PVI vs. IBTH
PVI (Invesco VRDO Tax-Free ETF) and IBTH (iShares iBonds Dec 2027 Term Treasury ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while IBTH is a Government Bonds fund tracking the ICE 2027 Maturity US Treasury Index. Both are passively managed. Over the past 5 years, PVI returned 1.95%/yr vs 0.55%/yr for IBTH. At a 0.00 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.07%/yr for IBTH.
Performance
PVI vs. IBTH - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.68% return, which is significantly lower than IBTH's 0.94% return.
PVI
- 1D
- 0.36%
- 1M
- 0.52%
- YTD
- 0.68%
- 6M
- 1.24%
- 1Y
- 2.24%
- 3Y*
- 2.62%
- 5Y*
- 1.95%
- 10Y*
- 1.31%
IBTH
- 1D
- -0.02%
- 1M
- 0.18%
- YTD
- 0.94%
- 6M
- 1.33%
- 1Y
- 3.81%
- 3Y*
- 3.93%
- 5Y*
- 0.55%
- 10Y*
- —
PVI vs. IBTH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.68% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.23% |
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 0.94% | 5.29% | 3.22% | 4.38% | -9.75% | -3.43% | 4.20% |
Correlation
The correlation between PVI and IBTH is -0.08, 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 | -0.08 |
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
PVI vs. IBTH — Risk / Return Rank
PVI
IBTH
PVI vs. IBTH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and iShares iBonds Dec 2027 Term Treasury ETF (IBTH). 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 | IBTH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 3.44 | -2.59 |
Sortino ratioReturn per unit of downside risk | 1.27 | 6.25 | -4.99 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.88 | -0.71 |
Calmar ratioReturn relative to maximum drawdown | 2.29 | 9.82 | -7.53 |
Martin ratioReturn relative to average drawdown | 7.40 | 38.04 | -30.64 |
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
| PVI | IBTH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 3.44 | -2.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.13 | +0.86 |
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 | 0.15 | +0.38 |
Drawdowns
PVI vs. IBTH - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum IBTH drawdown of -16.16%. Use the drawdown chart below to compare losses from any high point for PVI and IBTH.
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Drawdown Indicators
| PVI | IBTH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -16.16% | +12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.38% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -2.10% | +0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -14.41% | +13.24% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.34% | +1.34% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -6.72% | +6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.10% | +0.21% |
Volatility
PVI vs. IBTH - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.77% compared to iShares iBonds Dec 2027 Term Treasury ETF (IBTH) at 0.19%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than IBTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | IBTH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.19% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 0.54% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 1.12% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 4.20% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 4.21% | -2.46% |
PVI vs. IBTH - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than IBTH's 0.07% 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. IBTH - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.15%, less than IBTH's 3.83% 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 | 2.15% | 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 IBTH have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVI has higher volatility (0.77%) compared to IBTH (0.19%). In terms of maximum drawdown, PVI dropped -4.10% vs IBTH's -16.16%.
On 5-year performance, PVI leads with 1.95% vs 0.55% for IBTH. On fees, IBTH is cheaper at 0.07% per year. On volatility, IBTH has been the lower-risk option at 0.19%. 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 1.95% return vs 0.55%. 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 2.15% for PVI.
PVI is categorized as Municipal Bonds, while IBTH is Government Bonds. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while IBTH tracks ICE 2027 Maturity US Treasury Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PVI and 0.07% for IBTH.
IBTH currently has the higher Sharpe Ratio (3.44 vs 0.84), 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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