PVIvsMMCAETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and NYLI MacKay California Muni Intermediate ETF (MMCA) 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 0.7% for MMCA. PVI is up 1.24% year-to-date (YTD) with -$3K in YTD flows. MMCA performs worse with -0.72% YTD performance, and +$23M in YTD flows. Run a side-by-side ETF comparison of PVI and MMCA 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 MMCA 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 MMCA | +0.16%-0.54% | +0.53%-1.72% | +1.24%-0.72% | +2.08%+2.50% | +7.54%+11.16% | +10.16%n/a |
| Flows | PVI MMCA | -- | +$1M+$3M | -$3K+$23M | -$3K+$59M | -$9M+$58M | -$17M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI MMCA | +0.09%+2.64% | +0.15%+2.30% | +0.13%+2.96% | +0.14%n/a |
| Max drawdown | PVI MMCA | n/a-2.23% | n/a-2.90% | n/a-3.70% | -0.09%n/a |
| Max drawdown duration | PVI MMCA | n/a58d | n/a185d | n/a151d | 294dn/a |
Trading data
PVI | MMCA | |
Last sale 9/2/2026 at 1:30 PM | $24.87 | $21.27 |
| Previous close 09/02/2026 | $24.84 | $21.25 |
| 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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MMCA
is actively managed and doesn’t replicate an indexPVI | MMCA | |
|---|---|---|
| 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
PVI | MMCA | |
|---|---|---|
| Last price | $24.87 | $21.27 |
| 1D performance | +0.12% | +0.09% |
| AuM | $31.03 M | $89.16 M |
| E/R | 0.25% | 0.7% |
Characteristics
PVI | MMCA | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | New York Life Investments |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 44 | 35 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | December 22, 2021 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.26%
Other
62.74%
MMCA
USA
33.52%
Other
66.48%
Sectors
PVI
Municipal
37.26%
Other
62.74%
MMCA
Municipal
33.52%
Other
66.48%
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Diversification
PVI
Total weight of top 15 holdings out of 15
33.32%
MMCA
Total weight of top 15 holdings out of 15
25.56%
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%
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%
MMCA
California Community Choice Financing Authority, 5% 1oct2034, USD (2026G)
2.70%
California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C)
2.29%
US13013JCM62
2.26%
California Public Works Board, 5% 1sep2035, USD (2026)
2.14%
US120827ES50
2.06%
US13077DYV80
1.84%
San Jose (CA), 3.05% 1may2066, USD (2026A)
1.60%
California Infrastructure and Economic Development Bank, 3.25% 1jun2033, USD (2026)
1.59%
US845389PU30
1.37%
US13032UWT14
1.37%
California Community Choice Financing Authority, 5% 1apr2056, USD (2026A-1)
1.35%
US13080SJE54
1.29%
US376087EM00
1.24%
Anaheim Community Facilities District №08-1, 4% 1sep2041, USD (2016)
1.23%
US010824PH72
1.20%
Frequently asked questions about PVI and MMCA
How have the PVI and MMCA ETFs performed in 2026?
As of September 2, 2026, PVI is up 1.24% year-to-date (YTD), while MMCA has lost -0.72%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or MMCA?
Year-to-date, the PVI ETF saw -$3K in flows, compared to +$23M for MMCA.
Which ETF is more volatile: PVI or MMCA?
Over the past year, PVI had a volatility of 0.15%, while MMCA experienced 2.3%.
Which ETF is bigger: PVI or MMCA?
As of September 2, 2026, PVI holds $31.03 M in assets under management (AUM), while MMCA manages $89.16 M.
What sectors do the PVI and MMCA ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, MMCA focuses on Municipal.
What are the top holdings of the PVI ETF and MMCA ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). MMCA holds in its top three: California Community Choice Financing Authority, 5% 1oct2034, USD (2026G), California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C) and US13013JCM62.
Which ETF is more diversified: PVI or MMCA?
PVI holds 147 securities with 33.32% of its assets in the top 15. MMCA has 124 securities and a top 15 weight of 25.56%.
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