Invesco VRDO Tax-Free ETF (PVI) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PVI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PVI
PVI charges 0.25% annually. There are 62 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.92B | Oct 2022 | PVI vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | PVI vs VTEB | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.89M | Aug 2025 | PVI vs TAXT | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 180.62M | Jul 2019 | PVI vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 153.73M | Aug 2025 | PVI vs TAXI |
Best Risk-Adjusted Alternatives to PVI
PVI has a PortfoliosLab risk / return rank of 32. There are 103 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 9.88M | Sep 2024 | PVI vs MYMG | |
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | PVI vs MYMF | |
| First Trust Ultra Short Duration Municipal ETF | 96 | 246.08M | Nov 2018 | PVI vs FUMB | |
| iShares Short Maturity Municipal Bond ETF | 95 | 1.39B | Mar 2015 | PVI vs MEAR | |
| Goldman Sachs Ultra Short Municipal Income ETF | 95 | 38.99M | Jul 2024 | PVI vs GUMI |
Top Performing PVI Alternatives (YTD)
PVI is at 0.60% YTD. There are 133 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.08%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.08% | 142.76M | Jun 2013 | PVI vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 3.93% | 19.03M | Sep 2016 | PVI vs MFLX | |
| Rareview Tax Advantaged Income ETF | 3.90% | 18.13M | Oct 2020 | PVI vs RTAI | |
| T. Rowe Price High Income Municipal ETF | 3.61% | 25.43M | Nov 2025 | PVI vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.51% | 30.60M | Sep 2019 | PVI vs OVM |
Lowest Volatility Alternatives to PVI
PVI has 2.66% 1-year volatility. There are 65 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 30.59M | Sep 2025 | PVI vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.73% | 8.74M | Sep 2024 | PVI vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.75% | 398.45M | Oct 2007 | PVI vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.75% | 30.06M | Jul 2025 | PVI vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.78% | 246.08M | Nov 2018 | PVI vs FUMB |
Lowest Drawdown Alternatives to PVI
PVI has a 1-year max drawdown of -0.99%. There are 15 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.08M | Nov 2018 | PVI vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 290.51M | Sep 2019 | PVI vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | PVI vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | PVI vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 587.10M | Apr 2019 | PVI vs IBMO |
Other ETFs from Invesco
The 10 most viewed Invesco ETFs shown here include QQQ, SPMO, QQQM and span 12 categories. AUM among these funds goes as high as $493B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Invesco QQQ ETF | Nasdaq-100 | 59 | 16.45% | 493.17B | Mar 1999 | PVI vs QQQ | |
| Invesco S&P 500 Momentum ETF | Momentum, S&P 500 | 68 | 29.91% | 21.99B | Oct 2015 | PVI vs SPMO | |
| Invesco NASDAQ 100 ETF | Nasdaq-100 | 60 | 16.48% | 101.29B | Oct 2020 | PVI vs QQQM | |
| Invesco S&P 500 Equal Weight ETF | S&P 500, Equal Weight | 49 | 9.94% | 92.57B | Apr 2003 | PVI vs RSP | |
| Invesco PHLX Semiconductor ETF | Semiconductors, Technology Equities | 94 | 90.62% | 3.22B | Jun 2021 | PVI vs SOXQ | |
| Invesco S&P 500 Top 50 ETF | S&P 500 | 39 | 1.60% | 10.60B | May 2005 | PVI vs XLG | |
| Invesco S&P 500 Quality ETF | S&P 500, Large Cap Blend Equities | 61 | 16.54% | 21.05B | Dec 2005 | PVI vs SPHQ | |
| Invesco S&P 500® High Dividend Low Volatility ETF | Dividend, S&P 500, Large Cap Value Equities | 30 | 8.20% | 3.27B | Oct 2012 | PVI vs SPHD | |
| Invesco S&P MidCap Momentum ETF | Momentum, Mid Cap Growth Equities | 66 | 22.90% | 8.18B | Mar 2005 | PVI vs XMMO | |
| Invesco Aerospace & Defense ETF | Aerospace & Defense, Industrials Equities | 38 | 9.76% | 8.26B | Oct 2005 | PVI vs PPA |
Often Compared With PVI
Investors most often compare PVI with BAB, MO, FXAIX. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare PVI with Any Fund or Stock
Compare PVI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PVI with funds that move differently
Invesco VRDO Tax-Free ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PVI.
Explore PVI Diversifiers