TAXI vs. PVI

Last updated Aug 2, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and PVI (Invesco VRDO Tax-Free ETF) are both Municipal Bonds funds - TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index while PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index. Both are passively managed. Their 0.07 correlation means their historical movements had little consistent relationship. TAXI charges 0.05%/yr vs 0.25%/yr for PVI.

Performance

TAXI vs. PVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Invesco VRDO Tax-Free ETF (PVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXI achieves a -0.06% return, which is significantly lower than PVI's 0.87% return.

TAXI

• 1D: -0.10%
• 1M: -1.30%
• 6M: -0.93%
• YTD: -0.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PVI Invesco VRDO Tax-Free ETF	$79.04K	$194.74K	$227.72K
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	$315.33K	$522.95K	$833.42K

TAXI vs. PVI - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	-0.06%	3.35%
PVI Invesco VRDO Tax-Free ETF	0.87%	1.18%

Correlation

The correlation between TAXI and PVI is 0.07, 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	0.07

Return for Risk

TAXI vs. PVI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAXI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PVI

PVI Risk / Return Rank: 45
PVI Sharpe Ratio Rank: 34
PVI Sortino Ratio Rank: 33
PVI Omega Ratio Rank: 34
PVI Calmar Ratio Rank: 65
PVI Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TAXI vs. PVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Invesco VRDO Tax-Free ETF (PVI). 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.

	TAXI	PVI	Difference
Sharpe ratio: Return per unit of total volatility	—	0.82	—
Sortino ratio: Return per unit of downside risk	—	1.24	—
Omega ratio: Gain probability vs. loss probability	—	1.16	—
Calmar ratio: Return relative to maximum drawdown	—	2.26	—
Martin ratio: Return relative to average drawdown	—	7.22	—

Drawdowns

TAXI vs. PVI - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum PVI drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for TAXI and PVI.

Drawdown Indicators

	TAXI	PVI	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-4.10%	+1.87%
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	-1.78%	-0.10%	-1.68%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.28%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	TAXI	PVI	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	1.95%	2.70%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	2.02%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.95%	1.78%	+0.17%

TAXI vs. PVI - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than PVI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TAXI vs. PVI - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.25%, more than PVI's 2.17% 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%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.25%	0.85%	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 TAXI and PVI in my portfolio?

TAXI and PVI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXI or PVI?

On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXI or PVI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.25% for PVI.

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

TAXI has the higher dividend yield at 2.25%, compared with 2.17% for PVI.

What is the main difference between TAXI and PVI?

TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.05% for TAXI and 0.25% for PVI.