PVIvsCGMUETF Comparison
VS
Invesco VRDO Tax-Free ETF (PVI) and Capital Group Municipal Income ETF (CGMU) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PVI is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.27% for CGMU. PVI is up 1.55% year-to-date (YTD) with +$4M in YTD flows. CGMU performs worse with -1.36% YTD performance, and +$2.64B in YTD flows. Run a side-by-side ETF comparison of PVI and CGMU 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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PVI vs CGMU performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PVI CGMU | +0.22%-0.28% | +0.58%-2.91% | +1.55%-1.36% | +2.10%-0.49% | +7.49%+13.41% | +10.52%n/a |
| Flows | PVI CGMU | +$4M+$514M | +$2M+$1.03B | +$4M+$2.64B | +$2M+$3.20B | -$5M+$7.09B | -$16M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI CGMU | +0.09%+4.29% | +0.15%+2.74% | +0.13%+3.16% | +0.14%n/a |
| Max drawdown | PVI CGMU | n/a-5.06% | n/a-5.69% | n/a-5.69% | -0.06%n/a |
| Max drawdown duration | PVI CGMU | n/a92d | n/a228d | n/a228d | 231dn/a |
Trading data
PVI | CGMU | |
Last sale 10/16/2026 at 1:30 PM | $24.97 | $26.36 |
| Previous close 10/15/2026 | $24.93 | $26.35 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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CGMU
is actively managed and doesn’t replicate an indexPVI | CGMU | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
PVI | CGMU | |
|---|---|---|
| Last price | $24.97 | $26.36 |
| 1D performance | +0.16% | +0.04% |
| AuM | $34.80 M | $7.19 B |
| E/R | 0.25% | 0.27% |
Characteristics
PVI | CGMU | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Capital Group |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 45 | 639 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | October 25, 2022 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.15%
Other
62.85%
CGMU
USA
38.11%
Other
61.89%
Sectors
PVI
Municipal
37.15%
Other
62.85%
CGMU
Municipal
38.11%
Other
61.89%
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Diversification
PVI
Total weight of top 15 holdings out of 15
33.14%
CGMU
Total weight of top 15 holdings out of 15
6.67%
Top 15 holdings
Data as of August 31, 2026
PVI
US64972GAS30
4.45%
US64966TAF12
3.88%
Texas, FRN 1jun2046, USD (2015B)
2.95%
US20775HDU41
2.28%
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%
US44244CN944
1.62%
Texas State University, FRN 1aug2039, USD (2008B)
1.62%
US405815HE45
1.62%
West Palm Beach, FRN 1oct2038, USD (2008C)
1.62%
US072024YE64
1.62%
City of New York, 0% 15sep2006, USD (2029-SER, 2738D)
1.55%
New York Transitional Finance Authority, FRN 1aug2042, USD
1.30%
CGMU
Puerto Rico, FRN 1nov2043, USD
0.76%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.64%
Black Belt Energy Gas District, 5.25% 1jun2036, USD (2026)
0.58%
US771902HN68
0.54%
City of New York, 9% 15aug2015, USD
0.52%
US09182TLC98
0.48%
California Community Choice Financing Authority, 5% 1jun2036, USD (2026F)
0.42%
Black Belt Energy Gas District, 5% 1jul2033, USD (2026)
0.41%
US57421CLT98
0.37%
US13034A7F19
0.36%
Texas Municipal Gas Acquisition and Supply Corp., 5.25% 1mar2037, USD (2026A)
0.34%
New Jersey Health Care Facilities Financing Authority, 5% 1jul2029, USD (2026A)
0.32%
Puerto Rico, FRN 1nov2051, USD
0.31%
US19648FJ963
0.31%
US89602RKE44
0.31%
Frequently asked questions about PVI and CGMU
How have the PVI and CGMU ETFs performed in 2026?
As of October 16, 2026, PVI is up 1.55% year-to-date (YTD), while CGMU has lost -1.36%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or CGMU?
Year-to-date, the PVI ETF saw +$4M in flows, compared to +$2.64B for CGMU.
Which ETF is more volatile: PVI or CGMU?
Over the past year, PVI had a volatility of 0.15%, while CGMU experienced 2.74%.
Which ETF is bigger: PVI or CGMU?
As of October 16, 2026, PVI holds $34.80 M in assets under management (AUM), while CGMU manages $7.19 B.
What sectors do the PVI and CGMU ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, CGMU focuses on Municipal.
What are the top holdings of the PVI ETF and CGMU ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). CGMU holds in its top three: Puerto Rico, FRN 1nov2043, USD, Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD and Black Belt Energy Gas District, 5.25% 1jun2036, USD (2026).
Which ETF is more diversified: PVI or CGMU?
PVI holds 150 securities with 33.14% of its assets in the top 15. CGMU has 2314 securities and a top 15 weight of 6.67%.
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