PVI vs VOO
Invesco Floating Rate Municipal Income ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PVI | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.03% | |
| AUM | $32M | $979.0B | |
| Dividend Yield | 2.13% | 1.09% | |
| Holdings | 136 | 509 | |
| YTD Return | +1.15% | +14.48% | |
| 1Y Return | +2.13% | +22.02% | |
| 3Y Return (annualized) | +2.52% | +21.80% | |
| 5Y Return (annualized) | +1.99% | +13.36% | |
| Volatility (annualized) | 0.5% | 14.2% | |
| Max Drawdown | -4.8% | -34.3% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Nov 15, 2007 | Sep 7, 2010 |
PVI vs VOO Performance
Invesco Floating Rate Municipal Income ETF (PVI) is a ETF from Invesco (US) and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year PVI returned +2.13% while VOO returned +22.02%. Year to date, PVI is up 1.15% versus a gain of 14.48% for VOO.
Over three years, PVI compounded at +2.52% per year against +21.80% for VOO; over five years the annualized figures are +1.99% and +13.36% respectively. Across the full 16-year window we track, VOO has the edge at +13.61% annualized vs +0.50%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.2% 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 -34.3% for VOO. 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 -0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PVI charges 0.25% per year while VOO charges 0.03%. On a $10,000 position that is $25 vs $3 annually, a gap of $22 per year that compounds over a long holding period. On income, PVI currently yields 2.13% against 1.09% for VOO.
Holdings Overlap
PVI and VOO share 0 holdings out of 582 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 VOO?
PVI has an expense ratio of 0.25% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, PVI or VOO?
Over the past year PVI returned +2.13% vs +22.02% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), PVI annualized +0.50% vs +13.61% for VOO. Past performance does not guarantee future results.
Which is riskier, PVI or VOO?
VOO has been the more volatile fund at 14.2% annualized versus 0.5% for PVI. Worst drawdown: PVI -4.8% vs VOO -34.3%.
Should I hold both PVI and VOO?
PVI and VOO have a monthly-return correlation of -0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PVI and VOO?
PVI and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 582 unique securities.
Which pays a higher dividend, PVI or VOO?
PVI yields 2.13% while VOO yields 1.09%, so PVI currently pays the higher dividend yield.
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