PVI vs. PUSH
Compare and contrast key facts about Invesco VRDO Tax-Free ETF (PVI) and PGIM Ultra Short Municipal Bond ETF (PUSH).
PVI and PUSH 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. PUSH is an actively managed fund by PGIM. It was launched on Jun 24, 2024.
Performance
PVI vs. PUSH - Performance Comparison
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PVI vs. PUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.29% | 3.12% | 1.01% |
PUSH PGIM Ultra Short Municipal Bond ETF | 0.64% | 4.16% | 1.74% |
Returns By Period
In the year-to-date period, PVI achieves a 0.29% return, which is significantly lower than PUSH's 0.64% 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%
PUSH
- 1D
- 0.01%
- 1M
- -0.37%
- YTD
- 0.64%
- 6M
- 1.46%
- 1Y
- 3.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PVI vs. PUSH - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than PUSH's 0.15% 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%.
Return for Risk
PVI vs. PUSH — Risk / Return Rank
PVI
PUSH
PVI vs. PUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and PGIM Ultra Short Municipal Bond ETF (PUSH). 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 | PUSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.87 | 2.27 | -1.40 |
Sortino ratioReturn per unit of downside risk | 1.32 | 3.31 | -1.99 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.61 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | 2.48 | 4.34 | -1.86 |
Martin ratioReturn relative to average drawdown | 8.39 | 15.34 | -6.95 |
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 | PUSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 2.27 | -1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 2.84 | -2.31 |
Correlation
The correlation between PVI and PUSH is 0.01, 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. PUSH - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.19%, less than PUSH's 3.60% 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% |
PUSH PGIM Ultra Short Municipal Bond ETF | 3.60% | 3.45% | 1.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PVI vs. PUSH - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PVI and PUSH.
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Drawdown Indicators
| PVI | PUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -0.85% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.85% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | — | — |
Current DrawdownCurrent decline from peak | -0.12% | -0.37% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.11% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.24% | +0.05% |
Volatility
PVI vs. PUSH - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.74% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.23%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | PUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.23% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 1.08% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 1.64% | +1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.93% | 1.33% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 1.33% | +0.39% |