PVI vs SCHD
Invesco Floating Rate Municipal Income ETF vs Schwab US Dividend Equity ETF
Quick Verdict
SCHD has a lower expense ratio. SCHD delivered stronger 1-year returns. SCHD offers more diversification with 100 holdings.
Side-by-Side Comparison
| Metric | PVI | SCHD | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.06% | |
| AUM | $32M | $103.7B | |
| Dividend Yield | 2.13% | 3.31% | |
| Holdings | 136 | 104 | |
| YTD Return | +1.03% | +25.33% | |
| 1Y Return | +1.99% | +32.31% | |
| 3Y Return (annualized) | +2.51% | +15.40% | |
| 5Y Return (annualized) | +1.97% | +9.70% | |
| Volatility (annualized) | 0.5% | 13.6% | |
| Max Drawdown | -4.8% | -33.4% | |
| Fund Family | Invesco (US) | Charles Schwab Asset Management | |
| Category | Tax Preferred | Equity | |
| Inception | Nov 15, 2007 | Oct 20, 2011 |
PVI vs SCHD Performance
Invesco Floating Rate Municipal Income ETF (PVI) is a ETF from Invesco (US) and Schwab US Dividend Equity ETF (SCHD) is a ETF from Charles Schwab Asset Management. Over the past year PVI returned +1.99% while SCHD returned +32.31%. Year to date, PVI is up 1.03% versus a gain of 25.33% for SCHD.
Over three years, PVI compounded at +2.51% per year against +15.40% for SCHD; over five years the annualized figures are +1.97% and +9.70% respectively. Across the full 15-year window we track, SCHD has the edge at +11.45% annualized vs +0.49%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHD has been the more volatile fund, with annualized monthly volatility of 13.6% compared with 0.5% 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 -4.8% for PVI and -33.4% for SCHD. 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 -0.18. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PVI charges 0.25% per year while SCHD charges 0.06%. On a $10,000 position that is $25 vs $6 annually, a gap of $19 per year that compounds over a long holding period. On income, PVI currently yields 2.13% against 3.31% for SCHD.
Holdings Overlap
PVI and SCHD share 0 holdings out of 177 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, PVI or SCHD?
PVI has an expense ratio of 0.25% while SCHD charges 0.06%. SCHD is the cheaper option. On a $10,000 investment, that is $19 per year of difference.
Which performed better, PVI or SCHD?
Over the past year PVI returned +1.99% vs +32.31% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (15 years), PVI annualized +0.49% vs +11.45% for SCHD. Past performance does not guarantee future results.
Which is riskier, PVI or SCHD?
SCHD has been the more volatile fund at 13.6% annualized versus 0.5% for PVI. Worst drawdown: PVI -4.8% vs SCHD -33.4%.
Should I hold both PVI and SCHD?
PVI and SCHD have a monthly-return correlation of -0.18, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PVI and SCHD?
PVI and SCHD share 0 common holdings with a 0.0% weight overlap. Combined, they hold 177 unique securities.
Which pays a higher dividend, PVI or SCHD?
PVI yields 2.13% while SCHD yields 3.31%, so SCHD currently pays the higher dividend yield.
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