PVI vs. SMMU
PVI (Invesco VRDO Tax-Free ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both Municipal Bonds funds. PVI is passively managed, while SMMU is actively managed. Over the past 10 years, PVI returned 1.29%/yr vs 1.81%/yr for SMMU. At a 0.01 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.35%/yr for SMMU.
Performance
PVI vs. SMMU - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.60% return, which is significantly lower than SMMU's 1.21% return. Over the past 10 years, PVI has underperformed SMMU with an annualized return of 1.29%, while SMMU has yielded a comparatively higher 1.81% annualized return.
PVI
- 1D
- -0.02%
- 1M
- -0.06%
- YTD
- 0.60%
- 6M
- 0.79%
- 1Y
- 2.10%
- 3Y*
- 2.54%
- 5Y*
- 1.93%
- 10Y*
- 1.29%
SMMU
- 1D
- -0.01%
- 1M
- 0.50%
- YTD
- 1.21%
- 6M
- 1.29%
- 1Y
- 3.59%
- 3Y*
- 3.58%
- 5Y*
- 1.94%
- 10Y*
- 1.81%
PVI vs. SMMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.60% | 3.12% | 2.43% | 2.74% | 0.89% | -0.07% | 0.17% | 1.18% | 1.21% | 0.44% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.21% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 3.47% | 1.51% | 2.34% |
Correlation
The correlation between PVI and SMMU is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | 0.01 |
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Return for Risk
PVI vs. SMMU — Risk / Return Rank
PVI
SMMU
PVI vs. SMMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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 | SMMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -4.15 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.80 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 4.68 | -2.55 |
| Martin ratioReturn relative to average drawdown | 6.88 | 16.73 | -9.86 |
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Drawdowns
PVI vs. SMMU - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum SMMU drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for PVI and SMMU.
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Drawdown Indicators
| PVI | SMMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -5.09% | +0.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -0.77% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -1.95% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -4.76% | +3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | -5.09% | +3.92% |
Current DrawdownCurrent decline from peak | -0.16% | -0.01% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.55% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.22% | +0.09% |
Volatility
PVI vs. SMMU - Volatility Comparison
Invesco VRDO Tax-Free ETF (PVI) has a higher volatility of 0.67% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.25%. This indicates that PVI's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | SMMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.25% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 0.80% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 1.02% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 1.67% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 2.72% | -0.96% |
PVI vs. SMMU - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is lower than SMMU's 0.35% expense ratio.
Dividends
PVI vs. SMMU - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.14%, less than SMMU's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 2.14% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.83% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
PVI and SMMU have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVI has higher volatility (0.67%) compared to SMMU (0.25%). In terms of maximum drawdown, PVI dropped -4.10% vs SMMU's -5.09%.
On 10-year performance, SMMU leads with 1.81% vs 1.29% for PVI. On fees, PVI is cheaper at 0.25% per year. On volatility, SMMU has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMMU has performed better with a 1.81% return vs 1.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVI is cheaper with a 0.25% expense ratio, compared with 0.35% for SMMU.
SMMU has the higher dividend yield at 2.83%, compared with 2.14% for PVI.
They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.25% for PVI and 0.35% for SMMU.
SMMU currently has the higher Sharpe Ratio (3.52 vs 0.79), 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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