GCAD vs. PVI
GCAD (Gabelli Commercial Aerospace & Defense ETF) and PVI (Invesco VRDO Tax-Free ETF) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index. GCAD is actively managed, while PVI is passively managed. Over the past 3 years, GCAD returned 30.96%/yr vs 2.56%/yr for PVI. At a 0.00 correlation, their price movements are largely independent. GCAD charges 0.00%/yr vs 0.25%/yr for PVI.
Performance
GCAD vs. PVI - Performance Comparison
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Returns By Period
In the year-to-date period, GCAD achieves a 15.30% return, which is significantly higher than PVI's 0.76% return.
GCAD
- 1D
- -1.83%
- 1M
- -4.29%
- 6M
- 1.08%
- YTD
- 15.30%
- 1Y
- 27.53%
- 3Y*
- 30.96%
- 5Y*
- —
- 10Y*
- —
PVI
- 1D
- 0.02%
- 1M
- 0.07%
- 6M
- 0.97%
- YTD
- 0.76%
- 1Y
- 2.24%
- 3Y*
- 2.56%
- 5Y*
- 1.96%
- 10Y*
- 1.31%
GCAD vs. PVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GCAD Gabelli Commercial Aerospace & Defense ETF | 15.30% | 39.28% | 26.61% | 17.37% |
PVI Invesco VRDO Tax-Free ETF | 0.76% | 3.12% | 2.43% | 2.72% |
Correlation
The correlation between GCAD and PVI is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2023 | 0.00 |
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Return for Risk
GCAD vs. PVI — Risk / Return Rank
GCAD
PVI
GCAD vs. PVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) and Invesco VRDO Tax-Free ETF (PVI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GCAD | PVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.28 | -0.43 |
| Martin ratioReturn relative to average drawdown | 6.18 | 7.33 | -1.14 |
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Drawdowns
GCAD vs. PVI - Drawdown Comparison
The maximum GCAD drawdown since its inception was -16.14%, which is greater than PVI's maximum drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for GCAD and PVI.
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Drawdown Indicators
| GCAD | PVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.14% | -4.10% | -12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -0.99% | -13.97% |
Max Drawdown (3Y)Largest decline over 3 years | -16.14% | -1.17% | -14.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.17% | — |
Current DrawdownCurrent decline from peak | -6.89% | -0.20% | -6.69% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -0.28% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 0.31% | +4.15% |
Volatility
GCAD vs. PVI - Volatility Comparison
Gabelli Commercial Aerospace & Defense ETF (GCAD) has a higher volatility of 5.00% compared to Invesco VRDO Tax-Free ETF (PVI) at 0.72%. This indicates that GCAD's price experiences larger fluctuations and is considered to be riskier than PVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCAD | PVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 0.72% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 17.20% | 1.70% | +15.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.67% | 2.69% | +17.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.76% | 2.00% | +16.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.76% | 1.77% | +16.99% |
GCAD vs. PVI - Expense Ratio Comparison
GCAD has a 0.00% expense ratio, which is lower than PVI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GCAD vs. PVI - Dividend Comparison
GCAD's dividend yield for the trailing twelve months is around 1.79%, less than PVI's 2.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCAD Gabelli Commercial Aerospace & Defense ETF | 1.79% | 2.06% | 4.94% | 3.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PVI Invesco VRDO Tax-Free ETF | 2.13% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
Frequently Asked Questions
GCAD and PVI have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GCAD has higher volatility (5.00%) compared to PVI (0.72%). In terms of maximum drawdown, GCAD dropped -16.14% vs PVI's -4.10%.
On 3-year performance, GCAD leads with 30.96% vs 2.56% for PVI. On fees, GCAD is cheaper at 0.00% per year. On volatility, PVI has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GCAD has performed better with a 30.96% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GCAD is cheaper with a 0.00% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.13%, compared with 1.79% for GCAD.
GCAD is categorized as Aerospace & Defense, while PVI is Municipal Bonds. They also come from different issuers: Gabelli and Invesco. Their fees differ too: 0.00% for GCAD and 0.25% for PVI.
GCAD currently has the higher Sharpe Ratio (1.34 vs 0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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