PVI vs. BOXX
PVI (Invesco VRDO Tax-Free ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, PVI returned 2.50%/yr vs 4.73%/yr for BOXX. Their -0.01 correlation means they have often moved in opposite directions in the past. PVI charges 0.25%/yr vs 0.19%/yr for BOXX.
Performance
PVI vs. BOXX - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.87% return, which is significantly lower than BOXX's 2.26% return.
PVI
- 1D
- -0.06%
- 1M
- -0.06%
- 6M
- 1.10%
- YTD
- 0.87%
- 1Y
- 2.11%
- 3Y*
- 2.50%
- 5Y*
- 1.99%
- 10Y*
- 1.32%
- ALL TIME*
- 1.00%
BOXX
- 1D
- 0.06%
- 1M
- 0.41%
- 6M
- 1.95%
- YTD
- 2.26%
- 1Y
- 4.08%
- 3Y*
- 4.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $253.32M | $264.36M | $274.97M | |
| $79.04K | $194.74K | $227.72K |
PVI vs. BOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.87% | 3.12% | 2.43% | 2.74% | 0.06% |
BOXX Alpha Architect 1-3 Month Box ETF | 2.26% | 4.37% | 5.16% | 5.04% | 0.07% |
Correlation
The correlation between PVI and BOXX is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022 | -0.01 |
The correlation between PVI and BOXX shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PVI vs. BOXX — Risk / Return Rank
PVI
BOXX
PVI vs. BOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.
| PVI | BOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.61 | ||
| Sortino ratioReturn per unit of downside risk | -35.18 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 8.74 | -7.58 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 60.17 | -57.91 |
| Martin ratioReturn relative to average drawdown | 7.22 | 505.74 | -498.52 |
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Drawdowns
PVI vs. BOXX - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for PVI and BOXX.
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Drawdown Indicators
| PVI | BOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -0.12% | -3.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.07% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -0.12% | -1.05% |
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 | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.28% | 0.00% | -0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.01% | +0.30% |
Volatility
PVI vs. BOXX - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.75% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | BOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.09% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 0.27% | +1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 0.33% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.02% | 0.37% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 0.37% | +1.41% |
PVI vs. BOXX - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than BOXX's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PVI vs. BOXX - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.17%, while BOXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PVI Invesco VRDO Tax-Free ETF | 2.17% | 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
PVI and BOXX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVI has higher volatility (0.75%) compared to BOXX (0.09%). In terms of maximum drawdown, PVI dropped -4.10% vs BOXX's -0.12%.
On 3-year performance, BOXX leads with 4.73% vs 2.50% for PVI. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BOXX has performed better with a 4.73% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOXX is cheaper with a 0.19% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.17%, compared with 0.00% for BOXX.
PVI is categorized as Municipal Bonds, while BOXX is Ultrashort Bond. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.25% for PVI and 0.19% for BOXX.
BOXX currently has the higher Sharpe Ratio (12.44 vs 0.82), 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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