OVM vs PZA
Overlay Shares Municipal Bond ETF compared with Invesco National AMT-Free Municipal Bond ETF on yield, payout growth, payment schedule, cost and risk.
OVM
Overlay Shares Municipal Bond ETF
TTM yield · Monthly
PZA
Invesco National AMT-Free Municipal Bond ETF
TTM yield · Monthly
Quick take
- OVM yields more today: 5.38% vs 4.06% (forward).
- Both pay every month.
- Over the last year OVM delivered the higher total return: +1.1% vs -1.8% (price change plus payouts).
- PZA is cheaper to own: 0.28% vs 0.81% expense ratio.
- PZA has the steadier distribution: consistency 96/100 vs 40/100.
Generated from the latest data on both pages. Not a recommendation.
Side by side
| Metric | OVM | PZA |
|---|---|---|
| Share price | $20.73 | $21.80 |
| TTM yield | 5.39% | 4.06% |
| Forward yield | 5.38% | 4.06% |
| Annual payout per share | $1.1147 | $0.885 |
| Payment frequency | Monthly | Monthly |
| Next ex-date | Oct 29, 2026 (est.) | Nov 16, 2026 (est.) |
| Expense ratio | 0.81% | 0.28% |
| 1-year payout growth | — | — |
| 5-year payout CAGR | — | — |
| Consecutive years of increases | — | — |
| Payout consistency (last 12) | 40/100 | 96/100 |
| 1-year total return | +1.1% | -1.8% |
| 1-year price return | -4.1% | -5.6% |
| Size (market cap / AUM) | 42.8M | 4.0B |
| Years paying | 6.8 | 18.9 |
| Sector / category | Muni National Long | Muni National Long |
✓ marks the more favourable figure where one exists (higher yield, growth, streak, consistency, return and size; lower cost, payout ratio and risk).
$10,000 invested today
| OVM | PZA | |
|---|---|---|
| Shares | 482.5 | 458.7 |
| Income per year | $538 | $406 |
| Income per month (avg) | $45 | $34 |
Next payments
| Ex-date | Pay date | Per share | Status |
|---|---|---|---|
| OVM Oct 29, 2026 | Nov 12, 2026 | $0.0929 | Est. |
| OVM Nov 28, 2026 | Dec 12, 2026 | $0.0929 | Est. |
| OVM Dec 28, 2026 | Jan 11, 2027 | $0.0929 | Est. |
| PZA Nov 16, 2026 | Nov 30, 2026 | $0.0737 | Est. |
| PZA Dec 14, 2026 | Dec 28, 2026 | $0.0737 | Est. |
| PZA Jan 11, 2027 | Jan 25, 2027 | $0.0737 | Est. |
Annual payouts per share
OVMPZA
Regular payments only; the current year is year to date. Per-share amounts are not directly comparable when share prices differ, so read this chart for growth trends.
FAQ
Which has the higher dividend yield, OVM or PZA?
OVM currently has the higher trailing yield: OVM yields 5.39% and PZA yields 4.06%. Yield changes daily with price, so check the live figures above.
How often do OVM and PZA pay?
OVM pays every month and PZA pays every month. OVM's next ex-date is Oct 29, 2026 and PZA's is Nov 16, 2026.
Is OVM or PZA better for income?
It depends on what you are optimising for. OVM and PZA differ in yield, growth, payment schedule and risk profile; the table above puts every metric side by side so you can weigh them for your own goals. This page is data, not advice.