PVI vs. THYM

Last updated Jun 4, 2026

PVI (Invesco VRDO Tax-Free ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. PVI is passively managed, while THYM is actively managed. At a 0.01 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.32%/yr for THYM.

Performance

PVI vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco VRDO Tax-Free ETF (PVI) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVI achieves a 0.74% return, which is significantly lower than THYM's 3.19% return.

PVI

• 1D: 0.06%
• 1M: 0.68%
• YTD: 0.74%
• 6M: 1.28%
• 1Y: 2.32%
• 3Y*: 2.64%
• 5Y*: 1.96%
• 10Y*: 1.31%

THYM

• 1D: 0.13%
• 1M: 0.89%
• YTD: 3.19%
• 6M: 3.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PVI vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
PVI Invesco VRDO Tax-Free ETF	0.74%	0.61%
THYM T. Rowe Price High Income Municipal ETF	3.19%	0.27%

Correlation

The correlation between PVI and THYM 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 Nov 21, 2025	0.01

Return for Risk

PVI vs. THYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PVI

PVI Risk / Return Rank: 34
PVI Sharpe Ratio Rank: 24
PVI Sortino Ratio Rank: 24
PVI Omega Ratio Rank: 26
PVI Calmar Ratio Rank: 48
PVI Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PVI vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and T. Rowe Price High Income Municipal ETF (THYM). 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	THYM	Difference
Sharpe ratio Return per unit of total volatility	0.88	—	—
Sortino ratio Return per unit of downside risk	1.31	—	—
Omega ratio Gain probability vs. loss probability	1.17	—	—
Calmar ratio Return relative to maximum drawdown	2.36	—	—
Martin ratio Return relative to average drawdown	7.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PVI	THYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
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	1.56	-1.03

Drawdowns

PVI vs. THYM - Drawdown Comparison

The maximum PVI drawdown since its inception was -4.10%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for PVI and THYM.

Drawdown Indicators

	PVI	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-4.10%	-2.93%	-1.17%
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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.49%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	PVI	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	4.36%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.97%	4.36%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	4.36%	-2.61%

PVI vs. THYM - Expense Ratio Comparison

PVI has a 0.25% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

PVI vs. THYM - Dividend Comparison

PVI's dividend yield for the trailing twelve months is around 2.14%, less than THYM's 2.19% 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%
THYM T. Rowe Price High Income Municipal ETF	2.19%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PVI and THYM in my portfolio?

PVI and THYM 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.

Which ETF is better, PVI or THYM?

On fees, PVI is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVI or THYM?

PVI is cheaper with a 0.25% expense ratio, compared with 0.32% for THYM.

Which ETF pays a higher dividend yield, PVI or THYM?

THYM has the higher dividend yield at 2.19%, compared with 2.14% for PVI.

What is the main difference between PVI and THYM?

PVI is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Invesco and T. Rowe Price. Their fees differ too: 0.25% for PVI and 0.32% for THYM.