Invesco National AMT-Free Municipal Bond ETF (PZA) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PZA. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PZA
PZA charges 0.28% annually. There are 76 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 4.00B | Oct 2022 | PZA vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | PZA vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | PZA vs FMUN | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 126.55M | Aug 2025 | PZA vs TAXS | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 163.46M | Aug 2025 | PZA vs TAXI |
Best Risk-Adjusted Alternatives to PZA
PZA has a PortfoliosLab risk / return rank of 83. There are 40 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 8.64M | Sep 2024 | PZA vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 245.94M | Nov 2018 | PZA vs FUMB | |
| State Street My2026 Municipal Bond ETF | 97 | 8.73M | Sep 2024 | PZA vs MYMF | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | PZA vs AUSM | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.41B | Mar 2015 | PZA vs MEAR |
Top Performing PZA Alternatives (YTD)
PZA is at 2.88% YTD. There are 12 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.62%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.62% | 143.84M | Jun 2013 | PZA vs RVNU | |
| Rareview Tax Advantaged Income ETF | 4.52% | 18.13M | Oct 2020 | PZA vs RTAI | |
| First Trust Flexible Municipal High Income ETF | 3.99% | 20.73M | Sep 2016 | PZA vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.96% | 25.42M | Nov 2025 | PZA vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.88% | 30.60M | Sep 2019 | PZA vs OVM |
Lowest Volatility Alternatives to PZA
PZA has 4.17% 1-year volatility. There are 126 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 33.31M | Sep 2025 | PZA vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.71% | 8.73M | Sep 2024 | PZA vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.71% | 408.07M | Oct 2007 | PZA vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | PZA vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.79% | 245.94M | Nov 2018 | PZA vs FUMB |
Lowest Drawdown Alternatives to PZA
PZA has a 1-year max drawdown of -3.18%. There are 94 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 245.94M | Nov 2018 | PZA vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 283.20M | Sep 2019 | PZA vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | PZA vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.64M | Sep 2024 | PZA vs MYMG | |
| State Street My2026 Municipal Bond ETF | -0.38% | 8.73M | Sep 2024 | PZA vs MYMF |
Other ETFs from Invesco
The 10 most viewed Invesco ETFs shown here include QQQ, SPMO, QQQM and span 12 categories. AUM among these funds goes as high as $481B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | Nasdaq-100 | 61 | 17.43% | 481.14B | Mar 1999 | PZA vs QQQ | |
| Invesco S&P 500 Momentum ETF | Momentum, S&P 500 | 65 | 28.67% | 22.01B | Oct 2015 | PZA vs SPMO | |
| Invesco NASDAQ 100 ETF | Nasdaq-100 | 61 | 17.45% | 100.59B | Oct 2020 | PZA vs QQQM | |
| Invesco S&P 500 Equal Weight ETF | S&P 500, Equal Weight | 56 | 12.34% | 96.24B | Apr 2003 | PZA vs RSP | |
| Invesco PHLX Semiconductor ETF | Semiconductors, Technology Equities | 93 | 79.01% | 2.58B | Jun 2021 | PZA vs SOXQ | |
| Invesco S&P 500 Quality ETF | S&P 500, Large Cap Blend Equities | 65 | 16.67% | 20.11B | Dec 2005 | PZA vs SPHQ | |
| Invesco S&P 500 Top 50 ETF | S&P 500 | 41 | 4.48% | 10.85B | May 2005 | PZA vs XLG | |
| Invesco S&P 500® High Dividend Low Volatility ETF | Dividend, S&P 500, Large Cap Value Equities | 36 | 11.04% | 3.29B | Oct 2012 | PZA vs SPHD | |
| Invesco S&P MidCap Momentum ETF | Momentum, Mid Cap Growth Equities | 51 | 16.50% | 7.45B | Mar 2005 | PZA vs XMMO | |
| Invesco Aerospace & Defense ETF | Aerospace & Defense, Industrials Equities | 32 | 9.74% | 8.22B | Oct 2005 | PZA vs PPA |
Often Compared With PZA
Investors most often compare PZA with MUB, VNJTX, NJTFX. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.
Compare PZA with Any Fund or Stock
Compare PZA with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PZA with funds that move differently
Invesco National AMT-Free Municipal Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PZA.
Explore PZA Diversifiers