DFCAvsPVIETF Comparison
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Dimensional California Municipal Bond ETF (DFCA) and Invesco VRDO Tax-Free ETF (PVI) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFCA is less expensive with a Total Expense Ratio (TER) of 0.19%, versus 0.25% for PVI. DFCA is down -0.18% year-to-date (YTD) with +$133M in YTD flows. PVI performs better with 1.24% YTD performance, and -$3K in YTD flows. Run a side-by-side ETF comparison of DFCA and PVI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFCA vs PVI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFCA PVI | -0.52%+0.16% | -1.13%+0.53% | -0.18%+1.24% | +2.54%+2.08% | +7.50%+7.54% | n/a+10.16% |
| Flows | DFCA PVI | +$19M- | +$47M+$1M | +$133M-$3K | +$239M-$3K | +$560M-$9M | --$17M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFCA PVI | +1.72%+0.09% | +1.58%+0.15% | +2.28%+0.13% | n/a+0.14% |
| Max drawdown | DFCA PVI | -1.64%n/a | -1.73%n/a | -3.58%n/a | n/a-0.09% |
| Max drawdown duration | DFCA PVI | 57dn/a | 184dn/a | 270dn/a | n/a294d |
Trading data
DFCA | PVI | |
Last sale 9/2/2026 at 1:30 PM | $49.13 | $24.87 |
| Previous close 09/02/2026 | $49.12 | $24.84 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 3, 2026
1-year trailing difference
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DFCA
is actively managed and doesn’t replicate an indexDFCA | PVI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 1:30 PM
Live
Closed
DFCA | PVI | |
|---|---|---|
| Last price | $49.13 | $24.87 |
| 1D performance | +0.03% | +0.12% |
| AuM | $720.67 M | $31.03 M |
| E/R | 0.19% | 0.25% |
Characteristics
DFCA | PVI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Dimensional | Invesco |
| Benchmark | - | ICE US Municipal AMT-Free VRDO Constrained Index |
| N° of holdings | 133 | 44 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 27, 2023 | November 15, 2007 |
| ESG | No | No |
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Exposure
Countries
DFCA
USA
36.1%
Other
63.9%
PVI
USA
37.26%
Other
62.74%
Sectors
DFCA
Municipal
36.1%
Other
63.9%
PVI
Municipal
37.26%
Other
62.74%
Diversification
DFCA
Total weight of top 15 holdings out of 15
13.43%
PVI
Total weight of top 15 holdings out of 15
33.32%
Top 15 holdings
Data as of July 31, 2026
DFCA
California, 5% 1apr2035, USD
1.53%
US769110DA28
1.32%
US797661G257
1.04%
US072024YF30
0.95%
US544647HM52
0.91%
US797661D510
0.90%
California, 5% 1oct2042, USD
0.88%
California, 5% 1oct2029, USD
0.79%
US013079R2J7
0.77%
US797661F424
0.76%
California, 4% 1nov2036, USD
0.75%
US544647JH40
0.73%
US013079QGW5
0.70%
US013079Q2R1
0.70%
University of California Medical Center, FRN 15may2045, USD
0.70%
PVI
US64972GAS30
4.45%
US64966TAF12
3.89%
Texas, FRN 1jun2046, USD (2015B)
2.95%
US20775HDU41
2.27%
New York Transitional Finance Authority, FRN 1nov2036, USD
2.27%
Florida Keys Aqueduct Authority, FRN 1sep2035, USD (2008)
2.27%
US45200FFS39
2.17%
New York Metropolitan Transportation Authority, FRN 1nov2032, USD (2012G-2)
1.94%
West Palm Beach, FRN 1oct2038, USD (2008C)
1.62%
US44244CN944
1.62%
US405815HE45
1.62%
Texas State University, FRN 1aug2039, USD (2008B)
1.62%
US072024YE64
1.62%
City of New York, 0% 15sep2006, USD (2029-SER, 2738D)
1.56%
US87638QSH38
1.46%
Frequently asked questions about DFCA and PVI
How have the DFCA and PVI ETFs performed in 2026?
As of September 1, 2026, DFCA is down -0.18% year-to-date (YTD), while PVI has returned 1.24%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: DFCA or PVI?
Year-to-date, the DFCA ETF saw +$133M in flows, compared to -$3K for PVI.
Which ETF is more volatile: DFCA or PVI?
Over the past year, DFCA had a volatility of 1.58%, while PVI experienced 0.15%.
Which ETF is bigger: DFCA or PVI?
As of September 1, 2026, DFCA holds $720.67 M in assets under management (AUM), while PVI manages $31.03 M.
What sectors do the DFCA and PVI ETFs invest in?
DFCA leans toward sectors like Municipal. Meanwhile, PVI focuses on Municipal.
What are the top holdings of the DFCA ETF and PVI ETF?
DFCA top holdings include California, 5% 1apr2035, USD, US769110DA28 and US797661G257. PVI holds in its top three: US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B).
Which ETF is more diversified: DFCA or PVI?
DFCA holds 505 securities with 13.43% of its assets in the top 15. PVI has 147 securities and a top 15 weight of 33.32%.
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