PVI vs. ZTAX
Compare and contrast key facts about Invesco VRDO Tax-Free ETF (PVI) and X-Square Municipal Income Tax Free ETF (ZTAX).
PVI and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PVI is a passively managed fund by Invesco that tracks the performance of the ICE US Municipal AMT-Free VRDO Constrained Index. It was launched on Nov 15, 2007. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.
Performance
PVI vs. ZTAX - Performance Comparison
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PVI vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.29% | 3.12% | 2.43% | 1.70% |
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
Returns By Period
In the year-to-date period, PVI achieves a 0.29% return, which is significantly lower than ZTAX's 0.90% return.
PVI
- 1D
- 0.20%
- 1M
- 0.59%
- YTD
- 0.29%
- 6M
- 1.29%
- 1Y
- 2.40%
- 3Y*
- 2.67%
- 5Y*
- 1.87%
- 10Y*
- 1.26%
ZTAX
- 1D
- -2.16%
- 1M
- 1.00%
- YTD
- 0.90%
- 6M
- 4.68%
- 1Y
- 5.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PVI vs. ZTAX - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Return for Risk
PVI vs. ZTAX — Risk / Return Rank
PVI
ZTAX
PVI vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and X-Square Municipal Income Tax Free ETF (ZTAX). 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 | ZTAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.87 | 0.21 | +0.66 |
Sortino ratioReturn per unit of downside risk | 1.32 | 0.49 | +0.83 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.08 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.48 | 0.43 | +2.05 |
Martin ratioReturn relative to average drawdown | 8.39 | 1.15 | +7.24 |
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 | ZTAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 0.21 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.22 | +0.31 |
Correlation
The correlation between PVI and ZTAX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PVI vs. ZTAX - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.19%, less than ZTAX's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 2.19% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.52% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PVI vs. ZTAX - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for PVI and ZTAX.
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Drawdown Indicators
| PVI | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -15.33% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -10.47% | +9.48% |
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 | -0.12% | -5.92% | +5.80% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -6.88% | +6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 3.91% | -3.62% |
Volatility
PVI vs. ZTAX - Volatility Comparison
The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.74%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.50%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than ZTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVI | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 9.50% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 24.09% | -22.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 25.95% | -23.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.93% | 27.27% | -25.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 27.27% | -25.55% |