PVIvsTAXFETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and American Century Diversified Municipal Bond ETF (TAXF) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. Both PVI and TAXF have the same Total Expense Ratio (TER) of 0.25%. PVI is up 1.24% year-to-date (YTD) with -$3K in YTD flows. TAXF performs worse with 0.1% YTD performance, and +$143M in YTD flows. Run a side-by-side ETF comparison of PVI and TAXF 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 TAXF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PVI TAXF | +0.15%-0.79% | +0.53%-1.55% | +1.24%+0.10% | +2.08%+4.52% | +7.54%+11.22% | +10.15%+3.20% |
| Flows | PVI TAXF | -+$5M | +$1M+$38M | -$3K+$143M | -$3K+$193M | -$9M+$348M | -$17M+$554M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI TAXF | +0.09%+2.75% | +0.15%+2.59% | +0.13%+3.77% | +0.14%+3.72% |
| Max drawdown | PVI TAXF | n/a-2.50% | n/a-2.70% | n/a-5.30% | -0.09%-13.26% |
| Max drawdown duration | PVI TAXF | n/a58d | n/a114d | n/a275d | 295d1001d |
Trading data
PVI | TAXF | |
Last sale 9/1/2026 at 1:30 PM | $24.84 | $49.38 |
| Previous close 09/01/2026 | $24.92 | $49.33 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 2, 2026
1-year trailing difference
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TAXF
is actively managed and doesn’t replicate an indexPVI | TAXF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
PVI | TAXF | |
|---|---|---|
| Last price | $24.84 | $49.38 |
| 1D performance | -0.32% | +0.10% |
| AuM | $31.03 M | $680.13 M |
| E/R | 0.25% | 0.25% |
Characteristics
PVI | TAXF | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | American Century Investments |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 44 | 253 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | September 10, 2018 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.26%
Other
62.74%
TAXF
USA
37.04%
Other
62.96%
Sectors
PVI
Municipal
37.26%
Other
62.74%
TAXF
Municipal
37.04%
Other
62.96%
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Diversification
PVI
Total weight of top 15 holdings out of 15
33.32%
TAXF
Total weight of top 15 holdings out of 15
8.47%
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%
TAXF
US74442PN840
0.89%
Build NYC Resource Corp., 5.25% 15dec2031, USD (2026B-3)
0.87%
Arkansas Development Finance Authority, 4% 1sep2046, USD (2026A)
0.73%
US60637GRY79
0.65%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.57%
US646080ZU81
0.57%
US452252RA98
0.55%
Southeast Alabama Gas Supply District, FRN 1aug2054, USD (A)
0.54%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.54%
US681725PH47
0.47%
Orlando Utilities Commission, 5% 1oct2048, USD (2023A)
0.46%
US74439YBD22
0.44%
US292723AY90
0.42%
Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1)
0.40%
New York Transitional Finance Authority, 5.5% 1nov2054, USD (2026)
0.39%
Frequently asked questions about PVI and TAXF
How have the PVI and TAXF ETFs performed in 2026?
As of September 1, 2026, PVI is up 1.24% year-to-date (YTD), while TAXF has returned 0.1%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or TAXF?
Year-to-date, the PVI ETF saw -$3K in flows, compared to +$143M for TAXF.
Which ETF is more volatile: PVI or TAXF?
Over the past year, PVI had a volatility of 0.15%, while TAXF experienced 2.59%.
Which ETF is bigger: PVI or TAXF?
As of September 1, 2026, PVI holds $31.03 M in assets under management (AUM), while TAXF manages $680.13 M.
What sectors do the PVI and TAXF ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, TAXF focuses on Municipal.
What are the top holdings of the PVI ETF and TAXF ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). TAXF holds in its top three: US74442PN840, Build NYC Resource Corp., 5.25% 15dec2031, USD (2026B-3) and Arkansas Development Finance Authority, 4% 1sep2046, USD (2026A).
Which ETF is more diversified: PVI or TAXF?
PVI holds 147 securities with 33.32% of its assets in the top 15. TAXF has 785 securities and a top 15 weight of 8.47%.
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