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PZA vs VTEB: Differences, Returns & Fees

PZA's duration was 8.6 years on May 31, 2026 and VTEB's 7.1 on Jul 31, 2026; VTEB 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 $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

VTEB costs 0.25 points a year less; their one-year returns differ by 2.1 points.

PZAVTEB
Expense ratio0.28%0.03%
Net assets, PZA as of Oct 9, 2026 and VTEB as of Sep 30, 2026$4.0bn$49.6bn
Total return, 1 year−4.4%−2.3%
What it tracksnot read by ETFIQS&P National AMT-Free Municipal Bond Index
Holdings in common27%
Below its high8.7%, high on Jul 19, 20215.6%, high on Jul 6, 2026

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

−4.4%
PZA total return, 1 year
−2.3%
VTEB total return, 1 year
0.28%
PZA expense ratio
0.03%
VTEB expense ratio

What they hold in common

By the books each fund has filed, PZA and VTEB hold 27% 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

27% in common

Positions both hold, largest shared weight first
Holding PZA VTEB
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, due Jul 1, 2054 0.12% 0.08%
Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, due Jan 1, 2055 0.10% 0.07%
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB, due May 15, 2064 0.08% 0.07%
New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB, due Jun 15, 2055 0.07% 0.07%
New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB, due May 1, 2055 0.07% 0.07%
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB, due May 15, 2051 0.09% 0.06%
New York State Dormitory Authority, Series 2025 A, Ref. RB, due Mar 15, 2055 0.06% 0.06%
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB, due May 15, 2054 0.07% 0.06%
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB, due May 1, 2049 0.09% 0.06%
Texas Water Development Board, Series 2025, RB, due Oct 15, 2050 0.07% 0.06%
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts., due Oct 1, 2053 0.08% 0.06%
Chicago (City of), IL Board of Education, Series 2016, RB, due Apr 1, 2046 0.09% 0.06%
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%
State of Illinois, Series 2025 F, GO Bonds, due Sep 1, 2047 0.07%
Only in VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%
CA REGENTS UNIV-CD, due May 15, 2036 0.11%
IDAHO ST-TANS, due Jun 30, 2027 0.10%
CA REF, due Aug 1, 2032 0.10%
MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%
NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%
TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%
DALLAS ISD-B, due Feb 15, 2056 0.08%

Check overlap with more funds →

On the same fields

PZA
Invesco National AMT-Free Municipal Bond ETF
VTEB
Vanguard Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco Vanguard
What it is Tracks an index Tracks an index of Tax-Exempt Bond
Total return, 1 year −4.4% −2.3%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −21.6 pts −19.5 pts
Expense ratio 0.28% 0.03%
Holdings 7334 10723
Net assets, PZA as of Oct 9, 2026 and VTEB as of Sep 30, 2026 $4.0bn $49.6bn

PZA and VTEB 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.

VTEB in plain words

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 9, 2026 it returned −2.3% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PZA or VTEB?
In the year to Oct 9, 2026, with distributions reinvested, PZA returned −4.4% and VTEB −2.3%.
Which is cheaper, PZA or VTEB?
VTEB 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
JMUB vs PZAMUB vs PZAPZA vs SCMBPZA vs TFIFLMI vs VTEBFMB vs VTEBTAFM vs VTEBSCMB vs VTEB
PZA on its own →VTEB 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 ↗VTEB filings on SEC EDGAR ↗VTEB prospectus with the expense ratio (SEC) ↗Vanguard page for VTEB ↗

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

Open data

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