PVI vs. FLTR
PVI (Invesco VRDO Tax-Free ETF) and FLTR (VanEck IG Floating Rate ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while FLTR is a Corporate Bonds fund tracking the MVIS US Investment Grade Floating Rate Index. Both are passively managed. Over the past 10 years, PVI returned 1.32%/yr vs 3.52%/yr for FLTR. Their -0.00 correlation means they have often moved in opposite directions in the past. PVI charges 0.25%/yr vs 0.14%/yr for FLTR.
Performance
PVI vs. FLTR - 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 FLTR's 2.70% return. Over the past 10 years, PVI has underperformed FLTR with an annualized return of 1.32%, while FLTR has yielded a comparatively higher 3.52% annualized 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%
FLTR
- 1D
- 0.08%
- 1M
- 0.27%
- 6M
- 2.30%
- YTD
- 2.70%
- 1Y
- 5.01%
- 3Y*
- 5.95%
- 5Y*
- 4.63%
- 10Y*
- 3.52%
- ALL TIME*
- 2.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.76M | $33.35M | $28.52M | |
| $79.04K | $194.74K | $227.72K |
PVI vs. FLTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.87% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.17% | 1.18% | 1.21% | 0.44% |
FLTR VanEck IG Floating Rate ETF | 2.70% | 5.22% | 7.38% | 7.41% | 0.74% | 0.55% | 1.44% | 5.70% | 0.30% | 2.80% |
Correlation
The correlation between PVI and FLTR is -0.12, 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. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2011 | -0.00 |
The correlation between PVI and FLTR shifts across timeframes, from -0.12 (1 year) to 0.00 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PVI vs. FLTR — Risk / Return Rank
PVI
FLTR
PVI vs. FLTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and VanEck IG Floating Rate ETF (FLTR). 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 | FLTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.58 | ||
| Sortino ratioReturn per unit of downside risk | -10.67 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 2.96 | -1.80 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 16.15 | -13.89 |
| Martin ratioReturn relative to average drawdown | 7.22 | 95.31 | -88.09 |
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Drawdowns
PVI vs. FLTR - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum FLTR drawdown of -17.84%. Use the drawdown chart below to compare losses from any high point for PVI and FLTR.
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Drawdown Indicators
| PVI | FLTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -17.84% | +13.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.31% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -1.93% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -3.06% | +1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | -17.84% | +16.67% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.67% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.05% | +0.26% |
Volatility
PVI vs. FLTR - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.75% compared to VanEck IG Floating Rate ETF (FLTR) at 0.17%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than FLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | FLTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.17% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 0.65% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 0.80% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.02% | 2.13% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 5.00% | -3.22% |
PVI vs. FLTR - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than FLTR's 0.14% 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. FLTR - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.17%, less than FLTR's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTR VanEck IG Floating Rate ETF | 4.21% | 4.97% | 5.93% | 6.07% | 2.29% | 0.63% | 1.49% | 3.05% | 2.67% | 1.69% | 1.16% | 0.71% |
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 FLTR have a correlation of -0.12, 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 FLTR (0.17%). In terms of maximum drawdown, PVI dropped -4.10% vs FLTR's -17.84%.
On 10-year performance, FLTR leads with 3.52% vs 1.32% for PVI. On fees, FLTR is cheaper at 0.14% per year. On volatility, FLTR has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLTR has performed better with a 3.52% return vs 1.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLTR is cheaper with a 0.14% expense ratio, compared with 0.25% for PVI.
FLTR has the higher dividend yield at 4.21%, compared with 2.17% for PVI.
PVI is categorized as Municipal Bonds, while FLTR is Corporate Bonds. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while FLTR tracks MVIS US Investment Grade Floating Rate Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.25% for PVI and 0.14% for FLTR.
FLTR currently has the higher Sharpe Ratio (6.40 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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