Invesco VRDO Tax-Free ETF (PVI)

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Invesco VRDO Tax-Free ETF (PVI) is up 0.6% since the beginning of the year. PVI is currently trading at $25 per share. Investors who bought $1,000 worth of PVI shares 5 years ago would now be looking at an investment worth $1,100.

Invesco VRDO Tax-Free ETF (PVI) has returned 0.58% so far this year and 2.28% over the past 12 months. Over the last ten years, PVI has returned 1.29% per year, falling short of the S&P 500 Index benchmark, which averaged 13.61% annually.

Based on dividend-adjusted daily data since Nov 15, 2007, PVI's average daily return is 0.00%, while the average monthly return is +0.08%. At this rate, an investment would double in approximately 72.2 years.

Historically, 73% of months were positive and 27% were negative. The best month was Mar 2008 with a return of +1.1%, while the worst month was Feb 2008 at -0.5%. The longest winning streak lasted 24 consecutive months, and the longest losing streak was 4 months.

On a daily basis, PVI closed higher 36% of trading days. The best single day was Jan 25, 2008 with a return of +3.8%, while the worst single day was Jan 28, 2008 at -3.7%.

Invesco VRDO Tax-Free ETF has an annualized alpha of 1.01%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since November 15, 2007.

• This ETF captured 1.66% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -3.42%) - a profile typical of hedging or uncorrelated assets.
• Beta of 0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
• R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

PVI has an expense ratio of 0.25%, which is considered low.

PVI ranks 33 for risk / return — below 33% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

Invesco VRDO Tax-Free ETF provided a 2.15% dividend yield over the last twelve months, with an annual payout of $0.53 per share.

The table displays the monthly dividend distributions for Invesco VRDO Tax-Free ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Invesco VRDO Tax-Free ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Invesco VRDO Tax-Free ETF was 4.10%, occurring on Feb 29, 2008. Recovery took 314 trading sessions.

The current Invesco VRDO Tax-Free ETF drawdown is 0.16%.

The chart below shows the rolling one-month volatility.