ETF comparison
PZA vs VTEB
Both US Municipal Bond.
Invesco National AMT-Free Municipal Bond ETF · Vanguard Tax-Exempt Bond Index Fund ETF Shares
Holdings overlap
3,568 positions appear in both funds. Buying equal dollars of PZA and VTEB would leave roughly 29.6% 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
VTEB 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 VTEB.
Top shared holdings
3,568 shared in total| # | Holding | In PZA | In VTEB | Overlap |
|---|---|---|---|---|
| 1 | New York (State of) Dormitory Authority | 0.11% | 0.08% | 0.08% |
| 2 | Salt River Project Agricultural Improvement & Power District | 0.10% | 0.07% | 0.07% |
| 3 | Triborough Bridge & Tunnel Authority | 0.08% | 0.07% | 0.07% |
| 4 | New York City Transitional Finance Authority Future Tax Secured Revenue | 0.07% | 0.07% | 0.07% |
| 5 | New Jersey (State of) Transportation Trust Fund Authority | 0.06% | 0.07% | 0.06% |
| 6 | Triborough Bridge & Tunnel Authority | 0.10% | 0.06% | 0.06% |
| 7 | New York State Dormitory Authority | 0.06% | 0.06% | 0.06% |
| 8 | Triborough Bridge & Tunnel Authority (Green Bonds) | 0.07% | 0.06% | 0.06% |
| 9 | California (State of) Educational Facilities Authority (Stanford University) | 0.08% | 0.06% | 0.06% |
| 10 | Texas Water Development Board | 0.07% | 0.06% | 0.06% |
| 11 | Jefferson (County of), AL | 0.10% | 0.06% | 0.06% |
| 12 | Chicago (City of), IL Board of Education | 0.09% | 0.06% | 0.06% |
Only in PZA
3,555 total- California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.13%
- California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center) 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%
- Hillsborough County Industrial Development Authority 0.09%
- County of Montgomery MD 0.09%
- Public Building Authority of Sevier County TN (The) 0.09%
- Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) 0.09%
- Massachusetts Development Finance Agency 0.09%
Only in VTEB
7,023 total- City of New York NY 0.12%
- University of California 0.11%
- State of Idaho 0.10%
- State of California 0.10%
- State of Maryland 0.09%
- New York State Thruway Authority 0.09%
- Triborough Bridge & Tunnel Authority 0.09%
- Dallas Independent School District 0.08%
- Ohio Water Development Authority Water Pollution Control Loan Fund 0.08%
- Energy Northwest 0.08%
Related comparisons
More comparisons with PZA
More comparisons with VTEB
- VTEB vs SCMB · Schwab Municipal Bond ETF 29.2%
- VTEB vs MUB · iShares National Muni Bond ETF 26.8%
- VTEB vs SUB · iShares Short-Term National Muni Bond ETF 8.1%
- VTEB vs CMF · iShares California Muni Bond ETF 7.6%
- VTEB vs NYF · iShares New York Muni Bond ETF 5.6%
- VTEB vs ITM · VanEck Intermediate Muni ETF 4.3%
Percentages are holdings overlap with the named fund.
Open PZA or VTEB 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.