PVI vs. GCAD

Last updated Jun 4, 2026

PVI (Invesco VRDO Tax-Free ETF) and GCAD (Gabelli Commercial Aerospace & Defense ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while GCAD is a Aerospace & Defense fund actively managed by Gabelli. PVI is passively managed, while GCAD is actively managed. Over the past 3 years, PVI returned 2.64%/yr vs 33.27%/yr for GCAD. At a 0.01 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.00%/yr for GCAD.

Performance

PVI vs. GCAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco VRDO Tax-Free ETF (PVI) and Gabelli Commercial Aerospace & Defense ETF (GCAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVI achieves a 0.74% return, which is significantly lower than GCAD's 14.09% return.

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%

GCAD

• 1D: -1.56%
• 1M: 5.29%
• YTD: 14.09%
• 6M: 19.16%
• 1Y: 35.52%
• 3Y*: 33.27%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PVI vs. GCAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PVI Invesco VRDO Tax-Free ETF	0.74%	3.12%	2.43%	2.70%
GCAD Gabelli Commercial Aerospace & Defense ETF	14.09%	39.28%	26.61%	17.61%

Correlation

The correlation between PVI and GCAD is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 5, 2023	0.01

The correlation between PVI and GCAD shifts across timeframes, from -0.12 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

PVI vs. GCAD - Sectors Allocation Comparison

Sectors	PVI	GCAD
Consumer Cyclical	0.3%	6.4%
Basic Materials	-	0.7%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	78.6%
Real Estate	-	0.7%
Technology	-	3.3%
Utilities	-	-

Return for Risk

PVI vs. GCAD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PVI

PVI Risk / Return Rank: 34
PVI Sharpe Ratio Rank: 24
PVI Sortino Ratio Rank: 24
PVI Omega Ratio Rank: 26
PVI Calmar Ratio Rank: 48
PVI Martin Ratio Rank: 46

GCAD

GCAD Risk / Return Rank: 52
GCAD Sharpe Ratio Rank: 54
GCAD Sortino Ratio Rank: 57
GCAD Omega Ratio Rank: 52
GCAD Calmar Ratio Rank: 48
GCAD Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PVI vs. GCAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Gabelli Commercial Aerospace & Defense ETF (GCAD). 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.

	PVI	GCAD	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.86	-0.98
Sortino ratio Return per unit of downside risk	1.31	2.70	-1.39
Omega ratio Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio Return relative to maximum drawdown	2.36	2.38	-0.03
Martin ratio Return relative to average drawdown	7.62	8.24	-0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PVI vs. GCAD - Sharpe Ratio Comparison

The current PVI Sharpe Ratio is 0.88, which is lower than the GCAD Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of PVI and GCAD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PVI	GCAD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.86	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.56	-1.03

Drawdowns

PVI vs. GCAD - Drawdown Comparison

The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum GCAD drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for PVI and GCAD.

Drawdown Indicators

	PVI	GCAD	Difference
Max Drawdown Largest peak-to-trough decline	-4.10%	-16.14%	+12.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.99%	-14.96%	+13.97%
Max Drawdown (3Y) Largest decline over 3 years	-1.17%	-16.14%	+14.97%
Max Drawdown (5Y) Largest decline over 5 years	-1.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-1.17%	—	—
Current Drawdown Current decline from peak	0.00%	-5.92%	+5.92%
Average Drawdown Average peak-to-trough decline	-0.28%	-3.03%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	4.32%	-4.02%

Volatility

PVI vs. GCAD - Volatility Comparison

The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.76%, while Gabelli Commercial Aerospace & Defense ETF (GCAD) has a volatility of 7.14%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than GCAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVI	GCAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	7.14%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	16.33%	-14.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	19.25%	-16.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.97%	18.49%	-16.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	18.49%	-16.74%

PVI vs. GCAD - Expense Ratio Comparison

PVI has a 0.25% expense ratio, which is higher than GCAD's 0.00% 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. GCAD - Dividend Comparison

PVI's dividend yield for the trailing twelve months is around 2.14%, more than GCAD's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCAD Gabelli Commercial Aerospace & Defense ETF	1.81%	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	2.14%	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

Can I hold both PVI and GCAD in my portfolio?

PVI and GCAD 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.

Which is riskier, PVI or GCAD?

GCAD has higher volatility (7.14%) compared to PVI (0.76%). In terms of maximum drawdown, PVI dropped -4.10% vs GCAD's -16.14%.

Which ETF is better, PVI or GCAD?

On 3-year performance, GCAD leads with 33.27% vs 2.64% for PVI. On fees, GCAD is cheaper at 0.00% per year. On volatility, PVI has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVI or GCAD?

Over the 3-year period, GCAD has performed better with a 33.27% return vs 2.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVI or GCAD?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.25% for PVI.

Which ETF pays a higher dividend yield, PVI or GCAD?

PVI has the higher dividend yield at 2.14%, compared with 1.81% for GCAD.

What is the main difference between PVI and GCAD?

PVI is categorized as Municipal Bonds, while GCAD is Aerospace & Defense. They also come from different issuers: Invesco and Gabelli. Their fees differ too: 0.25% for PVI and 0.00% for GCAD.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.86 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.