TAXEvsPVIETF Comparison
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T. Rowe Price Intermediate Municipal Income ETF (TAXE) and Invesco VRDO Tax-Free ETF (PVI) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TAXE is less expensive with a Total Expense Ratio (TER) of 0.24%, versus 0.25% for PVI. TAXE is up 0.25% year-to-date (YTD) with +$97M in YTD flows. PVI performs better with 1.24% YTD performance, and -$3K in YTD flows. Run a side-by-side ETF comparison of TAXE and PVI 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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TAXE vs PVI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXE PVI | -0.43%+0.16% | -1.29%+0.53% | +0.25%+1.24% | +3.92%+2.08% | n/a+7.54% | n/a+10.16% |
| Flows | TAXE PVI | +$14M- | +$43M+$1M | +$97M-$3K | +$118M-$3K | --$9M | --$17M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXE PVI | +2.25%+0.09% | +2.09%+0.15% | n/a+0.13% | n/a+0.14% |
| Max drawdown | TAXE PVI | -1.94%n/a | -2.39%n/a | n/an/a | n/a-0.09% |
| Max drawdown duration | TAXE PVI | 57dn/a | 122dn/a | n/an/a | n/a294d |
Trading data
TAXE | PVI | |
Last sale 9/3/2026 at 5:03 PM | $50.00 | $24.87 |
| Previous close 09/02/2026 | $49.94 | $24.84 |
| 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 indexTAXE | PVI | |
|---|---|---|
| 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 5:03 PM
Live
Closed
TAXE | PVI | |
|---|---|---|
| Last price | $50.00 | $24.87 |
| 1D performance | +0.12% | +0.12% |
| AuM | $202.12 M | $31.03 M |
| E/R | 0.24% | 0.25% |
Characteristics
TAXE | PVI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Invesco |
| Benchmark | - | ICE US Municipal AMT-Free VRDO Constrained Index |
| N° of holdings | 163 | 44 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 10, 2024 | November 15, 2007 |
| ESG | No | No |
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Exposure
Countries
TAXE
USA
35.75%
Other
64.25%
PVI
USA
37.26%
Other
62.74%
Sectors
TAXE
Municipal
35.75%
Other
64.25%
PVI
Municipal
37.26%
Other
62.74%
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Diversification
TAXE
Total weight of top 15 holdings out of 15
12.17%
PVI
Total weight of top 15 holdings out of 15
33.32%
Top 15 holdings
Data as of July 31, 2026
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%
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%
Frequently asked questions about TAXE and PVI
How have the TAXE and PVI ETFs performed in 2026?
As of September 1, 2026, TAXE is up 0.25% year-to-date (YTD), while PVI has returned 1.24%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: TAXE or PVI?
Year-to-date, the TAXE ETF saw +$97M in flows, compared to -$3K for PVI.
Which ETF is more volatile: TAXE or PVI?
Over the past year, TAXE had a volatility of 2.09%, while PVI experienced 0.15%.
Which ETF is bigger: TAXE or PVI?
As of September 1, 2026, TAXE holds $202.12 M in assets under management (AUM), while PVI manages $31.03 M.
What sectors do the TAXE and PVI ETFs invest in?
TAXE leans toward sectors like Municipal. Meanwhile, PVI focuses on Municipal.
What are the top holdings of the TAXE ETF and PVI ETF?
TAXE top holdings include US45204FME24, US46246K5E87 and Michigan Finance Authority, 5% 15aug2055, USD (2025B-1). PVI holds in its top three: US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B).
Which ETF is more diversified: TAXE or PVI?
TAXE holds 579 securities with 12.17% of its assets in the top 15. PVI has 147 securities and a top 15 weight of 33.32%.
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