IVV vs PVI
iShares Core S&P 500 ETF vs Invesco Floating Rate Municipal Income ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | PVI | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.25% | |
| AUM | $886.7B | $31M | |
| Dividend Yield | 1.10% | 2.17% | |
| Holdings | 508 | 154 | |
| YTD Return | +12.64% | +1.45% | |
| 1Y Return | +20.92% | +2.26% | |
| 3Y Return (annualized) | +21.07% | +2.56% | |
| 5Y Return (annualized) | +12.62% | +2.06% | |
| Volatility (annualized) | 15.1% | 0.6% | |
| Max Drawdown | -56.5% | -4.8% | |
| Fund Family | iShares by BlackRock (US) | Invesco (US) | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Nov 15, 2007 |
IVV vs PVI Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Invesco Floating Rate Municipal Income ETF (PVI) is a ETF from Invesco (US). Over the past year IVV returned +20.92% while PVI returned +2.26%. Year to date, IVV is up 12.64% versus a gain of 1.45% for PVI.
Over three years, IVV compounded at +21.07% per year against +2.56% for PVI; over five years the annualized figures are +12.62% and +2.06% respectively. Across the full 19-year window we track, IVV has the edge at +6.98% annualized vs +0.51%. 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 0.6% for PVI. 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 -4.8% for PVI. 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 -0.07. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while PVI 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 1.10% against 2.17% for PVI.
Holdings Overlap
IVV and PVI share 0 holdings out of 572 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 PVI?
IVV has an expense ratio of 0.03% while PVI 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 PVI?
Over the past year IVV returned +20.92% vs +2.26% for PVI, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +6.98% vs +0.51% for PVI. Past performance does not guarantee future results.
Which is riskier, IVV or PVI?
IVV has been the more volatile fund at 15.1% annualized versus 0.6% for PVI. Worst drawdown: IVV -56.5% vs PVI -4.8%.
Should I hold both IVV and PVI?
IVV and PVI have a monthly-return correlation of -0.07, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and PVI?
IVV and PVI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 572 unique securities.
Which pays a higher dividend, IVV or PVI?
IVV yields 1.10% while PVI yields 2.17%, so PVI currently pays the higher dividend yield.
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