PVI vs. SOXQ
PVI (Invesco VRDO Tax-Free ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 5 years, PVI returned 1.93%/yr vs 34.04%/yr for SOXQ. At a 0.03 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.19%/yr for SOXQ.
Performance
PVI vs. SOXQ - 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 SOXQ's 90.62% 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%
SOXQ
- 1D
- -7.82%
- 1M
- 10.55%
- YTD
- 90.62%
- 6M
- 87.99%
- 1Y
- 158.27%
- 3Y*
- 57.61%
- 5Y*
- 34.04%
- 10Y*
- —
PVI vs. SOXQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.60% | 3.12% | 2.43% | 2.74% | 0.89% | -0.10% |
SOXQ Invesco PHLX Semiconductor ETF | 90.62% | 43.11% | 20.16% | 66.74% | -35.59% | 25.19% |
Correlation
The correlation between PVI and SOXQ is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021 | 0.03 |
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Return for Risk
PVI vs. SOXQ — Risk / Return Rank
PVI
SOXQ
PVI vs. SOXQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Invesco PHLX Semiconductor ETF (SOXQ). 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 | SOXQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.58 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 10.22 | -8.08 |
| Martin ratioReturn relative to average drawdown | 6.88 | 36.68 | -29.80 |
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Drawdowns
PVI vs. SOXQ - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for PVI and SOXQ.
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Drawdown Indicators
| PVI | SOXQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -46.01% | +41.91% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -15.59% | +14.60% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -39.36% | +38.19% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | -46.01% | +44.84% |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -7.82% | +7.66% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -12.87% | +12.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 4.33% | -4.02% |
Volatility
PVI vs. SOXQ - Volatility Comparison
The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.67%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 22.04%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | SOXQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 22.04% | -21.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 32.49% | -30.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 38.78% | -36.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 37.34% | -35.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 37.24% | -35.48% |
PVI vs. SOXQ - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than SOXQ's 0.19% 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. SOXQ - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.14%, more than SOXQ's 0.27% 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% |
SOXQ Invesco PHLX Semiconductor ETF | 0.27% | 0.50% | 0.68% | 0.87% | 1.36% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PVI and SOXQ 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.
SOXQ has higher volatility (22.04%) compared to PVI (0.67%). In terms of maximum drawdown, PVI dropped -4.10% vs SOXQ's -46.01%.
On 5-year performance, SOXQ leads with 34.04% vs 1.93% for PVI. On fees, SOXQ is cheaper at 0.19% per year. On volatility, PVI has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXQ has performed better with a 34.04% return vs 1.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXQ is cheaper with a 0.19% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.14%, compared with 0.27% for SOXQ.
PVI is categorized as Municipal Bonds, while SOXQ is Semiconductors. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while SOXQ tracks PHLX Semiconductor Sector Index. Their fees differ too: 0.25% for PVI and 0.19% for SOXQ.
SOXQ currently has the higher Sharpe Ratio (4.11 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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