PVI vs. MMMA

Last updated Aug 2, 2026

PVI (Invesco VRDO Tax-Free ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. PVI is passively managed, while MMMA is actively managed. Their -0.02 correlation means they have often moved in opposite directions in the past. PVI charges 0.25%/yr vs 0.35%/yr for MMMA.

Performance

PVI vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco VRDO Tax-Free ETF (PVI) and NYLI MacKay Muni Allocation ETF (MMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVI achieves a 0.87% return, which is significantly lower than MMMA's 2.42% 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%

MMMA

• 1D: -0.10%
• 1M: -1.54%
• 6M: 1.05%
• YTD: 2.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMMA NYLI MacKay Muni Allocation ETF	$111.36K	$97.19K	$48.83K
PVI Invesco VRDO Tax-Free ETF	$79.04K	$194.74K	$227.72K

PVI vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
PVI Invesco VRDO Tax-Free ETF	0.87%	0.78%
MMMA NYLI MacKay Muni Allocation ETF	2.42%	0.35%

Correlation

The correlation between PVI and MMMA is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	-0.02

Return for Risk

PVI vs. MMMA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PVI

PVI Risk / Return Rank: 45
PVI Sharpe Ratio Rank: 34
PVI Sortino Ratio Rank: 33
PVI Omega Ratio Rank: 34
PVI Calmar Ratio Rank: 65
PVI Martin Ratio Rank: 61

MMMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PVI vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and NYLI MacKay Muni Allocation ETF (MMMA). 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	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	0.82	—	—
Sortino ratio: Return per unit of downside risk	1.24	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	2.26	—	—
Martin ratio: Return relative to average drawdown	7.22	—	—

Drawdowns

PVI vs. MMMA - Drawdown Comparison

The maximum PVI drawdown since its inception was -4.10%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for PVI and MMMA.

Drawdown Indicators

	PVI	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-4.10%	-2.79%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.17%	—	—
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	-0.10%	-1.65%	+1.55%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.60%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	—	—

Volatility

Volatility by Period

	PVI	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	4.04%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	4.04%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.78%	4.04%	-2.26%

PVI vs. MMMA - Expense Ratio Comparison

PVI has a 0.25% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

PVI vs. MMMA - Dividend Comparison

PVI's dividend yield for the trailing twelve months is around 2.17%, less than MMMA's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMMA NYLI MacKay Muni Allocation ETF	2.69%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both PVI and MMMA in my portfolio?

PVI and MMMA have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PVI or MMMA?

On fees, PVI is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVI or MMMA?

PVI is cheaper with a 0.25% expense ratio, compared with 0.35% for MMMA.

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

MMMA has the higher dividend yield at 2.69%, compared with 2.17% for PVI.

What is the main difference between PVI and MMMA?

They also come from different issuers: Invesco and NYLI. Their fees differ too: 0.25% for PVI and 0.35% for MMMA.