PVI vs VTI
Invesco Floating Rate Municipal Income ETF vs Vanguard Morningstar Total Stock Market ETF
Quick Verdict
VTI has a lower expense ratio. VTI delivered stronger 1-year returns. VTI offers more diversification with 3,543 holdings.
Side-by-Side Comparison
| Metric | PVI | VTI | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.03% | |
| AUM | $31M | $666.9B | |
| Dividend Yield | 2.17% | 1.07% | |
| Holdings | 154 | 3,543 | |
| YTD Return | +1.23% | +12.65% | |
| 1Y Return | +2.10% | +21.39% | |
| 3Y Return (annualized) | +2.48% | +21.54% | |
| 5Y Return (annualized) | +2.01% | +12.11% | |
| Volatility (annualized) | 0.5% | 15.3% | |
| Max Drawdown | -4.8% | -56.6% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Nov 15, 2007 | May 24, 2001 |
PVI vs VTI Performance
Invesco Floating Rate Municipal Income ETF (PVI) is a ETF from Invesco (US) and Vanguard Morningstar Total Stock Market ETF (VTI) is a ETF from Vanguard (US). Over the past year PVI returned +2.10% while VTI returned +21.39%. Year to date, PVI is up 1.23% versus a gain of 12.65% for VTI.
Over three years, PVI compounded at +2.48% per year against +21.54% for VTI; over five years the annualized figures are +2.01% and +12.11% respectively. Across the full 19-year window we track, VTI has the edge at +8.07% annualized vs +0.50%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.6% for VTI. 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 -0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PVI charges 0.25% per year while VTI 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 2.17% against 1.07% for VTI.
Holdings Overlap
PVI and VTI share 0 holdings out of 2864 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 VTI?
PVI has an expense ratio of 0.25% while VTI charges 0.03%. VTI is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, PVI or VTI?
Over the past year PVI returned +2.10% vs +21.39% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (19 years), PVI annualized +0.50% vs +8.07% for VTI. Past performance does not guarantee future results.
Which is riskier, PVI or VTI?
VTI has been the more volatile fund at 15.3% annualized versus 0.5% for PVI. Worst drawdown: PVI -4.8% vs VTI -56.6%.
Should I hold both PVI and VTI?
PVI and VTI have a monthly-return correlation of -0.08, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PVI and VTI?
PVI and VTI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 2864 unique securities.
Which pays a higher dividend, PVI or VTI?
PVI yields 2.17% while VTI yields 1.07%, so PVI currently pays the higher dividend yield.
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