PVIvsTAFIETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and AB Tax-Aware Short Duration Municipal ETF (TAFI) belong to the same industry segment: Municipal Bonds. PVI's top 1 sector exposures are Municipal. In contrast, TAFI's top sector exposures are Municipal, Industrials and Consumer Non-Cyclicals. PVI is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.27% for TAFI. PVI is up 1.55% year-to-date (YTD) with +$4M in YTD flows. TAFI performs worse with 0.49% YTD performance, and +$397M in YTD flows. Run a side-by-side ETF comparison of PVI and TAFI 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 TAFI 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 TAFI | +0.22%-0.05% | +0.58%-0.78% | +1.55%+0.49% | +2.10%+0.92% | +7.49%+11.08% | +10.52%n/a |
| Flows | PVI TAFI | +$4M+$75M | +$2M+$78M | +$4M+$397M | +$2M+$509M | -$5M+$1.26B | -$16M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI TAFI | +0.09%+2.14% | +0.15%+1.34% | +0.13%+1.47% | +0.14%n/a |
| Max drawdown | PVI TAFI | n/a-2.23% | n/a-2.28% | n/a-2.28% | -0.06%n/a |
| Max drawdown duration | PVI TAFI | n/a64d | n/a102d | n/a102d | 231dn/a |
Trading data
PVI | TAFI | |
Last sale 10/16/2026 at 1:30 PM | $24.97 | $24.76 |
| Previous close 10/15/2026 | $24.93 | $24.74 |
| 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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TAFI
is actively managed and doesn’t replicate an indexPVI | TAFI | |
|---|---|---|
| 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 | TAFI | |
|---|---|---|
| Last price | $24.97 | $24.76 |
| 1D performance | +0.16% | +0.08% |
| AuM | $34.80 M | $1.44 B |
| E/R | 0.25% | 0.27% |
Characteristics
PVI | TAFI | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | AllianceBernstein |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 45 | 237 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | September 13, 2022 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.15%
Other
62.85%
TAFI
USA
38.46%
Other
61.54%
Sectors
PVI
Municipal
37.15%
Other
62.85%
TAFI
Municipal
37.95%
Other
62.05%
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Diversification
PVI
Total weight of top 15 holdings out of 15
33.14%
TAFI
Total weight of top 15 holdings out of 15
12.84%
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%
TAFI
Pennsylvania Economic Development Financing Authority, FRN 15may2053, USD
1.53%
US040507QB45
1.41%
US7485082P22
1.17%
City of New York, 5% 1feb2032, USD (2026)
1.05%
Colorado Health Facilities Authority, 5% 1sep2032, USD (2025A)
0.83%
US230589AB90
0.81%
Illinois Finance Authority, FRN 15nov2037, USD (2018)
0.77%
Revere, 4% 29jul2027, USD
0.75%
Miami-Dade School District, 4% 7jan2027, USD (2026)
0.74%
US09182TKL07
0.74%
Puerto Rico Sales Tax Financing Corp., 0% 1jul2029, USD (3792D)
0.73%
US745160TD34
0.66%
Orchard Park Central School District, 4% 30apr2027, USD (2026)
0.57%
US67756CGX02
0.57%
City of Los Angeles, 5% 24jun2027, USD (2026)
0.53%
Frequently asked questions about PVI and TAFI
How have the PVI and TAFI ETFs performed in 2026?
As of October 16, 2026, PVI is up 1.55% year-to-date (YTD), while TAFI has returned 0.49%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or TAFI?
Year-to-date, the PVI ETF saw +$4M in flows, compared to +$397M for TAFI.
Which ETF is more volatile: PVI or TAFI?
Over the past year, PVI had a volatility of 0.15%, while TAFI experienced 1.34%.
Which ETF is bigger: PVI or TAFI?
As of October 16, 2026, PVI holds $34.80 M in assets under management (AUM), while TAFI manages $1.44 B.
What sectors do the PVI and TAFI ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, TAFI focuses on Municipal.
What are the top holdings of the PVI ETF and TAFI ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). TAFI holds in its top three: Pennsylvania Economic Development Financing Authority, FRN 15may2053, USD, US040507QB45 and US7485082P22.
Which ETF is more diversified: PVI or TAFI?
PVI holds 150 securities with 33.14% of its assets in the top 15. TAFI has 691 securities and a top 15 weight of 12.84%.
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