PVIvsDFCAETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and Dimensional California Municipal Bond ETF (DFCA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PVI is more expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.19% for DFCA. PVI is up 1.24% year-to-date (YTD) with -$3K in YTD flows. DFCA performs worse with -0.18% YTD performance, and +$133M in YTD flows. Run a side-by-side ETF comparison of PVI and DFCA 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 DFCA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PVI DFCA | +0.16%-0.52% | +0.53%-1.13% | +1.24%-0.18% | +2.08%+2.54% | +7.54%+7.50% | +10.16%n/a |
| Flows | PVI DFCA | -+$19M | +$1M+$47M | -$3K+$133M | -$3K+$239M | -$9M+$560M | -$17M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI DFCA | +0.09%+1.72% | +0.15%+1.58% | +0.13%+2.28% | +0.14%n/a |
| Max drawdown | PVI DFCA | n/a-1.64% | n/a-1.73% | n/a-3.58% | -0.09%n/a |
| Max drawdown duration | PVI DFCA | n/a57d | n/a184d | n/a270d | 294dn/a |
Trading data
PVI | DFCA | |
Last sale 9/3/2026 at 7:53 PM | $24.84 | $49.07 |
| Previous close 09/02/2026 | $24.87 | $49.13 |
| 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 4, 2026
1-year trailing difference
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DFCA
is actively managed and doesn’t replicate an indexPVI | DFCA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 7:53 PM
Live
Closed
PVI | DFCA | |
|---|---|---|
| Last price | $24.84 | $49.07 |
| 1D performance | -0.12% | -0.12% |
| AuM | $31.03 M | $720.67 M |
| E/R | 0.25% | 0.19% |
Characteristics
PVI | DFCA | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Dimensional |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 44 | 133 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | June 27, 2023 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.26%
Other
62.74%
DFCA
USA
36.1%
Other
63.9%
Sectors
PVI
Municipal
37.26%
Other
62.74%
DFCA
Municipal
36.1%
Other
63.9%
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Diversification
PVI
Total weight of top 15 holdings out of 15
33.32%
DFCA
Total weight of top 15 holdings out of 15
13.43%
Top 15 holdings
Data as of July 31, 2026
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%
US405815HE45
1.62%
US44244CN944
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%
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%
Frequently asked questions about PVI and DFCA
How have the PVI and DFCA ETFs performed in 2026?
As of September 2, 2026, PVI is up 1.24% year-to-date (YTD), while DFCA has lost -0.18%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or DFCA?
Year-to-date, the PVI ETF saw -$3K in flows, compared to +$133M for DFCA.
Which ETF is more volatile: PVI or DFCA?
Over the past year, PVI had a volatility of 0.15%, while DFCA experienced 1.58%.
Which ETF is bigger: PVI or DFCA?
As of September 2, 2026, PVI holds $31.03 M in assets under management (AUM), while DFCA manages $720.67 M.
What sectors do the PVI and DFCA ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, DFCA focuses on Municipal.
What are the top holdings of the PVI ETF and DFCA ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). DFCA holds in its top three: California, 5% 1apr2035, USD, US769110DA28 and US797661G257.
Which ETF is more diversified: PVI or DFCA?
PVI holds 147 securities with 33.32% of its assets in the top 15. DFCA has 505 securities and a top 15 weight of 13.43%.
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