IBTH vs. PVI
IBTH (iShares iBonds Dec 2027 Term Treasury ETF) and PVI (Invesco VRDO Tax-Free ETF) are both exchange-traded funds - IBTH is a Government Bonds fund tracking the ICE 2027 Maturity US Treasury Index, while PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index. Both are passively managed. Over the past 5 years, IBTH returned 0.47%/yr vs 1.96%/yr for PVI. At a 0.00 correlation, their price movements are largely independent. IBTH charges 0.07%/yr vs 0.25%/yr for PVI.
Performance
IBTH vs. PVI - Performance Comparison
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Returns By Period
In the year-to-date period, IBTH achieves a 0.92% return, which is significantly higher than PVI's 0.74% return.
IBTH
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 0.92%
- 6M
- 1.26%
- 1Y
- 3.93%
- 3Y*
- 3.92%
- 5Y*
- 0.47%
- 10Y*
- —
PVI
- 1D
- 0.06%
- 1M
- 0.68%
- YTD
- 0.74%
- 6M
- 1.28%
- 1Y
- 2.32%
- 3Y*
- 2.64%
- 5Y*
- 1.96%
- 10Y*
- 1.31%
IBTH vs. PVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 0.92% | 5.29% | 3.22% | 4.38% | -9.75% | -3.43% | 4.20% |
PVI Invesco VRDO Tax-Free ETF | 0.74% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.23% |
Correlation
The correlation between IBTH and PVI is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020 | 0.00 |
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Return for Risk
IBTH vs. PVI — Risk / Return Rank
IBTH
PVI
IBTH vs. PVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Treasury ETF (IBTH) 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.
| IBTH | PVI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.57 | 0.88 | +2.70 |
Sortino ratioReturn per unit of downside risk | 6.60 | 1.31 | +5.29 |
Omega ratioGain probability vs. loss probability | 1.93 | 1.17 | +0.76 |
Calmar ratioReturn relative to maximum drawdown | 10.34 | 2.36 | +7.98 |
Martin ratioReturn relative to average drawdown | 40.10 | 7.62 | +32.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBTH | PVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | 0.88 | +2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 1.00 | -0.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.53 | -0.39 |
Drawdowns
IBTH vs. PVI - Drawdown Comparison
The maximum IBTH drawdown since its inception was -16.16%, which is greater than PVI's maximum drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for IBTH and PVI.
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Drawdown Indicators
| IBTH | PVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.16% | -4.10% | -12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.38% | -0.99% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -1.17% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -1.17% | -13.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.17% | — |
Current DrawdownCurrent decline from peak | -1.36% | 0.00% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -6.72% | -0.28% | -6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 0.30% | -0.20% |
Volatility
IBTH vs. PVI - Volatility Comparison
The current volatility for iShares iBonds Dec 2027 Term Treasury ETF (IBTH) is 0.18%, while Invesco VRDO Tax-Free ETF (PVI) has a volatility of 0.76%. This indicates that IBTH experiences smaller price fluctuations and is considered to be less risky 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
| IBTH | PVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.76% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 1.81% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.11% | 2.66% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.20% | 1.97% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.21% | 1.75% | +2.46% |
IBTH vs. PVI - Expense Ratio Comparison
IBTH has a 0.07% 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
IBTH vs. PVI - Dividend Comparison
IBTH's dividend yield for the trailing twelve months is around 3.83%, more than PVI's 2.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 3.83% | 3.92% | 4.04% | 3.61% | 2.00% | 0.77% | 0.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PVI Invesco VRDO Tax-Free ETF | 2.14% | 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
IBTH and PVI have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVI has higher volatility (0.76%) compared to IBTH (0.18%). In terms of maximum drawdown, IBTH dropped -16.16% vs PVI's -4.10%.
On 5-year performance, PVI leads with 1.96% vs 0.47% for IBTH. On fees, IBTH is cheaper at 0.07% per year. On volatility, IBTH has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PVI has performed better with a 1.96% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTH is cheaper with a 0.07% expense ratio, compared with 0.25% for PVI.
IBTH has the higher dividend yield at 3.83%, compared with 2.14% for PVI.
IBTH is categorized as Government Bonds, while PVI is Municipal Bonds. IBTH tracks ICE 2027 Maturity US Treasury Index, while PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBTH and 0.25% for PVI.
IBTH currently has the higher Sharpe Ratio (3.57 vs 0.88), 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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