PVI vs. TAXT
PVI (Invesco VRDO Tax-Free ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. At a correlation of -0.01, they often move in opposite directions. PVI charges 0.25%/yr vs 0.05%/yr for TAXT.
Performance
PVI vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.68% return, which is significantly lower than TAXT's 1.55% return.
PVI
- 1D
- 0.36%
- 1M
- 0.52%
- YTD
- 0.68%
- 6M
- 1.24%
- 1Y
- 2.24%
- 3Y*
- 2.62%
- 5Y*
- 1.95%
- 10Y*
- 1.31%
TAXT
- 1D
- 0.15%
- 1M
- 0.66%
- YTD
- 1.55%
- 6M
- 2.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PVI vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.68% | 1.24% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.55% | 3.96% |
Correlation
The correlation between PVI and TAXT 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 (All Time) Calculated using the full available price history since Aug 20, 2025 | -0.01 |
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Return for Risk
PVI vs. TAXT — Risk / Return Rank
PVI
TAXT
PVI vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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 | TAXT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | — | — |
Sortino ratioReturn per unit of downside risk | 1.27 | — | — |
Omega ratioGain probability vs. loss probability | 1.17 | — | — |
Calmar ratioReturn relative to maximum drawdown | 2.29 | — | — |
Martin ratioReturn relative to average drawdown | 7.40 | — | — |
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 | TAXT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.75 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 2.84 | -2.30 |
Drawdowns
PVI vs. TAXT - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for PVI and TAXT.
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Drawdown Indicators
| PVI | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -2.49% | -1.61% |
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 | 0.00% | -0.52% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.47% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | — | — |
Volatility
PVI vs. TAXT - Volatility Comparison
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Volatility by Period
| PVI | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 2.54% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 2.54% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 2.54% | -0.79% |
PVI vs. TAXT - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is higher than TAXT'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. TAXT - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.15%, less than TAXT's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 2.15% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.54% | 1.23% | 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 TAXT 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, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.25% for PVI.
TAXT has the higher dividend yield at 2.54%, compared with 2.15% for PVI.
PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while TAXT tracks ICE 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 TAXT.
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