PVI vs. TAXS
PVI (Invesco VRDO Tax-Free ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. Their -0.01 correlation means they have often moved in opposite directions in the past. PVI charges 0.25%/yr vs 0.05%/yr for TAXS.
Performance
PVI vs. TAXS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PVI having a 0.87% return and TAXS slightly lower at 0.84%.
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%
TAXS
- 1D
- 0.00%
- 1M
- -0.36%
- 6M
- 0.30%
- YTD
- 0.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.04K | $194.74K | $227.72K | |
| $619.80K | $883.25K | $948.95K |
PVI vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.87% | 1.18% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.84% | 1.22% |
Correlation
The correlation between PVI and TAXS 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 (All Time) Calculated using the full available price history since Aug 19, 2025 | -0.01 |
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Return for Risk
PVI vs. TAXS — Risk / Return Rank
PVI
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PVI vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.16 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | — | — |
| Martin ratioReturn relative to average drawdown | 7.22 | — | — |
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Drawdowns
PVI vs. TAXS - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for PVI and TAXS.
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Drawdown Indicators
| PVI | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -0.84% | -3.26% |
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 DrawdownCurrent decline from peak | -0.10% | -0.39% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.22% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | — | — |
Volatility
PVI vs. TAXS - Volatility Comparison
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Volatility by Period
| PVI | TAXS | 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% | 1.03% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.02% | 1.03% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 1.03% | +0.75% |
PVI vs. TAXS - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than TAXS's 0.05% 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. TAXS - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.17%, more than TAXS's 2.04% 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% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 2.04% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PVI and TAXS 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.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.17%, compared with 2.04% for TAXS.
PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.25% for PVI and 0.05% for TAXS.
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