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ETF comparison

HYD vs PZA

Both US Municipal Bond.

VanEck High Yield Muni ETF · Invesco National AMT-Free Municipal Bond ETF

Holdings overlap

Weighted by ISIN/CUSIP
2.7 %

134 positions appear in both funds. Buying equal dollars of HYD and PZA would leave roughly 2.7% of each dollar exposed to the same underlying securities.

HYD only 92.5% Shared 2.7% PZA only 94.2%
In HYD only
1,777 positions
Shared
134 positions
In PZA only
5,932 positions

Side by side

HYD

VanEck High Yield Muni ETF

VanEck · US Municipal Bond

82 composite / 100
Expense ratio
0.32%
Net assets
$4.52B
TTM yield
4.32%
Top-10 conc.
6.6%
PZA

Invesco National AMT-Free Municipal Bond ETF

Invesco · US Municipal Bond

83 composite / 100
Expense ratio
0.28%
Net assets
$4.29B
TTM yield
3.67%
Top-10 conc.
1.2%

Sub-score comparison

68
Cost
72
93
Tax efficiency
93
85
Liquidity
84
100
Concentration
100
—
Tracking quality
—
HYD sub-score PZA

Tracking quality isn't part of the composite — see what we don't score for why.

Cost difference

PZA is 4 bps cheaper than HYD. On a $100,000 position that's about $40/yr more in fees for HYD.

Fee figure is the annual expense charged on $100,000. To see how the gap compounds over a multi-decade holding period, open the cost calculator pre-filled with HYD vs PZA.

Top shared holdings

134 shared in total
# Holding In HYD In PZA Overlap
1 County of Jefferson AL Sewer Revenue 0.42% 0.08% 0.08%
2 Metropolitan Pier & Exposition Authority 0.42% 0.08% 0.08%
3 Colorado Health Facilities Authority 0.17% 0.08% 0.08%
4 New York State Dormitory Authority 0.10% 0.08% 0.08%
5 County of Miami-Dade FL Water & Sewer System Revenue 0.07% 0.07% 0.07%
6 Central Plains Energy Project 0.12% 0.07% 0.07%
7 Chicago Board of Education Dedicated Capital Improvement Tax 0.13% 0.06% 0.06%
8 Glynn-Brunswick Memorial Hospital Authority 0.06% 0.06% 0.06%
9 Massachusetts Development Finance Agency 0.05% 0.08% 0.05%
10 Metropolitan Pier & Exposition Authority 0.09% 0.05% 0.05%
11 Massachusetts Development Finance Agency 0.05% 0.06% 0.05%
12 Commonwealth of Massachusetts 0.12% 0.05% 0.05%

Only in HYD

1,777 total
  • Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.99%
  • Buckeye Tobacco Settlement Financing Authority 0.87%
  • Tobacco Settlement Financing Corp 0.71%
  • Chicago Board of Education 0.67%
  • New York Transportation Development Corp 0.66%
  • Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.63%
  • Chicago Board of Education 0.57%
  • Florida Development Finance Corp 0.54%
  • New York Transportation Development Corp 0.51%
  • City of Houston TX Airport System Revenue 0.49%

Only in PZA

5,932 total
  • New York (State of) Dormitory Authority 0.15%
  • California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.14%
  • University of California 0.12%
  • Dallas (City of), TX Independent School District 0.12%
  • New York (State of) Dormitory Authority 0.12%
  • Salt River Project Agricultural Improvement & Power District 0.11%
  • California (State of) 0.11%
  • Metropolitan Transportation Authority (Green Bonds) 0.11%
  • Monroe County Industrial Development Corp. (University of Rochester) 0.11%
  • New York (City of), NY Municipal Water Finance Authority 0.11%

Open HYD or PZA at a brokerage

Both funds trade commission-free at major US brokerages.

Open at Fidelity

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Holdings overlap is the sum of min(weight_a, weight_b) over positions matched on ISIN (CUSIP fallback). Methodology: see /methodology/.

Comparing two funds doesn't endorse swapping one for the other. Tax-lot history, account type, and personal goals matter — PlainIndex publishes data and methodology, not investment advice.