PVIvsTAXEETF Comparison
VS
Invesco VRDO Tax-Free ETF (PVI) and T. Rowe Price Intermediate Municipal Income ETF (TAXE) 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 0.24% for TAXE. PVI is up 1.24% year-to-date (YTD) with -$3K in YTD flows. TAXE performs worse with 0.25% YTD performance, and +$97M in YTD flows. Run a side-by-side ETF comparison of PVI and TAXE 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 TAXE 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 TAXE | +0.16%-0.43% | +0.53%-1.29% | +1.24%+0.25% | +2.08%+3.92% | +7.54%n/a | +10.16%n/a |
| Flows | PVI TAXE | -+$14M | +$1M+$43M | -$3K+$97M | -$3K+$118M | -$9M- | -$17M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI TAXE | +0.09%+2.25% | +0.15%+2.09% | +0.13%n/a | +0.14%n/a |
| Max drawdown | PVI TAXE | n/a-1.94% | n/a-2.39% | n/an/a | -0.09%n/a |
| Max drawdown duration | PVI TAXE | n/a57d | n/a122d | n/an/a | 294dn/a |
Trading data
PVI | TAXE | |
Last sale 9/2/2026 at 1:30 PM | $24.87 | $49.94 |
| Previous close 09/02/2026 | $24.84 | $50.03 |
| 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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TAXE
is actively managed and doesn’t replicate an indexPVI | TAXE | |
|---|---|---|
| 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 | TAXE | |
|---|---|---|
| Last price | $24.87 | $49.94 |
| 1D performance | +0.12% | -0.17% |
| AuM | $31.03 M | $202.12 M |
| E/R | 0.25% | 0.24% |
Characteristics
PVI | TAXE | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | T. Rowe Price |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 44 | 163 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | July 10, 2024 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.26%
Other
62.74%
TAXE
USA
35.75%
Other
64.25%
Sectors
PVI
Municipal
37.26%
Other
62.74%
TAXE
Municipal
35.75%
Other
64.25%
Diversification
PVI
Total weight of top 15 holdings out of 15
33.32%
TAXE
Total weight of top 15 holdings out of 15
12.17%
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%
TAXE
US45204FME24
1.90%
US46246K5E87
0.96%
Michigan Finance Authority, 5% 15aug2055, USD (2025B-1)
0.91%
Puerto Rico, 5.75% 1jul2031, USD
0.85%
US45506EQS53
0.83%
US249182LT15
0.81%
Denver, 5% 1dec2029, USD (2018A)
0.79%
Colorado, 6% 15dec2041, USD (2022)
0.72%
US899530AY53
0.72%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.70%
Puerto Rico Sales Tax Financing Corp., 4.55% 1jul2040, USD
0.62%
US64972JNL88
0.61%
US92812XXT44
0.60%
Black Belt Energy Gas District, 5% 1nov2036, USD (2026)
0.59%
Black Belt Energy Gas District, 4% 1jun2051, USD (2021A)
0.58%
Frequently asked questions about PVI and TAXE
How have the PVI and TAXE ETFs performed in 2026?
As of September 2, 2026, PVI is up 1.24% year-to-date (YTD), while TAXE has returned 0.25%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or TAXE?
Year-to-date, the PVI ETF saw -$3K in flows, compared to +$97M for TAXE.
Which ETF is more volatile: PVI or TAXE?
Over the past year, PVI had a volatility of 0.15%, while TAXE experienced 2.09%.
Which ETF is bigger: PVI or TAXE?
As of September 2, 2026, PVI holds $31.03 M in assets under management (AUM), while TAXE manages $202.12 M.
What sectors do the PVI and TAXE ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, TAXE focuses on Municipal.
What are the top holdings of the PVI ETF and TAXE ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). TAXE holds in its top three: US45204FME24, US46246K5E87 and Michigan Finance Authority, 5% 15aug2055, USD (2025B-1).
Which ETF is more diversified: PVI or TAXE?
PVI holds 147 securities with 33.32% of its assets in the top 15. TAXE has 579 securities and a top 15 weight of 12.17%.
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