PVI vs. ZMUN
PVI (Invesco VRDO Tax-Free ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.05 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.30%/yr for ZMUN.
Performance
PVI vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.74% return, which is significantly lower than ZMUN's 1.57% 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%
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PVI vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.74% | 1.00% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between PVI and ZMUN 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 (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.05 |
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Return for Risk
PVI vs. ZMUN — Risk / Return Rank
PVI
ZMUN
PVI vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.17 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | — | — |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| PVI | ZMUN | 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 | 6.46 | -5.92 |
Drawdowns
PVI vs. ZMUN - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for PVI and ZMUN.
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Drawdown Indicators
| PVI | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -0.09% | -4.01% |
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% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.01% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | — | — |
Volatility
PVI vs. ZMUN - Volatility Comparison
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Volatility by Period
| PVI | ZMUN | 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% | 0.54% | +2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 0.54% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 0.54% | +1.21% |
PVI vs. ZMUN - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
PVI vs. ZMUN - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.14%, less than ZMUN's 2.28% 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% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 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 ZMUN 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.
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.
PVI is cheaper with a 0.25% expense ratio, compared with 0.30% for ZMUN.
ZMUN has the higher dividend yield at 2.28%, compared with 2.14% for PVI.
PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.25% for PVI and 0.30% for ZMUN.
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