PZA vs SPY: Holdings Overlap
PZAInvesco National AMT-Free Municipal Bond ETF
Invesco · 6664 holdings · $4.2B · as of 2026-05-31
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 67 days apart (PZA: 2026-05-31, SPY: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are PZA and SPY?
Invesco National AMT-Free Municipal Bond ETF (PZA, by Invesco) holds 6664 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 0 holdings in common, and by portfolio weight the two funds are 0.0% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 0.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 0PZA holds 6664 · SPY holds 504
- Weight in Shared Holdings
- PZA 0%·SPY 0%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
6664 of 6664 positions (95.8% of the fund) are not held by SPY. 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 |
|---|---|---|---|---|---|---|---|
| PZA | -1.4% | +1.7% | +7.9% | +3.2% | -0.3% | +1.7% | 3.74% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 SPY →
Shared Holdings(0)
These two funds have no holdings in common.
Frequently Asked Questions
How much do PZA and SPY overlap?
PZA and SPY overlap by 0.0% of portfolio weight. They share 0 holdings (PZA holds 6664 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PZA and SPY?
The two portfolios are 0.0% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What does PZA own that SPY doesn't?
6664 positions (95.8% of PZA) are unique to PZA, led by California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, New York (State of) Dormitory Authority, Series 2024 A, Ref. RB and New York (State of) Dormitory Authority, Series 2020 D, Ref. RB. In the other direction, 504 positions (99.9% of SPY) are unique to SPY.