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PZA vs VCRM

Invesco National AMT-Free Municipal Bond ETF

PZABNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.16pt a year

PZA0.28%VCRM0.12%

Avg volume · 30D

PZA 3.9×the volume

PZA2.63MVCRM679K

PZA vs VCRM Performance

Oct 31, 2025 – Nov 2, 2026

−1.8%PZA+1.2%VCRM

Oct 31, 2025 to Nov 2, 2026. PZA −1.8%. VCRM +1.2%. Use the arrow keys to read each point.−6%−4%0%4%Oct 2025May 2026Nov 2026
Expense ratio
PZA 0.28%
VCRM 0.12%, better
Fund size
PZA $4.11B
VCRM $2.2B
1Y total return
PZA −1.8%
VCRM +1.2%, better
Yield (12M)
PZA 4.01%
VCRM 4.10%, better
Holdings
PZA 7357
VCRM 2595
Avg volume (30D)
PZA 2.63M sh, better
VCRM 679K sh
NAV per share
PZA $22.15
VCRM $73.95
52W range

ETF.net Grade

PZA: Cost 60, Risk 30, Mission 94, Tradability 72, Holdings 85, Durability 87. VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74.
Pillar letters and Scores for PZA, VCRM, with each pillar’s weight
PillarPZAVCRM
Cost30% weightB60A89Higher
Mission25% weightA94A100Higher
Risk15% weightD30B68Higher
Tradability15% weightA72A80Higher
Holdings10% weightA85HigherA81
Durability5% weightA87HigherA74

Rank among Other Municipal Bond funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PZA and VCRM are both graded against the same 63 Other Municipal Bond funds, so their Grades compare head to head.

Other Municipal Bond⁠

Category · 63 funds
See all 63 ›

VCRM ranks 2nd and PZA 17th of 63 funds in the Other Municipal Bond Category.

  1. Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 87
  2. Rank 2AMUBiShares National Muni Bond ETFScore 85
  3. Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 85
  4. Rank 4ASCMBSchwab Municipal Bond ETFScore 84
  5. Rank 17BDFCADimensional California Municipal Bond ETFScore 69
  6. Rank 17BPZAInvesco National AMT-Free Municipal Bond ETFScore 69
  7. Rank 19BAVMUAvantis Core Municipal Fixed Income ETFScore 67

Our read on each fund

ETF.net Research

PZABInvesco National AMT-Free Municipal Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

PZA Most muni ETFs hand you the whole yield curve. PZA goes long on purpose: its index only takes bonds with at least 15 years left to maturity, all screened to stay out of the alternative minimum tax. Income lands monthly.

VCRM Vanguard's active answer in a mostly-index category: managers working the whole muni curve for 0.12% a year, under half the muni ETF median fee. Monthly income, exempt from federal personal income taxes.

Stated mandate

PZA The fund seeks to track an index of tax-exempt municipal debt that is not subject to the alternative minimum tax.

VCRM The fund seeks total return through current income exempt from federal personal income taxes and capital appreciation.

Why people hold it

  • PZA The long-end specialist. The index takes only investment-grade munis with at least 15 years to final maturity, so duration is the design choice, not a leftover.invesco.com
  • Holdings are screened to be AMT-free, aimed at filers who need tax-exempt interest that does not get pulled back in by the alternative minimum tax.invesco.com
  • Trading since 2007, now a multi-billion-dollar fund that changes hands actively, with tracking that has stayed tight to its benchmark.
  • Pays monthly, spreads across thousands of individual bonds, and the index is rebalanced and reconstituted every month.invesco.com
  • VCRM Active management priced at 0.12% a year, less than half the 0.30% median for muni ETFs.
  • Run by Vanguard's Fixed Income Group, with all-curve exposure to primarily high-quality investment-grade munis spread across sectors, states and credit tiers.prnewswire.com
  • Pays monthly, with income the fund seeks to keep exempt from federal personal income taxes.vanguard.com
  • Sticks tightly to its stated mandate and grades among the strongest implementations in its muni peer group.

