.14%
Only in PZA
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, due Nov 1, 2044 0.13%
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%
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB, due Aug 1, 2044 0.08%
Northwest Independent School District, Series 2025, GO Bonds, due Feb 15, 2055 0.08%
Only in SCMB
Commonwealth of Massachusetts, due Nov 1, 2043 0.22%
Gwinnett County School District, due Feb 1, 2030 0.22%
Commonwealth of Pennsylvania, due Mar 1, 2036 0.21%
City of New York, due Aug 1, 2029 0.20%
State of California Department of Water Resources, due Dec 1, 2034 0.19%
State of Washington, due Feb 1, 2039 0.17%
New York City Municipal Water Finance Authority, due Jun 15, 2039 0.17%
Indiana Finance Authority, due Feb 1, 2039 0.15%

Check overlap with more funds →

On the same fields

PZA
Invesco National AMT-Free Municipal Bond ETF
SCMB
Schwab Municipal Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco Schwab
What it is Tracks an index Tracks an index
Total return, 1 year −4.4% −2.7%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −21.6 pts −20.0 pts
Expense ratio 0.28% 0.03%
Holdings 7334 6845
Net assets, PZA as of Oct 9, 2026 and SCMB as of Jun 30, 2026 $4.0bn $4.0bn

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

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.

SCMB in plain words

SCMB tracks an index. Over the year to Oct 9, 2026 it returned −2.7% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.8% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PZA or SCMB?
In the year to Oct 9, 2026, with distributions reinvested, PZA returned −4.4% and SCMB −2.7%.
Which is cheaper, PZA or SCMB?
SCMB is cheaper, by 0.25 percentage points a year. That is about $25 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLMI vs PZAPZA vs TFIPZA vs VCRMFMB vs PZAFLMI vs SCMBSCMB vs TFISCMB vs VCRMFMB vs SCMB
PZA on its own →SCMB on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
PZA filings on SEC EDGAR ↗PZA prospectus with the expense ratio (SEC) ↗Invesco page for PZA ↗SCMB filings on SEC EDGAR ↗SCMB prospectus with the expense ratio (SEC) ↗Schwab website ↗

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

Open data

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