PVI vs. DBEU
PVI (Invesco VRDO Tax-Free ETF) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while DBEU is a Europe Equities fund tracking the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, PVI returned 1.27%/yr vs 11.21%/yr for DBEU. At a 0.00 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.45%/yr for DBEU.
Performance
PVI vs. DBEU - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.36% return, which is significantly lower than DBEU's 11.29% return. Over the past 10 years, PVI has underperformed DBEU with an annualized return of 1.27%, while DBEU has yielded a comparatively higher 11.21% annualized return.
PVI
- 1D
- -0.34%
- 1M
- -0.22%
- 6M
- 0.54%
- YTD
- 0.36%
- 1Y
- 1.73%
- 3Y*
- 2.42%
- 5Y*
- 1.88%
- 10Y*
- 1.27%
DBEU
- 1D
- -0.37%
- 1M
- 1.04%
- 6M
- 7.46%
- YTD
- 11.29%
- 1Y
- 21.64%
- 3Y*
- 16.09%
- 5Y*
- 11.58%
- 10Y*
- 11.21%
PVI vs. DBEU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.36% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.17% | 1.18% | 1.21% | 0.44% |
DBEU Xtrackers MSCI Europe Hedged Equity Fund | 11.29% | 22.18% | 9.17% | 17.43% | -6.25% | 23.99% | -1.42% | 27.32% | -8.49% | 14.60% |
Correlation
The correlation between PVI and DBEU is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013 | 0.00 |
The correlation between PVI and DBEU shifts across timeframes, from -0.14 (1 year) to 0.00 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PVI vs. DBEU — Risk / Return Rank
PVI
DBEU
PVI vs. DBEU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). 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 | DBEU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.30 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.22 | -0.46 |
| Martin ratioReturn relative to average drawdown | 5.66 | 9.00 | -3.34 |
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Drawdowns
PVI vs. DBEU - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum DBEU drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for PVI and DBEU.
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Drawdown Indicators
| PVI | DBEU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -34.50% | +30.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -9.81% | +8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -15.35% | +14.18% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -17.67% | +16.50% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | -34.50% | +33.33% |
Current DrawdownCurrent decline from peak | -0.60% | -1.98% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -4.41% | +4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 2.41% | -2.10% |
Volatility
PVI vs. DBEU - Volatility Comparison
The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.63%, while Xtrackers MSCI Europe Hedged Equity Fund (DBEU) has a volatility of 3.92%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than DBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | DBEU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 3.92% | -3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 11.11% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 13.12% | -10.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 14.38% | -12.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.77% | 16.23% | -14.46% |
PVI vs. DBEU - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is lower than DBEU's 0.45% expense ratio.
Dividends
PVI vs. DBEU - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.14%, more than DBEU's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBEU Xtrackers MSCI Europe Hedged Equity Fund | 1.43% | 4.55% | 0.07% | 3.64% | 1.96% | 1.87% | 2.44% | 2.77% | 3.55% | 2.28% | 9.92% | 5.50% |
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
PVI and DBEU have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBEU has higher volatility (3.92%) compared to PVI (0.63%). In terms of maximum drawdown, PVI dropped -4.10% vs DBEU's -34.50%.
On 10-year performance, DBEU leads with 11.21% vs 1.27% for PVI. On fees, PVI is cheaper at 0.25% per year. On volatility, PVI has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBEU has performed better with a 11.21% return vs 1.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVI is cheaper with a 0.25% expense ratio, compared with 0.45% for DBEU.
PVI has the higher dividend yield at 2.14%, compared with 1.43% for DBEU.
PVI is categorized as Municipal Bonds, while DBEU is Europe Equities. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: Invesco and DWS. Their fees differ too: 0.25% for PVI and 0.45% for DBEU.
DBEU currently has the higher Sharpe Ratio (1.66 vs 0.65), 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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