PVI vs. MEAR
Compare and contrast key facts about Invesco VRDO Tax-Free ETF (PVI) and iShares Short Maturity Municipal Bond ETF (MEAR).
PVI and MEAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PVI is a passively managed fund by Invesco that tracks the performance of the ICE US Municipal AMT-Free VRDO Constrained Index. It was launched on Nov 15, 2007. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.
Performance
PVI vs. MEAR - Performance Comparison
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PVI vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.29% | 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 | 0.47% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Returns By Period
In the year-to-date period, PVI achieves a 0.29% return, which is significantly lower than MEAR's 0.47% return. Over the past 10 years, PVI has underperformed MEAR with an annualized return of 1.26%, while MEAR has yielded a comparatively higher 1.74% annualized return.
PVI
- 1D
- 0.20%
- 1M
- 0.59%
- YTD
- 0.29%
- 6M
- 1.29%
- 1Y
- 2.40%
- 3Y*
- 2.67%
- 5Y*
- 1.87%
- 10Y*
- 1.26%
MEAR
- 1D
- 0.12%
- 1M
- -0.31%
- YTD
- 0.47%
- 6M
- 1.07%
- 1Y
- 3.12%
- 3Y*
- 3.50%
- 5Y*
- 2.30%
- 10Y*
- 1.74%
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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%.
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 | 0.87 | 2.71 | -1.84 |
Sortino ratioReturn per unit of downside risk | 1.32 | 3.63 | -2.31 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.70 | -0.53 |
Calmar ratioReturn relative to maximum drawdown | 2.48 | 3.69 | -1.21 |
Martin ratioReturn relative to average drawdown | 8.39 | 20.82 | -12.43 |
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 | 0.87 | 2.71 | -1.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 2.37 | -1.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 1.15 | -0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 1.09 | -0.56 |
Correlation
The correlation between PVI and MEAR is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PVI vs. MEAR - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.19%, less than MEAR's 2.87% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 2.19% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.64% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
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% | -0.86% | -0.13% |
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 | -0.12% | -0.35% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.19% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.15% | +0.14% |
Volatility
PVI vs. MEAR - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.74% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.36%. 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 | 0.74% | 0.36% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 0.60% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 1.16% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.93% | 0.98% | +0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 1.52% | +0.20% |