MUB vs PZA: Holdings Overlap
MUBiShares National Muni Bond ETF
iShares · 6603 holdings · $45.3B · 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 MUB and PZA?
iShares National Muni Bond ETF (MUB, by iShares) holds 6603 positions; Invesco National AMT-Free Municipal Bond ETF (PZA, by Invesco) holds 6664. They have 1768 holdings in common, and by portfolio weight the two funds are 19.1% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 19.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 1768MUB holds 6603 · PZA holds 6664
- Weight in Shared Holdings
- MUB 31%·PZA 33%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 MUB
4835 of 6603 positions (64.3% of the fund) are not held by PZA. Showing the top 30 by weight.
- Board of Regents of the University of Texas System, Series 2025B0.19%
- Ohio State University (The), Series 2026A0.13%
- Houston Higher Education Finance Corp., Series 20240.13%
- State of New Jersey, Series 2020A0.13%
- State of California0.12%
- State of Washington, Series R-2022C0.12%
Only in PZA
4896 of 6664 positions (63.1% of the fund) are not held by MUB. Showing the top 30 by weight.
- California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB0.13%
- Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB0.10%
- Regents of the University of California Medical Center, Series 2022 P, RB0.10%
- Regents of the University of California Medical Center, Series 2022 P, RB0.10%
- Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB0.10%
- California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB0.09%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| MUB | -0.9% | +0.8% | +5.1% | +3.3% | +0.7% | +1.9% | 3.22% |
| 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 MUB vs PZA →
Shared Holdings(1768)
The top 10 shared positions account for 4% of the overlap, led by New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, New York State Urban Development Corp., Series 2020 A, RB and Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB.
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 0.13% | 0.11% | 0.11% |
|---|---|---|---|
| New York State Urban Development Corp., Series 2020 A, RB | 0.09% | 0.09% | 0.09% |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 0.09% | 0.09% | 0.09% |
| California (State of) Educational Facilities Authority, Series 2025 A, RB | 0.09% | 0.09% | 0.09% |
| Texas (State of) Water Development Board, Series 2018 B, RB | 0.08% | 0.08% | 0.08% |
| Northwest Independent School District, Series 2025, GO Bonds | 0.13% | 0.08% | 0.08% |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 0.08% | 0.12% | 0.08% |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.08% | 0.09% | 0.08% |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB | 0.08% | 0.07% | 0.07% |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 0.08% | 0.07% | 0.07% |
| Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A | 0.11% | 0.07% | 0.07% |
| California (State of), Series 2023, Ref. GO Bonds | 0.08% | 0.07% | 0.07% |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 0.06% | 0.07% | 0.06% |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 0.09% | 0.06% | 0.06% |
| Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB | 0.06% | 0.07% | 0.06% |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 0.06% | 0.06% | 0.06% |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 0.06% | 0.06% | 0.06% |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB | 0.06% | 0.06% | 0.06% |
| New York (State of) Thruway Authority, Series 2019 B, RB | 0.06% | 0.06% | 0.06% |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB | 0.05% | 0.07% | 0.05% |
| California (State of), Series 2023, GO Bonds | 0.05% | 0.06% | 0.05% |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 0.07% | 0.05% | 0.05% |
| University of California, Series 2020 BE, Ref. RB | 0.07% | 0.05% | 0.05% |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 0.05% | 0.08% | 0.05% |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 0.08% | 0.05% | 0.05% |
Showing the top 250 of 1768 shared holdings by overlap weight.
Frequently Asked Questions
How much do MUB and PZA overlap?
MUB and PZA overlap by 19.1% of portfolio weight. They share 1768 holdings (MUB holds 6603 positions and PZA holds 6664), based on each fund's latest SEC-reported holdings.
Is it redundant to own both MUB and PZA?
The two portfolios are 19.1% 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 MUB and PZA?
The largest positions held by both funds are New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, New York State Urban Development Corp., Series 2020 A, RB, Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB, California (State of) Educational Facilities Authority, Series 2025 A, RB and Texas (State of) Water Development Board, Series 2018 B, RB. Together the top 10 shared positions account for 4% of the total overlap.
What does MUB own that PZA doesn't?
4835 positions (64.3% of MUB) are unique to MUB, led by Board of Regents of the University of Texas System, Series 2025B, Ohio State University (The), Series 2026A and Houston Higher Education Finance Corp., Series 2024. In the other direction, 4896 positions (63.1% of PZA) are unique to PZA.