PVI vs SPY
Invesco Floating Rate Municipal Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PVI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $31M | $814.4B | |
| Dividend Yield | 2.17% | 1.01% | |
| Holdings | 154 | 505 | |
| YTD Return | +1.45% | +12.60% | |
| 1Y Return | +2.26% | +20.83% | |
| 3Y Return (annualized) | +2.56% | +20.98% | |
| 5Y Return (annualized) | +2.06% | +12.56% | |
| Volatility (annualized) | 0.6% | 15.3% | |
| Max Drawdown | -4.8% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Nov 15, 2007 | Jan 22, 1993 |
PVI vs SPY Performance
Invesco Floating Rate Municipal Income ETF (PVI) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PVI returned +2.26% while SPY returned +20.83%. Year to date, PVI is up 1.45% versus a gain of 12.60% for SPY.
Over three years, PVI compounded at +2.56% per year against +20.98% for SPY; over five years the annualized figures are +2.06% and +12.56% respectively. Across the full 19-year window we track, SPY has the edge at +8.79% annualized vs +0.51%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -4.8% for PVI and -56.5% for SPY. 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
PVI charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, PVI currently yields 2.17% against 1.01% for SPY.
Holdings Overlap
PVI and SPY share 0 holdings out of 571 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 SPY?
PVI has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, PVI or SPY?
Over the past year PVI returned +2.26% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PVI annualized +0.51% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PVI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.6% for PVI. Worst drawdown: PVI -4.8% vs SPY -56.5%.
Should I hold both PVI and SPY?
PVI and SPY 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 PVI and SPY?
PVI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 571 unique securities.
Which pays a higher dividend, PVI or SPY?
PVI yields 2.17% while SPY yields 1.01%, so PVI currently pays the higher dividend yield.
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