VPV vs. VTG
VPV (Invesco Pennsylvania Value Municipal Income Trust) is a stock, while VTG (Vanguard Total Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index. Over the past year, VPV returned 20.38% vs 3.10% for VTG. At a 0.20 correlation, their price movements are largely independent.
Performance
VPV vs. VTG - Performance Comparison
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Returns By Period
In the year-to-date period, VPV achieves a 11.26% return, which is significantly higher than VTG's -0.15% return.
VPV
- 1D
- -1.67%
- 1M
- -0.74%
- 6M
- 9.90%
- YTD
- 11.26%
- 1Y
- 20.38%
- 3Y*
- 11.52%
- 5Y*
- 2.06%
- 10Y*
- 3.15%
VTG
- 1D
- -0.07%
- 1M
- -0.25%
- 6M
- -0.29%
- YTD
- -0.15%
- 1Y
- 3.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VPV vs. VTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VPV Invesco Pennsylvania Value Municipal Income Trust | 11.26% | 7.77% |
VTG Vanguard Total Treasury ETF | -0.15% | 3.07% |
Correlation
The correlation between VPV and VTG is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025 | 0.20 |
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Return for Risk
VPV vs. VTG — Risk / Return Rank
VPV
VTG
VPV vs. VTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Pennsylvania Value Municipal Income Trust (VPV) and Vanguard Total Treasury ETF (VTG). 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.
| VPV | VTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.13 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 0.94 | +1.82 |
| Martin ratioReturn relative to average drawdown | 9.30 | 2.48 | +6.81 |
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Drawdowns
VPV vs. VTG - Drawdown Comparison
The maximum VPV drawdown since its inception was -45.21%, which is greater than VTG's maximum drawdown of -2.89%. Use the drawdown chart below to compare losses from any high point for VPV and VTG.
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Drawdown Indicators
| VPV | VTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -2.89% | -42.32% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -2.89% | -4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -12.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.08% | — | — |
Current DrawdownCurrent decline from peak | -1.86% | -1.94% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -0.82% | -7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 1.09% | +1.04% |
Volatility
VPV vs. VTG - Volatility Comparison
Invesco Pennsylvania Value Municipal Income Trust (VPV) has a higher volatility of 4.30% compared to Vanguard Total Treasury ETF (VTG) at 1.10%. This indicates that VPV's price experiences larger fluctuations and is considered to be riskier than VTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPV | VTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 1.10% | +3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 9.14% | 2.64% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.42% | 3.53% | +6.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.46% | 3.53% | +6.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.06% | 3.53% | +8.53% |
Dividends
VPV vs. VTG - Dividend Comparison
VPV's dividend yield for the trailing twelve months is around 7.13%, more than VTG's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VPV Invesco Pennsylvania Value Municipal Income Trust | 7.13% | 7.65% | 6.07% | 3.81% | 5.48% | 4.29% | 4.61% | 4.85% | 5.94% | 5.15% | 6.00% | 6.09% |
VTG Vanguard Total Treasury ETF | 3.54% | 1.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPV and VTG have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPV has higher volatility (4.30%) compared to VTG (1.10%). In terms of maximum drawdown, VPV dropped -45.21% vs VTG's -2.89%.
VPV currently has the higher Sharpe Ratio (1.91 vs 0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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