FMHI vs PVI
First Trust Municipal High Income ETF vs Invesco Floating Rate Municipal Income ETF
Which is better, FMHI or PVI?
Each has led over a different period.
PVI has a lower expense ratio. FMHI led over 3Y and the full window, PVI over 1Y and 5Y.
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 | FMHI | PVI |
|---|---|---|
| Expense Ratio | 0.49% | 0.25%Best |
| AUM | $1.0B | $34M |
| Dividend Yield | 4.67% | 2.21% |
| Holdings | 1,524 | 307 |
| YTD Return | -3.03% | +1.76%Best |
| 1Y Return | -2.16% | +2.28%Best |
| 3Y Return (annualized) | +4.19%Best | +2.60% |
| 5Y Return (annualized) | -0.40% | +2.11%Best |
| Volatility (annualized) | 7.3% | 0.6%Best |
| Max Drawdown | -18.8% | -1.2%Best |
| $10,000 over 5 years | $9,802 | $11,100Best |
| Fund Family | First Trust Portfolios (US) | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 2, 2017 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 3, 2017 to Oct 14, 2026 (8.9 years).
FMHI 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 8.9 years both funds cover.
FMHI vs PVI Performance
First Trust Municipal High Income ETF (FMHI) is an ETF from First Trust Portfolios (US) and Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US). Over the past year FMHI returned -2.16% while PVI returned +2.28%. Year to date, FMHI is down 3.03% versus a gain of 1.76% for PVI.
Over three years, FMHI compounded at +4.19% per year against +2.60% for PVI; over five years the annualized figures are -0.40% and +2.11% respectively. Across the full 9-year window we track, FMHI has the edge at +1.18% annualized vs +1.16%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMHI has been the more volatile fund, with annualized monthly volatility of 7.3% 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 -18.8% for FMHI 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 -0.15. They move largely independently of each other.
Fees and Cost Over Time
FMHI charges 0.49% per year while PVI charges 0.25%. On a $10,000 position that is $49 vs $25 annually, a gap of $24 per year that compounds over a long holding period. On income, FMHI currently yields 4.67% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 2 holdings in FMHI and 66 in PVI, totalling 0.2% and 53.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in FMHI and 66 in PVI, against full books of 1,524 and 307.
You are not choosing between two funds in isolation.
Whichever of FMHI 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, FMHI or PVI?
FMHI has an expense ratio of 0.49% while PVI charges 0.25%. PVI is the cheaper option, by $24 a year on a $10,000 investment.
Which performed better, FMHI or PVI?
Over the past year FMHI returned -2.16% vs +2.28% for PVI, so PVI leads on 1-year performance. Over the longest common window we track (9 years), FMHI annualized +1.18% vs +1.16% for PVI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMHI or PVI?
FMHI has been the more volatile fund at 7.3% annualized versus 0.6% for PVI. Worst drawdown: FMHI -18.8% vs PVI -1.2%.
Should I hold both FMHI and PVI?
FMHI and PVI have a monthly-return correlation of -0.15, 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, FMHI or PVI?
FMHI yields 4.67% while PVI yields 2.21%, so FMHI currently pays the higher dividend yield.
Is PVI better than FMHI?
PVI has a lower expense ratio. FMHI led over 3Y and the full window, PVI over 1Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.