PZA vs VTEB: Holdings Overlap
PZAInvesco National AMT-Free Municipal Bond ETF
Invesco · 6664 holdings · $4.2B · as of 2026-05-31
VTEBVanguard Tax-exempt Bond Index Fund
Vanguard · 10185 holdings · $45.7B · as of 2026-04-30
Holdings snapshots are 31 days apart (PZA: 2026-05-31, VTEB: 2026-04-30). 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 VTEB?
Invesco National AMT-Free Municipal Bond ETF (PZA, by Invesco) holds 6664 positions; Vanguard Tax-exempt Bond Index Fund (VTEB, by Vanguard) holds 10185. They have 3234 holdings in common, and by portfolio weight the two funds are 28.0% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 28.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 3234PZA holds 6664 · VTEB holds 10185
- Weight in Shared Holdings
- PZA 55%·VTEB 38%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
3430 of 6664 positions (40.9% of the fund) are not held by VTEB. Showing the top 30 by weight.
- California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB0.13%
- 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%
- Lower Alabama Gas District (The), Series 2016 A, RB0.09%
Only in VTEB
6951 of 10185 positions (60.0% of the fund) are not held by PZA. Showing the top 30 by weight.
- University of California, Series 2025CD0.12%
- TRIBOROUGH BRIDGE-A-10.11%
- COLORADO ST-B-TRANS0.11%
- State of California, Series 20070.11%
- NYC TRANSITIONAL-A-10.09%
- Dallas Independent School District, Series 2026B0.09%
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% |
| VTEB | -0.9% | +1.0% | +5.5% | +3.5% | +0.7% | +1.9% | 3.41% |
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 VTEB →
Shared Holdings(3234)
The top 10 shared positions account for 3% of the overlap, led by New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, New York (State of) Dormitory Authority, Series 2020 D, Ref. RB and Triborough Bridge & Tunnel Authority Sales Tax, Series 2024A-1.
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 0.12% | 0.08% | 0.08% |
|---|---|---|---|
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 0.11% | 0.08% | 0.08% |
| Triborough Bridge & Tunnel Authority Sales Tax, Series 2024A-1 | 0.08% | 0.07% | 0.07% |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB | 0.07% | 0.07% | 0.07% |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 0.09% | 0.07% | 0.07% |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 0.07% | 0.07% | 0.07% |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 0.09% | 0.07% | 0.07% |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 0.07% | 0.06% | 0.06% |
| New York State Dormitory Authority, Series 2025 A, Ref. RB | 0.06% | 0.07% | 0.06% |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.08% | 0.06% | 0.06% |
| New York City Municipal Water Finance Authority, Series 2026, Sub-Series AA-1 | 0.06% | 0.07% | 0.06% |
| Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016 | 0.09% | 0.06% | 0.06% |
| Texas (State of) Water Development Board, Series 2018 B, RB | 0.06% | 0.06% | 0.06% |
| Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB | 0.10% | 0.06% | 0.06% |
| New York State Urban Development Corp., Series 2020 A, RB | 0.09% | 0.06% | 0.06% |
| Metropolitan Washington Airports Authority Dulles Toll Road, Series 2019B | 0.08% | 0.06% | 0.06% |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 0.06% | 0.06% | 0.06% |
| Denton Independent School District, Series 2023, GO Bonds | 0.06% | 0.06% | 0.06% |
| Texas Transportation Finance Corp., Series 2025, RB | 0.07% | 0.06% | 0.06% |
| New Jersey Transportation Trust Fund Authority, Series 2025 AA, RB | 0.05% | 0.07% | 0.05% |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 0.06% | 0.05% | 0.05% |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB | 0.06% | 0.05% | 0.05% |
| California (State of) Educational Facilities Authority, Series 2025 A, RB | 0.09% | 0.05% | 0.05% |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB | 0.08% | 0.05% | 0.05% |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.09% | 0.05% | 0.05% |
Showing the top 250 of 3234 shared holdings by overlap weight.
Frequently Asked Questions
How much do PZA and VTEB overlap?
PZA and VTEB overlap by 28.0% of portfolio weight. They share 3234 holdings (PZA holds 6664 positions and VTEB holds 10185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PZA and VTEB?
The two portfolios are 28.0% 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 VTEB?
The largest positions held by both funds are New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, Triborough Bridge & Tunnel Authority Sales Tax, Series 2024A-1, New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025 B, RB and Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB. Together the top 10 shared positions account for 3% of the total overlap.
What does PZA own that VTEB doesn't?
3430 positions (40.9% of PZA) are unique to PZA, led by California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, Regents of the University of California Medical Center, Series 2022 P, RB and Regents of the University of California Medical Center, Series 2022 P, RB. In the other direction, 6951 positions (60.0% of VTEB) are unique to VTEB.