VPV vs VYM
Invesco Pennsylvania Value Municipal Income Trust vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 558 holdings.
Side-by-Side Comparison
| Metric | VPV | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.71% | 0.04% | |
| AUM | $3,177.19 | $79.0B | |
| Dividend Yield | 7.35% | 2.86% | |
| Holdings | 141 | 568 | |
| YTD Return | +11.72% | +16.53% | |
| 1Y Return | +20.55% | +25.03% | |
| 3Y Return (annualized) | +11.99% | +18.54% | |
| 5Y Return (annualized) | +1.72% | +12.25% | |
| Volatility (annualized) | 13.2% | 14.6% | |
| Max Drawdown | -57.3% | -58.8% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Apr 30, 1993 | Nov 10, 2006 |
VPV vs VYM Performance
Invesco Pennsylvania Value Municipal Income Trust (VPV) is a ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year VPV returned +20.55% while VYM returned +25.03%. Year to date, VPV is up 11.72% versus a gain of 16.53% for VYM.
Over three years, VPV compounded at +11.99% per year against +18.54% for VYM; over five years the annualized figures are +1.72% and +12.25% respectively. Across the full 20-year window we track, VYM has the edge at +7.10% annualized vs +0.69%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 13.2% for VPV. 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 -57.3% for VPV and -58.8% for VYM. 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
VPV charges 1.71% per year while VYM charges 0.04%. On a $10,000 position that is $171 vs $4 annually, a gap of $167 per year that compounds over a long holding period. On income, VPV currently yields 7.35% against 2.86% for VYM.
Holdings Overlap
VPV and VYM share 0 holdings out of 613 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, VPV or VYM?
VPV has an expense ratio of 1.71% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $167 per year of difference.
Which performed better, VPV or VYM?
Over the past year VPV returned +20.55% vs +25.03% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), VPV annualized +0.69% vs +7.10% for VYM. Past performance does not guarantee future results.
Which is riskier, VPV or VYM?
VYM has been the more volatile fund at 14.6% annualized versus 13.2% for VPV. Worst drawdown: VPV -57.3% vs VYM -58.8%.
Should I hold both VPV and VYM?
VPV and VYM 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 VPV and VYM?
VPV and VYM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 613 unique securities.
Which pays a higher dividend, VPV or VYM?
VPV yields 7.35% while VYM yields 2.86%, so VPV currently pays the higher dividend yield.
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