ETF comparison
HYD vs PZA
Both US Municipal Bond.
VanEck High Yield Muni ETF · Invesco National AMT-Free Municipal Bond ETF
Holdings overlap
186 positions appear in both funds. Buying equal dollars of HYD and PZA would leave roughly 3.4% 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
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
186 shared in total| # | Holding | In HYD | In PZA | Overlap |
|---|---|---|---|---|
| 1 | County of Jefferson AL Sewer Revenue | 0.39% | 0.09% | 0.09% |
| 2 | Metropolitan Pier & Exposition Authority | 0.39% | 0.08% | 0.08% |
| 3 | Colorado Health Facilities Authority | 0.16% | 0.08% | 0.08% |
| 4 | Public Finance Authority | 0.07% | 0.06% | 0.06% |
| 5 | Central Plains Energy Project | 0.11% | 0.05% | 0.05% |
| 6 | City of Houston TX Hotel Occupancy Tax & Special Revenue | 0.16% | 0.05% | 0.05% |
| 7 | Chicago Board of Education Dedicated Capital Improvement Tax | 0.12% | 0.05% | 0.05% |
| 8 | New York State Dormitory Authority | 0.09% | 0.05% | 0.05% |
| 9 | Massachusetts Development Finance Agency | 0.05% | 0.06% | 0.05% |
| 10 | Massachusetts Development Finance Agency | 0.05% | 0.09% | 0.05% |
| 11 | Wisconsin Health & Educational Facilities Authority | 0.05% | 0.05% | 0.05% |
| 12 | City of Chicago IL | 0.05% | 0.07% | 0.05% |
Only in HYD
1,917 total- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.98%
- Chicago Board of Education 0.79%
- Tobacco Settlement Financing Corp 0.71%
- Buckeye Tobacco Settlement Financing Authority 0.69%
- New York Transportation Development Corp 0.61%
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.58%
- Chicago Board of Education 0.53%
- Florida Development Finance Corp 0.52%
- New York Transportation Development Corp 0.48%
- Arkansas Development Finance Authority 0.45%
Only in PZA
6,937 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 HYD
- HYD vs SHM · State Street SPDR Nuveen ICE Short Term Municipal Bond ETF 3.0%
- HYD vs VTEB · Vanguard Tax-Exempt Bond Index Fund ETF Shares 1.7%
- HYD vs SCMB · Schwab Municipal Bond ETF 1.1%
- HYD vs MUB · iShares National Muni Bond ETF 1.1%
- HYD vs SUB · iShares Short-Term National Muni Bond ETF 0.5%
- HYD vs JMST · JPMorgan Ultra-Short Municipal Income ETF 0.4%
More comparisons with PZA
- 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%
- PZA vs JMST · JPMorgan Ultra-Short Municipal Income ETF 0.2%
- PZA vs SUB · iShares Short-Term National Muni Bond ETF 0.0%
- PZA vs AGG · iShares Core U.S. Aggregate Bond ETF 0.0%
Percentages are holdings overlap with the named fund.
Open HYD 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.