EVSM vs PVI
Eaton Vance Short Duration Municipal Income ETF vs Invesco Floating Rate Municipal Income ETF
Which is better, EVSM or PVI?
Each has led over a different period.
EVSM has a lower expense ratio. EVSM led over the full window, PVI over 1Y.
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 | EVSM | PVI |
|---|---|---|
| Expense Ratio | 0.19%Best | 0.25% |
| AUM | $1.0B | $34M |
| Dividend Yield | 3.06% | 2.21% |
| Holdings | 784 | 307 |
| YTD Return | +0.32% | +1.76%Best |
| 1Y Return | +0.81% | +2.28%Best |
| 3Y Return (annualized) | - | +2.60% |
| 5Y Return (annualized) | - | +2.11% |
| Volatility (annualized) | 1.8% | 0.8%Best |
| Max Drawdown | -2.0% | -1.2%Best |
| $10,000 over 2.6 years | $10,736Best | $10,660 |
| Fund Family | Eaton Vance | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Mar 25, 2024 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Mar 25, 2024 to Oct 14, 2026 (2.6 years).
EVSM 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 2.6 years both funds cover.
EVSM vs PVI Performance
Eaton Vance Short Duration Municipal Income ETF (EVSM) is an ETF from Eaton Vance and Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US). Over the past year EVSM returned +0.81% while PVI returned +2.28%. Year to date, EVSM is up 0.32% versus a gain of 1.76% for PVI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EVSM has been the more volatile fund, with annualized monthly volatility of 1.8% compared with 0.8% 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 -2.0% for EVSM and -1.2% 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 -0.16. They move largely independently of each other.
Fees and Cost Over Time
EVSM charges 0.19% per year while PVI charges 0.25%. On a $10,000 position that is $19 vs $25 annually, a gap of $6 per year that compounds over a long holding period. On income, EVSM currently yields 3.06% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 97 holdings in EVSM and 66 in PVI, totalling 29.5% and 53.8% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 7 positions appear in both.
7 positions in common, counted across the 97 positions we hold weights for in EVSM and 66 in PVI, against full books of 784 and 307.
Top Shared Holdings
| Stock | Weight in EVSM | Weight in PVI | Difference |
|---|---|---|---|
| NC CHAMED 01/15/2038Charlotte-mecklenburg Hospital Authority (the), Series 2007 B, Ref. Vrd Rb | 0.99% | 1.24% | 0.25% |
| PA PASHGR 11/01/2061Pennsylvania Higher Educational Facilities Authority 2061-11-01 | 0.82% | 0.93% | 0.11% |
| OH OHSPOL 12/01/2054Ohio St Wtr Dev Auth Wtr Pollu 2.35% Dec 01, 2054 | 0.74% | 0.62% | 0.12% |
| IN INSPWR 01/01/2042Indiana Mun Pwr Agy Var Ref Bds 2019 B | 0.86% | 0.31% | 0.55% |
| AZ AZSMED 01/01/2046Arizona Health Facilities Authority, Series 2015 C | 0.69% | 0.36% | 0.33% |
| LA LASGEN 05/01/2043State Of Louisiana Gasoline And Fuels Tax Second Lien Revenue Refunding Bonds 3.6% 2043-05-01 | 0.29% | 0.70% | 0.41% |
| NY NYC 06/01/2044CENTRAL UTAH WTR CONSERVANCY D 5% Oct 01, 2027 | 0.12% | 0.77% | 0.65% |
You are not choosing between two funds in isolation.
Whichever of EVSM 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, EVSM or PVI?
EVSM has an expense ratio of 0.19% while PVI charges 0.25%. EVSM is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, EVSM or PVI?
Over the past year EVSM returned +0.81% vs +2.28% for PVI, so PVI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EVSM or PVI?
EVSM has been the more volatile fund at 1.8% annualized versus 0.8% for PVI. Worst drawdown: EVSM -2.0% vs PVI -1.2%.
Should I hold both EVSM and PVI?
EVSM and PVI have a monthly-return correlation of -0.16, 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, EVSM or PVI?
EVSM yields 3.06% while PVI yields 2.21%, so EVSM currently pays the higher dividend yield.
Is PVI better than EVSM?
EVSM has a lower expense ratio. EVSM led over the full window, PVI over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.