TAXT vs. PVI
TAXT (Northern Trust Tax-Exempt Bond ETF) and PVI (Invesco VRDO Tax-Free ETF) are both Municipal Bonds funds - TAXT tracks the ICE Focused Municipal Bond Index while PVI tracks the ICE US Municipal AMT-Free VRDO Constrained Index. Both are passively managed. Their 0.05 correlation means their historical movements had little consistent relationship. TAXT charges 0.05%/yr vs 0.25%/yr for PVI.
Performance
TAXT vs. PVI - Performance Comparison
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Returns By Period
In the year-to-date period, TAXT achieves a 0.70% return, which is significantly lower than PVI's 0.87% return.
TAXT
- 1D
- 0.24%
- 1M
- -1.20%
- 6M
- -0.21%
- YTD
- 0.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PVI
- 1D
- 0.08%
- 1M
- -0.06%
- 6M
- 0.80%
- YTD
- 0.87%
- 1Y
- 2.05%
- 3Y*
- 2.61%
- 5Y*
- 1.99%
- 10Y*
- 1.32%
- ALL TIME*
- 1.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $76.94K | $186.94K | $221.99K | |
| $91.51K | $92.15K | $143.71K |
TAXT vs. PVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 0.70% | 3.91% |
PVI Invesco VRDO Tax-Free ETF | 0.87% | 1.18% |
Correlation
The correlation between TAXT and PVI is 0.05, 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 | 0.05 |
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Return for Risk
TAXT vs. PVI — Risk / Return Rank
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PVI
TAXT vs. PVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Tax-Exempt Bond ETF (TAXT) 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.
| TAXT | 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 | — | 2.08 | — |
| Martin ratioReturn relative to average drawdown | — | 6.65 | — |
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Drawdowns
TAXT vs. PVI - Drawdown Comparison
The maximum TAXT drawdown since its inception was -2.49%, smaller than the maximum PVI drawdown of -4.10%. Use the drawdown chart below to compare losses from any high point for TAXT and PVI.
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Drawdown Indicators
| TAXT | PVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -4.10% | +1.61% |
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 | -1.35% | -0.10% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -0.28% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.31% | — |
Volatility
TAXT vs. PVI - Volatility Comparison
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Volatility by Period
| TAXT | PVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.76% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.69% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 2.70% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 2.02% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.57% | 1.78% | +0.79% |
TAXT vs. PVI - Expense Ratio Comparison
TAXT 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
TAXT vs. PVI - Dividend Comparison
TAXT's dividend yield for the trailing twelve months is around 3.16%, 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% |
TAXT Northern Trust Tax-Exempt Bond ETF | 3.16% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXT and PVI 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, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.25% for PVI.
TAXT has the higher dividend yield at 3.16%, compared with 2.17% for PVI.
TAXT tracks ICE 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 TAXT and 0.25% for PVI.
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