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ETF comparison

PZA vs SCMB

Both US Municipal Bond.

Invesco National AMT-Free Municipal Bond ETF · Schwab Municipal Bond ETF

Holdings overlap

Weighted by ISIN/CUSIP
22.5 %

2,153 positions appear in both funds. Buying equal dollars of PZA and SCMB would leave roughly 22.5% of each dollar exposed to the same underlying securities.

PZA only 74.3% Shared 22.5% SCMB only 76.6%
In PZA only
3,913 positions
Shared
2,153 positions
In SCMB only
4,084 positions

Side by side

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%
SCMB

Schwab Municipal Bond ETF

Schwab · US Municipal Bond

93 composite / 100
Expense ratio
0.030%
Net assets
$3.98B
TTM yield
3.54%
Top-10 conc.
2.3%

Sub-score comparison

72
Cost
97
93
Tax efficiency
93
84
Liquidity
83
100
Concentration
100
—
Tracking quality
—
PZA sub-score SCMB

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

Cost difference

SCMB is 25 bps cheaper than PZA. On a $100,000 position that's about $250/yr more in fees for PZA.

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 PZA vs SCMB.

Top shared holdings

2,153 shared in total
# Holding In PZA In SCMB Overlap
1 New Jersey Transportation Trust Fund Authority 0.09% 0.09% 0.09%
2 Commonwealth of Massachusetts 0.08% 0.18% 0.08%
3 Oklahoma (State of) Turnpike Authority (Senior Bonds) 0.10% 0.08% 0.08%
4 New York (State of) Dormitory Authority 0.15% 0.08% 0.08%
5 New York (City of), NY Transitional Finance Authority 0.09% 0.08% 0.08%
6 Salt River Project Agricultural Improvement & Power District 0.07% 0.14% 0.07%
7 Massachusetts (Commonwealth of) Bay Transportation Authority 0.08% 0.07% 0.07%
8 Texas Water Development Board 0.07% 0.07% 0.07%
9 New Jersey (State of) Turnpike Authority 0.07% 0.09% 0.07%
10 Chicago (City of), IL Transit Authority 0.07% 0.15% 0.07%
11 New York City Transitional Finance Authority Future Tax Secured Revenue 0.07% 0.07% 0.07%
12 Texas Transportation Finance Corp. 0.08% 0.07% 0.07%

Only in PZA

3,913 total
  • California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.14%
  • Regents of the University of California Medical Center 0.11%
  • Hays Consolidated Independent School District 0.10%
  • California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center) 0.10%
  • Lower Alabama Gas District (The) 0.10%
  • Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group) 0.09%
  • New York (City of), NY Municipal Water Finance Authority 0.09%
  • Jurupa Unified School District 0.09%
  • Liberty Hill Independent School District 0.09%
  • New York (City of), NY Transitional Finance Authority 0.09%

Only in SCMB

4,084 total
  • City of New York NY 0.27%
  • Commonwealth of Massachusetts 0.25%
  • Gwinnett County School District 0.25%
  • City of New York NY 0.24%
  • Commonwealth of Pennsylvania 0.23%
  • Metropolitan Government of Nashville & Davidson County TN 0.23%
  • City of New York NY 0.22%
  • New York City Transitional Finance Authority Future Tax Secured Revenue 0.22%
  • State of California Department of Water Resources 0.22%
  • State of Oregon Department of Transportation 0.21%

Open PZA or SCMB at a brokerage

Both funds trade commission-free at major US brokerages.

Open at Fidelity

Affiliate links — opening an account through these earns PlainIndex a one-time referral. Scoring is computed before any affiliate consideration; see our methodology and funding disclosure.

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.