TAXFvsPVIETF Comparison
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American Century Diversified Municipal Bond ETF (TAXF) 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. Both TAXF and PVI have the same Total Expense Ratio (TER) of 0.25%. TAXF is up 0.1% year-to-date (YTD) with +$143M in YTD flows. PVI performs better with 1.24% YTD performance, and -$3K in YTD flows. Run a side-by-side ETF comparison of TAXF 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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TAXF 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. | TAXF PVI | -0.79%+0.15% | -1.55%+0.53% | +0.10%+1.24% | +4.52%+2.08% | +11.22%+7.54% | +3.20%+10.15% |
| Flows | TAXF PVI | +$5M- | +$38M+$1M | +$143M-$3K | +$193M-$3K | +$348M-$9M | +$554M-$17M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXF PVI | +2.75%+0.09% | +2.59%+0.15% | +3.77%+0.13% | +3.72%+0.14% |
| Max drawdown | TAXF PVI | -2.50%n/a | -2.70%n/a | -5.30%n/a | -13.26%-0.09% |
| Max drawdown duration | TAXF PVI | 58dn/a | 114dn/a | 275dn/a | 1001d295d |
Trading data
TAXF | PVI | |
Last sale 9/2/2026 at 3:51 PM | $49.38 | $24.84 |
| Previous close 09/01/2026 | $49.33 | $24.92 |
| 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 indexTAXF | 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 9/2/2026 at 3:51 PM
Live
Closed
TAXF | PVI | |
|---|---|---|
| Last price | $49.38 | $24.84 |
| 1D performance | +0.10% | -0.32% |
| AuM | $680.13 M | $31.03 M |
| E/R | 0.25% | 0.25% |
Characteristics
TAXF | PVI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | American Century Investments | Invesco |
| Benchmark | - | ICE US Municipal AMT-Free VRDO Constrained Index |
| N° of holdings | 253 | 44 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 10, 2018 | November 15, 2007 |
| ESG | No | No |
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Exposure
Countries
TAXF
USA
37.04%
Other
62.96%
PVI
USA
37.26%
Other
62.74%
Sectors
TAXF
Municipal
37.04%
Other
62.96%
PVI
Municipal
37.26%
Other
62.74%
Diversification
TAXF
Total weight of top 15 holdings out of 15
8.47%
PVI
Total weight of top 15 holdings out of 15
33.32%
Top 15 holdings
Data as of July 31, 2026
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%
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 TAXF and PVI
How have the TAXF and PVI ETFs performed in 2026?
As of September 1, 2026, TAXF is up 0.1% 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: TAXF or PVI?
Year-to-date, the TAXF ETF saw +$143M in flows, compared to -$3K for PVI.
Which ETF is more volatile: TAXF or PVI?
Over the past year, TAXF had a volatility of 2.59%, while PVI experienced 0.15%.
Which ETF is bigger: TAXF or PVI?
As of September 1, 2026, TAXF holds $680.13 M in assets under management (AUM), while PVI manages $31.03 M.
What sectors do the TAXF and PVI ETFs invest in?
TAXF leans toward sectors like Municipal. Meanwhile, PVI focuses on Municipal.
What are the top holdings of the TAXF ETF and PVI ETF?
TAXF top holdings include US74442PN840, Build NYC Resource Corp., 5.25% 15dec2031, USD (2026B-3) and Arkansas Development Finance Authority, 4% 1sep2046, USD (2026A). PVI holds in its top three: US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B).
Which ETF is more diversified: TAXF or PVI?
TAXF holds 785 securities with 8.47% of its assets in the top 15. PVI has 147 securities and a top 15 weight of 33.32%.
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