PVI vs TAXM
Invesco Floating Rate Municipal Income ETF vs BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents
Which is better, PVI or TAXM?
Opposite sides of the same exposure.
PVI has a lower expense ratio. PVI led over 1Y and the full window. The two move opposite each other, correlation -0.52, so holding both offsets the exposure while paying both fees.
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 | PVI | TAXM |
|---|---|---|
| Expense Ratio | 0.25%Best | 0.35% |
| AUM | $36M | $41M |
| Dividend Yield | 2.20% | 3.38% |
| Holdings | 324 | 317 |
| YTD Return | +1.86%Best | -0.10% |
| 1Y Return | +2.27%Best | -0.09% |
| 3Y Return (annualized) | +2.51% | - |
| 5Y Return (annualized) | +2.15% | - |
| Volatility (annualized) | 0.9%Best | 5.2% |
| Max Drawdown | -1.0%Best | -6.2% |
| $10,000 over 1.7 years | $10,422Best | $10,372 |
| Fund Family | Invesco (US) | BondBloxx |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 15, 2007 | Mar 13, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Mar 13, 2025 to Nov 11, 2026 (1.7 years).
PVI vs TAXM 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 covers the 1.7 years both funds cover.
PVI vs TAXM Performance
Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) is an ETF from BondBloxx. Over the past year PVI returned +2.27% while TAXM returned -0.09%. Year to date, PVI is up 1.86% versus a loss of 0.10% for TAXM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TAXM has been the more volatile fund, with annualized monthly volatility of 5.2% compared with 0.9% 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 -1.0% for PVI and -6.2% for TAXM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.52. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
PVI charges 0.25% per year while TAXM charges 0.35%. On a $10,000 position that is $25 vs $35 annually, a gap of $10 per year that compounds over a long holding period. On income, PVI currently yields 2.20% against 3.38% for TAXM.
Holdings Overlap
We hold position weights for 68 holdings in PVI and 66 in TAXM, totalling 53.4% and 30.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 68 positions we hold weights for in PVI and 66 in TAXM, against full books of 324 and 317.
You are not choosing between two funds in isolation.
Whichever of PVI and TAXM 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, PVI or TAXM?
PVI has an expense ratio of 0.25% while TAXM charges 0.35%. PVI is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, PVI or TAXM?
Over the past year PVI returned +2.27% vs -0.09% for TAXM, so PVI leads on 1-year performance. Over the longest common window we track (2 years), PVI annualized +2.46% vs +2.17% for TAXM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PVI or TAXM?
TAXM has been the more volatile fund at 5.2% annualized versus 0.9% for PVI. Worst drawdown: PVI -1.0% vs TAXM -6.2%.
Should I hold both PVI and TAXM?
PVI and TAXM have a monthly-return correlation of -0.52, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, PVI or TAXM?
PVI yields 2.20% while TAXM yields 3.38%, so TAXM currently pays the higher dividend yield.
Is TAXM better than PVI?
PVI has a lower expense ratio. PVI led over 1Y and the full window. The two move opposite each other, correlation -0.52, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.