PZA vs MUB: Holdings Overlap
PZAInvesco National AMT-Free Municipal Bond ETF
Invesco · 6664 holdings · $4.2B · as of 2026-05-31
MUBiShares National Muni Bond ETF
iShares · 6603 holdings · $45.3B · as of 2026-05-31
How similar are PZA and MUB?
Invesco National AMT-Free Municipal Bond ETF (PZA, by Invesco) holds 6664 positions; iShares National Muni Bond ETF (MUB, by iShares) holds 6603. 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
- 1768PZA holds 6664 · MUB holds 6603
- Weight in Shared Holdings
- PZA 33%·MUB 31%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 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%
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%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| PZA | -1.4% | +1.7% | +7.9% | +3.2% | -0.3% | +1.7% | 3.74% |
| MUB | -0.9% | +0.8% | +5.1% | +3.3% | +0.7% | +1.9% | 3.22% |
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 PZA vs MUB →
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 | 0.11% | 0.13% | 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 | 0.08% | 0.13% | 0.08% |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 0.12% | 0.08% | 0.08% |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.09% | 0.08% | 0.08% |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB | 0.07% | 0.08% | 0.07% |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 0.07% | 0.08% | 0.07% |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 0.07% | 0.11% | 0.07% |
| California (State of), Series 2023, Ref. GO Bonds | 0.07% | 0.08% | 0.07% |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 0.07% | 0.06% | 0.06% |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 0.06% | 0.09% | 0.06% |
| Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB | 0.07% | 0.06% | 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 (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 0.05% | 0.07% | 0.05% |
| California (State of), Series 2023, GO Bonds | 0.06% | 0.05% | 0.05% |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB | 0.07% | 0.05% | 0.05% |
| University of California, Series 2020 BE, Ref. RB | 0.05% | 0.07% | 0.05% |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 0.08% | 0.05% | 0.05% |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 0.05% | 0.08% | 0.05% |
Showing the top 250 of 1768 shared holdings by overlap weight.
Frequently Asked Questions
How much do PZA and MUB overlap?
PZA and MUB overlap by 19.1% of portfolio weight. They share 1768 holdings (PZA holds 6664 positions and MUB holds 6603), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PZA and MUB?
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 PZA and MUB?
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 PZA own that MUB doesn't?
4896 positions (63.1% of PZA) are unique to PZA, led by California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB and Regents of the University of California Medical Center, Series 2022 P, RB. In the other direction, 4835 positions (64.3% of MUB) are unique to MUB.