Worth knowing

  • PZA At 0.28% it sits just under the typical muni ETF, but broad-market rivals VTEB and SCMB charge 0.03%. The long-maturity focus is what carries the premium.
  • Long bonds swing harder when rates move, in both directions. This is the most rate-sensitive stretch of the muni market, by construction.invesco.com
  • The fund samples its index instead of buying every bond in it, so the portfolio can differ modestly from the benchmark it follows.invesco.com
  • VCRM You pay up for the manager: index peers VTEB and SCMB run at 0.03%, a quarter of VCRM's 0.12%.
  • Launched in November 2024, so there is only a short record to judge the active mandate on.
  • All-curve exposure puts longer maturities in the mix, so prices move with rates. And the exemption is federal: state treatment of a national muni fund depends on where you live.prnewswire.com

Full PZA profile⁠

Full VCRM profile⁠

PZA vs VCRM Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PZA vs VCRM Cost

Overpaying PZA vs VCRM

$3,235

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PZA 0.28%

    $5,755

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • PZA 0.28%
  • VCRM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530PZA $5,755VCRM $2,520

Year by year

YearPZAVCRMOverpaying
10$509$220$289
20$1,976$859$1,117
30$5,755$2,520$3,235

Expense ratio

  • 0.28%PZA
  • 0.12%VCRM, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VCRM 8th cheapest of 63 funds

PZA 24th cheapest of 63 funds

PZA vs VCRM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
PZA 4.01%
VCRM 4.10%, better
Payout (12M)
PZA $0.88
VCRM $3.03
Last payment
PZA $0.08
VCRM $0.21
Ex-dividend
PZA Oct 19, 2026
VCRM Nov 2, 2026
Paid on
PZA Oct 23, 2026
VCRM Pays Nov 4, 2026
Frequency
PZA Monthly
VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PZAMonthly · 46 paymentsAll PZA payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.06; Feb 21, 2023 $0.06; Mar 20, 2023 $0.06; Apr 24, 2023 $0.06; May 22, 2023 $0.06; Jun 20, 2023 $0.06; Jul 24, 2023 $0.06; Aug 21, 2023 $0.06; Sep 18, 2023 $0.05; Oct 23, 2023 $0.06; Nov 20, 2023 $0.06; Dec 18, 2023 $0.06; Jan 22, 2024 $0.06; Feb 20, 2024 $0.06; Mar 18, 2024 $0.06; Apr 22, 2024 $0.06; May 20, 2024 $0.06; Jun 24, 2024 $0.07; Jul 22, 2024 $0.07; Aug 19, 2024 $0.06; Sep 23, 2024 $0.06; Oct 21, 2024 $0.06; Nov 18, 2024 $0.06; Dec 23, 2024 $0.06; Jan 21, 2025 $0.06; Feb 24, 2025 $0.06; Mar 24, 2025 $0.07; Apr 21, 2025 $0.07; May 19, 2025 $0.07; Jun 23, 2025 $0.07; Jul 21, 2025 $0.07; Aug 18, 2025 $0.07; Sep 22, 2025 $0.07; Oct 20, 2025 $0.07; Nov 24, 2025 $0.07; Dec 22, 2025 $0.08; Jan 20, 2026 $0.07; Feb 23, 2026 $0.07; Mar 23, 2026 $0.07; Apr 20, 2026 $0.07; May 18, 2026 $0.07; Jun 22, 2026 $0.07; Jul 20, 2026 $0.08; Aug 24, 2026 $0.08; Sep 21, 2026 $0.07; Oct 19, 2026 $0.08. Use the arrow keys to read each point.$0$0.2520232026YTD
VCRMMonthly · 23 paymentsAll VCRM payments⁠
One bar per payment. 23 payments from 2023 to 2026 YTD. Dec 24, 2024 $0.30; Feb 3, 2025 $0.18; Mar 3, 2025 $0.19; Apr 1, 2025 $0.22; May 1, 2025 $0.18; Jun 2, 2025 $0.22; Jul 1, 2025 $0.23; Aug 1, 2025 $0.22; Sep 2, 2025 $0.22; Oct 1, 2025 $0.22; Nov 3, 2025 $0.23; Dec 1, 2025 $0.24; Dec 18, 2025 $0.24; Feb 2, 2026 $0.23; Mar 2, 2026 $0.23; Apr 1, 2026 $0.24; May 1, 2026 $0.24; Jun 1, 2026 $0.22; Jul 1, 2026 $0.24; Aug 3, 2026 $0.24; Sep 1, 2026 $0.25; Oct 1, 2026 $0.21; Nov 2, 2026 $0.21. Use the arrow keys to read each point.$0$0.2520232026YTD

PZA vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PZA 7.8%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
PZA −0.03VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
PZA −18.3%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
PZA 1.29VCRM 0.17

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