CMF vs PZA: Holdings Overlap
CMFiShares California Muni Bond ETF
iShares · 1607 holdings · $4.6B · as of 2026-05-31
PZAInvesco National AMT-Free Municipal Bond ETF
Invesco · 6664 holdings · $4.2B · as of 2026-05-31
How similar are CMF and PZA?
iShares California Muni Bond ETF (CMF, by iShares) holds 1607 positions; Invesco National AMT-Free Municipal Bond ETF (PZA, by Invesco) holds 6664. They have 342 holdings in common, and by portfolio weight the two funds are 5.7% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 342CMF holds 1607 · PZA holds 6664
- Weight in Shared Holdings
- CMF 24%·PZA 6%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in CMF
1265 of 1607 positions (71.8% of the fund) are not held by PZA. Showing the top 30 by weight.
- Los Angeles Unified School District, Series 2024A0.50%
- University of California, Series 2023BN0.49%
- Los Angeles Unified School District, Series 2024A0.44%
- University of California, Series 2025CD0.42%
- State of California, Series 20070.36%
- East Bay Municipal Utility District Water System, Series 2026B0.33%
Only in PZA
6322 of 6664 positions (89.8% of the fund) are not held by CMF. Showing the top 30 by weight.
- California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB0.13%
- New York (State of) Dormitory Authority, Series 2024 A, Ref. RB0.12%
- New York (State of) Dormitory Authority, Series 2020 D, Ref. RB0.11%
- Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB0.10%
- Texas Water Development Board, Series 2025, RB0.10%
- Regents of the University of California Medical Center, Series 2022 P, RB0.10%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| CMF | -0.9% | +0.6% | +5.2% | +3.2% | +0.5% | +1.6% | 2.97% |
| PZA | -1.4% | +1.7% | +7.9% | +3.2% | -0.3% | +1.7% | 3.74% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in CMF vs PZA →
Shared Holdings(342)
The top 10 shared positions account for 12% of the overlap, led by San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds, California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB and Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB.
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 0.13% | 0.09% | 0.09% |
|---|---|---|---|
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 0.19% | 0.09% | 0.09% |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB | 0.29% | 0.07% | 0.07% |
| California (State of), Series 2025, GO Bonds | 0.38% | 0.07% | 0.07% |
| University of California, Series 2022 BK, RB | 0.14% | 0.07% | 0.07% |
| California (State of), Series 2023, Ref. GO Bonds | 0.10% | 0.07% | 0.07% |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 0.07% | 0.06% | 0.06% |
| California (State of), Series 2023, Ref. GO Bonds | 0.30% | 0.06% | 0.06% |
| California (State of), Series 2023, GO Bonds | 0.17% | 0.06% | 0.06% |
| State of California, Series 2026, GO Bonds | 0.21% | 0.06% | 0.06% |
| California (State of), Series 2023, Ref. GO Bonds | 0.24% | 0.06% | 0.06% |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 0.12% | 0.06% | 0.06% |
| California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB | 0.14% | 0.06% | 0.06% |
| State of California, Series 2026, GO Bonds | 0.10% | 0.05% | 0.05% |
| University of California, Series 2020 BE, Ref. RB | 0.16% | 0.05% | 0.05% |
| University of California, Series 2024 BW, Ref. RB | 0.07% | 0.05% | 0.05% |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 0.07% | 0.05% | 0.05% |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 0.15% | 0.05% | 0.05% |
| California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB | 0.44% | 0.05% | 0.05% |
| California (State of), Series 2024, GO Bonds | 0.05% | 0.06% | 0.05% |
| State of California, Series 2025, GO Bonds | 0.10% | 0.05% | 0.05% |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 0.05% | 0.05% | 0.05% |
| California (State of), Series 2021, Ref. GO Bonds | 0.06% | 0.05% | 0.05% |
| California (State of), Series 2022, Ref. GO Bonds | 0.12% | 0.05% | 0.05% |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 0.05% | 0.04% | 0.04% |
Showing the top 250 of 342 shared holdings by overlap weight.
Frequently Asked Questions
How much do CMF and PZA overlap?
CMF and PZA overlap by 5.7% of portfolio weight. They share 342 holdings (CMF holds 1607 positions and PZA holds 6664), based on each fund's latest SEC-reported holdings.
Is it redundant to own both CMF and PZA?
The two portfolios are 5.7% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of CMF and PZA?
The largest positions held by both funds are San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds, California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB, Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB, California (State of), Series 2025, GO Bonds and University of California, Series 2022 BK, RB. Together the top 10 shared positions account for 12% of the total overlap.
What does CMF own that PZA doesn't?
1265 positions (71.8% of CMF) are unique to CMF, led by Los Angeles Unified School District, Series 2024A, University of California, Series 2023BN and Los Angeles Unified School District, Series 2024A. In the other direction, 6322 positions (89.8% of PZA) are unique to PZA.