PVI vs. QQQM
PVI (Invesco VRDO Tax-Free ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, PVI returned 1.99%/yr vs 14.31%/yr for QQQM. Their 0.04 correlation means their historical movements had little consistent relationship. PVI charges 0.25%/yr vs 0.15%/yr for QQQM.
Performance
PVI vs. QQQM - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.87% return, which is significantly lower than QQQM's 12.29% 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%
QQQM
- 1D
- 0.69%
- 1M
- -3.45%
- 6M
- 10.92%
- YTD
- 12.29%
- 1Y
- 24.86%
- 3Y*
- 22.37%
- 5Y*
- 14.31%
- 10Y*
- —
- ALL TIME*
- 16.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.04K | $194.74K | $227.72K | |
| $962.22M | $908.74M | $1.19B |
PVI vs. QQQM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.87% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | -0.03% |
QQQM Invesco NASDAQ 100 ETF | 12.29% | 20.85% | 25.68% | 55.01% | -32.52% | 27.45% | 6.64% |
Correlation
The correlation between PVI and QQQM is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020 | 0.04 |
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Return for Risk
PVI vs. QQQM — Risk / Return Rank
PVI
QQQM
PVI vs. QQQM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Invesco NASDAQ 100 ETF (QQQM). 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 | QQQM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.21 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.88 | +0.38 |
| Martin ratioReturn relative to average drawdown | 7.22 | 6.01 | +1.21 |
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Drawdowns
PVI vs. QQQM - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for PVI and QQQM.
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Drawdown Indicators
| PVI | QQQM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -35.04% | +30.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -11.96% | +10.97% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -22.70% | +21.53% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -35.04% | +33.87% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -7.69% | +7.59% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -8.15% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 3.74% | -3.43% |
Volatility
PVI vs. QQQM - Volatility Comparison
The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.75%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 6.83%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | QQQM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 6.83% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 15.91% | -14.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 19.24% | -16.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.02% | 22.74% | -20.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 22.32% | -20.54% |
PVI vs. QQQM - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than QQQM'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%.
Dividends
PVI vs. QQQM - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.17%, more than QQQM's 0.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QQQM Invesco NASDAQ 100 ETF | 0.46% | 0.50% | 0.61% | 0.65% | 0.83% | 0.40% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PVI and QQQM have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQM has higher volatility (6.83%) compared to PVI (0.75%). In terms of maximum drawdown, PVI dropped -4.10% vs QQQM's -35.04%.
On 5-year performance, QQQM leads with 14.31% vs 1.99% for PVI. On fees, QQQM is cheaper at 0.15% per year. On volatility, PVI has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQM has performed better with a 14.31% return vs 1.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQM is cheaper with a 0.15% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.17%, compared with 0.46% for QQQM.
PVI is categorized as Municipal Bonds, while QQQM is Nasdaq-100. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.25% for PVI and 0.15% for QQQM.
QQQM currently has the higher Sharpe Ratio (1.17 vs 0.82), 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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