IVV vs PMO
iShares Core S&P 500 ETF vs Putnam Municipal Opportunities Trust
Which is better, IVV or PMO?
Large Cap Blend against Municipal Bond.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PMO |
|---|---|---|
| Expense Ratio | 0.03%Best | 1.02% |
| AUM | $876.4B | $4,829 |
| Dividend Yield | 1.06% | 4.31% |
| Holdings | 508 | 285 |
| YTD Return | +14.15%Best | -6.08% |
| 1Y Return | +17.31%Best | -1.98% |
| 3Y Return (annualized) | +23.17%Best | +4.61% |
| 5Y Return (annualized) | +13.85%Best | -3.09% |
| Volatility (annualized) | 15.1% | 11.8%Best |
| Max Drawdown | -56.5% | -44.4%Best |
| $10,000 over 5 years | $19,128Best | $8,548 |
| Fund Family | iShares by BlackRock (US) | Putnam Investments |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal Bond |
| Inception | May 15, 2000 | May 28, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 19, 2000 to Sep 21, 2026 (26.3 years).
IVV vs PMO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs PMO Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Putnam Municipal Opportunities Trust (PMO) is an ETF from Putnam Investments. Over the past year IVV returned +17.31% while PMO returned -1.98%. Year to date, IVV is up 14.15% versus a loss of 6.08% for PMO.
Over three years, IVV compounded at +23.17% per year against +4.61% for PMO; over five years the annualized figures are +13.85% and -3.09% respectively. Across the full 26-year window we track, IVV has the edge at +7.02% annualized vs +0.36%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 11.8% for PMO. 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 -44.4% for PMO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IVV charges 0.03% per year while PMO charges 1.02%. On a $10,000 position that is $3 vs $102 annually, a gap of $99 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 4.31% for PMO.
Holdings Overlap
We hold position weights for 490 holdings in IVV and 101 in PMO, totalling 99.3% and 47.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 92 days apart, IVV as of Aug 31, 2026 and PMO as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 490 positions we hold weights for in IVV and 101 in PMO, against full books of 508 and 285.
You are not choosing between two funds in isolation.
Whichever of IVV and PMO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PMO?
IVV has an expense ratio of 0.03% while PMO charges 1.02%. IVV is the cheaper option, by $99 a year on a $10,000 investment.
Which performed better, IVV or PMO?
Over the past year IVV returned +17.31% vs -1.98% for PMO, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.02% vs +0.36% for PMO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PMO?
IVV has been the more volatile fund at 15.1% annualized versus 11.8% for PMO. Worst drawdown: IVV -56.5% vs PMO -44.4%.
Should I hold both IVV and PMO?
IVV and PMO have a monthly-return correlation of 0.33, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or PMO?
IVV yields 1.06% while PMO yields 4.31%, so PMO currently pays the higher dividend yield.
Is PMO better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.