IVV vs PMIO
iShares Core S&P 500 ETF vs PGIM Municipal Income Opportunities ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | PMIO | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.25% | |
| AUM | $865.2B | $50M | |
| Dividend Yield | 1.09% | 4.56% | |
| Holdings | 508 | 78 | |
| YTD Return | +13.43% | +1.15% | |
| 1Y Return | +22.61% | +4.91% | |
| 3Y Return (annualized) | +21.47% | - | |
| 5Y Return (annualized) | +13.26% | - | |
| Volatility (annualized) | 15.1% | 3.5% | |
| Max Drawdown | -56.5% | -3.4% | |
| Fund Family | iShares by BlackRock (US) | PGIM Investments | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Jun 14, 2024 |
IVV vs PMIO Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and PGIM Municipal Income Opportunities ETF (PMIO) is a ETF from PGIM Investments. Over the past year IVV returned +22.61% while PMIO returned +4.91%. Year to date, IVV is up 13.43% versus a gain of 1.15% for PMIO.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 3.5% for PMIO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -3.4% for PMIO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.59. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while PMIO charges 0.25%. On a $10,000 position that is $3 vs $25 annually, a gap of $22 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 4.56% for PMIO.
Holdings Overlap
IVV and PMIO share 0 holdings out of 525 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or PMIO?
IVV has an expense ratio of 0.03% while PMIO charges 0.25%. IVV is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, IVV or PMIO?
Over the past year IVV returned +22.61% vs +4.91% for PMIO, so IVV leads on 1-year performance. Over the longest common window we track (2 years), IVV annualized +7.03% vs +4.22% for PMIO. Past performance does not guarantee future results.
Which is riskier, IVV or PMIO?
IVV has been the more volatile fund at 15.1% annualized versus 3.5% for PMIO. Worst drawdown: IVV -56.5% vs PMIO -3.4%.
Should I hold both IVV and PMIO?
IVV and PMIO have a monthly-return correlation of 0.59, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and PMIO?
IVV and PMIO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, IVV or PMIO?
IVV yields 1.09% while PMIO yields 4.56%, so PMIO currently pays the higher dividend yield.
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