TAXS vs. PVI
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and PVI (Invesco VRDO Tax-Free ETF) are both Municipal Bonds funds - TAXS tracks the ICE Short Term Focused Municipal Bond Index while PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index. Both are passively managed. At a correlation of -0.01, they often move in opposite directions. TAXS charges 0.05%/yr vs 0.25%/yr for PVI.
Performance
TAXS vs. PVI - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 1.03% return, which is significantly higher than PVI's 0.60% return.
TAXS
- 1D
- -0.02%
- 1M
- 0.62%
- YTD
- 1.03%
- 6M
- 1.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PVI
- 1D
- -0.02%
- 1M
- -0.06%
- YTD
- 0.60%
- 6M
- 0.79%
- 1Y
- 2.10%
- 3Y*
- 2.54%
- 5Y*
- 1.93%
- 10Y*
- 1.29%
TAXS vs. PVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.03% | 1.22% |
PVI Invesco VRDO Tax-Free ETF | 0.60% | 1.18% |
Correlation
The correlation between TAXS and PVI 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 19, 2025 | -0.01 |
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Return for Risk
TAXS vs. PVI — Risk / Return Rank
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PVI
TAXS vs. PVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) 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.
| TAXS | PVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.15 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.13 | — |
| Martin ratioReturn relative to average drawdown | — | 6.88 | — |
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Drawdowns
TAXS vs. PVI - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum PVI drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for TAXS and PVI.
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Drawdown Indicators
| TAXS | PVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -4.10% | +3.26% |
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 | -0.04% | -0.16% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.28% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.31% | — |
Volatility
TAXS vs. PVI - Volatility Comparison
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Volatility by Period
| TAXS | PVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.67% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.79% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 2.66% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.99% | 1.98% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.99% | 1.76% | -0.77% |
TAXS vs. PVI - Expense Ratio Comparison
TAXS 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
TAXS vs. PVI - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.82%, less than PVI's 2.14% 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% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXS and PVI 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, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.25% for PVI.
PVI has the higher dividend yield at 2.14%, compared with 1.82% for TAXS.
TAXS tracks ICE Short 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 TAXS and 0.25% for PVI.
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