PVI vs. MEAR
PVI (Invesco VRDO Tax-Free ETF) and MEAR (iShares Short Maturity Municipal Bond ETF) are both Municipal Bonds funds. PVI is passively managed, while MEAR is actively managed. Over the past 10 years, PVI returned 1.31%/yr vs 1.78%/yr for MEAR. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.
Performance
PVI vs. MEAR - 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 MEAR's 1.06% return. Over the past 10 years, PVI has underperformed MEAR with an annualized return of 1.31%, while MEAR has yielded a comparatively higher 1.78% annualized 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%
MEAR
- 1D
- 0.06%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.32%
- 1Y
- 3.35%
- 3Y*
- 3.58%
- 5Y*
- 2.42%
- 10Y*
- 1.78%
PVI vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.68% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.17% | 1.18% | 1.21% | 0.44% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between PVI and MEAR is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.05 |
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Return for Risk
PVI vs. MEAR — Risk / Return Rank
PVI
MEAR
PVI vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and iShares Short Maturity Municipal Bond ETF (MEAR). 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 | MEAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 3.93 | -3.08 |
Sortino ratioReturn per unit of downside risk | 1.27 | 6.30 | -5.03 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.93 | -0.76 |
Calmar ratioReturn relative to maximum drawdown | 2.29 | 7.07 | -4.78 |
Martin ratioReturn relative to average drawdown | 7.40 | 29.07 | -21.67 |
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 | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 3.93 | -3.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 2.47 | -1.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.75 | 1.18 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 1.11 | -0.58 |
Drawdowns
PVI vs. MEAR - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for PVI and MEAR.
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Drawdown Indicators
| PVI | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -2.68% | -1.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.47% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -0.86% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -1.12% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | -2.68% | +1.51% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.19% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.11% | +0.20% |
Volatility
PVI vs. MEAR - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.77% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.24%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.24% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 0.61% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 0.86% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 0.98% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 1.52% | +0.23% |
PVI vs. MEAR - Expense Ratio Comparison
Both PVI and MEAR have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
PVI vs. MEAR - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.15%, less than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
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 MEAR have a correlation of 0.03, 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 MEAR (0.24%). In terms of maximum drawdown, PVI dropped -4.10% vs MEAR's -2.68%.
On 10-year performance, MEAR leads with 1.78% vs 1.31% for PVI. Both ETFs have the same 0.25% expense ratio. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MEAR has performed better with a 1.78% return vs 1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVI and MEAR have the same expense ratio: 0.25% per year.
MEAR has the higher dividend yield at 2.84%, compared with 2.15% for PVI.
They also come from different issuers: Invesco and iShares.
MEAR currently has the higher Sharpe Ratio (3.92 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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