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PZA vs VCRM: Differences, Returns & Fees

PZA's duration was 8.6 years on May 31, 2026 and VCRM's 7.7 on Jul 31, 2026; VCRM charges 0.12% to PZA's 0.28%. Net assets: $4.0bn on Oct 9, 2026 for Invesco National AMT-Free Municipal Bond ETF, and $2.2bn on Sep 30, 2026 for Vanguard Core Tax-Exempt Bond ETF.

VCRM costs 0.16 points a year less; their one-year returns differ by 3.2 points.

PZAVCRM
Expense ratio0.28%0.12%
Net assets, PZA as of Oct 9, 2026 and VCRM as of Sep 30, 2026$4.0bn$2.2bn
Total return, 1 year−4.4%−1.2%
What it tracksnot read by ETFIQNo index, actively managed
Holdings in common5%
Below its high8.7%, high on Jul 19, 20215.2%, high on Jul 2, 2026

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

−4.4%
PZA total return, 1 year
−1.2%
VCRM total return, 1 year
0.28%
PZA expense ratio
0.12%
VCRM expense ratio

What they hold in common

By the books each fund has filed, PZA and VCRM hold 5% 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 Jul 31, 2026.

half

5% in common

Positions both hold, largest shared weight first
Holding PZA VCRM
Illinois (State of) Toll Highway Authority, Series 2020 A, RB, due Jan 1, 2045 0.08% 0.09%
North Texas Tollway Authority, Series 2017 A, Ref. RB, due Jan 1, 2043 0.08% 0.27%
Wisconsin (State of) Public Finance Authority, Series 2023, RB, due Jul 1, 2062 0.07% 0.44%
Grand Parkway Transportation Corp., Series 2020, Ref. RB, due Oct 1, 2049 0.08% 0.07%
New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB, due May 1, 2051 0.06% 0.23%
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, due Nov 15, 2050 0.05% 0.08%
Washington Metropolitan Area Transit Authority Dedicated Revenue, Series 2025 A, RB, due Jul 15, 2060 0.05% 0.14%
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB, due Oct 1, 2043 0.05% 0.41%
Chicago O'Hare International Airport, Series 2026 A, RB, due Jan 1, 2061 0.05% 0.09%
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB, due Jul 1, 2043 0.04% 0.43%
Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB, due Jan 1, 2047 0.04% 0.56%
New York (City of), NY, Subseries 2018 F-1, GO Bonds, due Apr 1, 2043 0.04% 0.28%
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%
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%
Only in VCRM
BLACK BELT GAS DT-B, due Oct 1, 2035 0.75%
BLACK BELT ENERGY-B, due Oct 1, 2055 0.64%
KY PUB ENERGY -A-1, due Aug 1, 2052 0.56%
BLACK BELT ENERGY-A, due Dec 1, 2034 0.48%
PEFA INC-A-REF-REV, due Apr 1, 2035 0.47%
TEXAS DEPT HSG-B, due Jan 1, 2057 0.46%
ENERGY SOUTHEAST-B, due Sep 1, 2033 0.44%
MA DEV FIN AGY-A-1, due Jul 15, 2060 0.42%

Check overlap with more funds →

On the same fields

PZA
Invesco National AMT-Free Municipal Bond ETF
VCRM
Vanguard Core Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco Vanguard
What it is Tracks an index Actively managed
Total return, 1 year −4.4% −1.2%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −21.6 pts −18.5 pts
Expense ratio 0.28% 0.12%
Holdings 7334 2387
Net assets, PZA as of Oct 9, 2026 and VCRM as of Sep 30, 2026 $4.0bn $2.2bn

PZA and VCRM 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.

VCRM in plain words

VCRM is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −1.2% with distributions reinvested. The prospectus expense ratio is 0.12% a year. It sat 5.2% below its high of Jul 2, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PZA or VCRM?
In the year to Oct 9, 2026, with distributions reinvested, PZA returned −4.4% and VCRM −1.2%.
Which is cheaper, PZA or VCRM?
VCRM is cheaper, by 0.16 percentage points a year. That is about $16 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FMB vs PZAPZA vs TFILMUB vs PZAPZA vs TAFMFLMI vs VCRMFMB vs VCRMJMUB vs VCRMLMUB vs VCRM
PZA on its own →VCRM 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 ↗VCRM filings on SEC EDGAR ↗VCRM prospectus with the expense ratio (SEC) ↗Vanguard page for VCRM ↗

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 VCRM, data as of Oct 9, 2026. https://etfiq.com/compare/any/pza-vs-vcrm

Open data

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