DSM vs PVI
BNY Mellon Strategic Municipal Bond Fund Inc vs Invesco Floating Rate Municipal Income ETF
Which is better, DSM or PVI?
Each has led over a different period.
PVI has a lower expense ratio. DSM led over 3Y, PVI over 1Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DSM | PVI |
|---|---|---|
| Expense Ratio | 1.09% | 0.25%Best |
| AUM | $335M | $34M |
| Dividend Yield | 5.50% | 2.21% |
| Holdings | 233 | 307 |
| YTD Return | -13.99% | +1.76%Best |
| 1Y Return | -10.44% | +2.28%Best |
| 3Y Return (annualized) | +5.32%Best | +2.60% |
| 5Y Return (annualized) | -4.62% | +2.11%Best |
| Volatility (annualized) | 13.9% | 0.6%Best |
| Max Drawdown | -48.9% | -4.8%Best |
| $10,000 over 5 years | $7,894 | $11,100Best |
| Fund Family | BNY Mellon Investment Management | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 22, 1989 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 15, 2007 to Oct 14, 2026 (18.9 years).
DSM vs PVI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.9 years both funds cover.
DSM vs PVI Performance
BNY Mellon Strategic Municipal Bond Fund Inc (DSM) is an ETF from BNY Mellon Investment Management and Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US). Over the past year DSM returned -10.44% while PVI returned +2.28%. Year to date, DSM is down 13.99% versus a gain of 1.76% for PVI.
Over three years, DSM compounded at +5.32% per year against +2.60% for PVI; over five years the annualized figures are -4.62% and +2.11% respectively. Across the full 19-year window we track, PVI has the edge at +0.52% annualized vs -0.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSM has been the more volatile fund, with annualized monthly volatility of 13.9% compared with 0.6% for PVI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -48.9% for DSM and -4.8% for PVI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.04. They move largely independently of each other.
Fees and Cost Over Time
DSM charges 1.09% per year while PVI charges 0.25%. On a $10,000 position that is $109 vs $25 annually, a gap of $84 per year that compounds over a long holding period. On income, DSM currently yields 5.50% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 101 holdings in DSM and 66 in PVI, totalling 41.1% and 53.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 65 days apart, DSM as of Jul 31, 2026 and PVI as of Oct 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 101 positions we hold weights for in DSM and 66 in PVI, against full books of 233 and 307.
You are not choosing between two funds in isolation.
Whichever of DSM and PVI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DSM or PVI?
DSM has an expense ratio of 1.09% while PVI charges 0.25%. PVI is the cheaper option, by $84 a year on a $10,000 investment.
Which performed better, DSM or PVI?
Over the past year DSM returned -10.44% vs +2.28% for PVI, so PVI leads on 1-year performance. Over the longest common window we track (19 years), DSM annualized -0.78% vs +0.52% for PVI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSM or PVI?
DSM has been the more volatile fund at 13.9% annualized versus 0.6% for PVI. Worst drawdown: DSM -48.9% vs PVI -4.8%.
Should I hold both DSM and PVI?
DSM and PVI have a monthly-return correlation of -0.04, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DSM or PVI?
DSM yields 5.50% while PVI yields 2.21%, so DSM currently pays the higher dividend yield.
Is PVI better than DSM?
PVI has a lower expense ratio. DSM led over 3Y, PVI over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.