ETF comparison
CMF vs PZA
Both US Municipal Bond.
iShares California Muni Bond ETF · Invesco National AMT-Free Municipal Bond ETF
Holdings overlap
381 positions appear in both funds. Buying equal dollars of CMF and PZA would leave roughly 6.0% of each dollar exposed to the same underlying securities.
Unmatched is the part of a fund's weight the other fund doesn't match: names only it holds, plus any extra weight it puts in names both funds hold.
Side by side
Sub-score comparison
Tracking quality isn't part of the composite — see what we don't score for why.
Cost difference
CMF is 20 bps cheaper than PZA. On a $100,000 position that's about $200/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 CMF vs PZA.
Top shared holdings
381 shared in total| # | Holding | In CMF | In PZA | Overlap |
|---|---|---|---|---|
| 1 | San Diego Unified School District | 0.12% | 0.09% | 0.09% |
| 2 | California Educational Facilities Authority | 0.20% | 0.08% | 0.08% |
| 3 | Foothill-Eastern Transportation Corridor Agency | 0.26% | 0.07% | 0.07% |
| 4 | State of California | 0.36% | 0.07% | 0.07% |
| 5 | State of California | 0.16% | 0.06% | 0.06% |
| 6 | University of California | 0.13% | 0.06% | 0.06% |
| 7 | State of California | 0.09% | 0.06% | 0.06% |
| 8 | Los Angeles Unified School District | 0.06% | 0.06% | 0.06% |
| 9 | State of California | 0.20% | 0.06% | 0.06% |
| 10 | San Diego Community College District | 0.11% | 0.06% | 0.06% |
| 11 | State of California | 0.27% | 0.06% | 0.06% |
| 12 | California Educational Facilities Authority | 0.43% | 0.06% | 0.06% |
Only in CMF
1,350 total- Orange County Water District 0.60%
- Anaheim Housing & Public Improvements Authority 0.49%
- Los Angeles Unified School District 0.47%
- University of California 0.45%
- Irvine Ranch Water District 0.43%
- San Mateo County Transit District Sales Tax 0.42%
- Los Angeles Unified School District 0.41%
- University of California 0.38%
- State of California 0.34%
- University of California 0.32%
Only in PZA
6,742 total- California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.13%
- New York (State of) Dormitory Authority 0.11%
- New York (State of) Dormitory Authority 0.10%
- Jefferson (County of), AL 0.10%
- California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center) 0.10%
- Salt River Project Agricultural Improvement & Power District 0.10%
- Triborough Bridge & Tunnel Authority 0.10%
- Regents of the University of California Medical Center 0.10%
- Charlotte-Mecklenburg Hospital Authority (The) 0.09%
- Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group) 0.09%
Related comparisons
More comparisons with CMF
- CMF vs SUB · iShares Short-Term National Muni Bond ETF 4.8%
- CMF vs ITM · VanEck Intermediate Muni ETF 3.3%
- CMF vs SHM · State Street SPDR Nuveen ICE Short Term Municipal Bond ETF 2.0%
- CMF vs CGMU · Capital Group Municipal Income ETF 1.2%
- CMF vs JMUB · JPMorgan Municipal ETF 0.6%
- CMF vs HYD · VanEck High Yield Muni ETF 0.2%
More comparisons with PZA
- PZA vs NYF · iShares New York Muni Bond ETF 5.4%
- PZA vs JMUB · JPMorgan Municipal ETF 3.9%
- PZA vs HYD · VanEck High Yield Muni ETF 3.4%
- PZA vs CGMU · Capital Group Municipal Income ETF 1.6%
- PZA vs ITM · VanEck Intermediate Muni ETF 1.5%
- PZA vs MUNI · PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund 1.4%
Percentages are holdings overlap with the named fund.
Open CMF or PZA at a brokerage
Both funds trade commission-free at major US brokerages.
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.