FMUB vs PVI
Fidelity Municipal Bond Opportunities ETF vs Invesco Floating Rate Municipal Income ETF
Which is better, FMUB or PVI?
Each has led over a different period.
PVI has a lower expense ratio. FMUB 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 | FMUB | PVI |
|---|---|---|
| Expense Ratio | 0.30% | 0.25%Best |
| AUM | $246M | $34M |
| Dividend Yield | 3.76% | 2.21% |
| Holdings | 605 | 307 |
| YTD Return | -2.14% | +1.76%Best |
| 1Y Return | -1.26% | +2.28%Best |
| 3Y Return (annualized) | - | +2.60% |
| 5Y Return (annualized) | - | +2.11% |
| Volatility (annualized) | 4.5% | 0.9%Best |
| Max Drawdown | -6.1% | -1.0%Best |
| $10,000 over 1.5 years | $10,501Best | $10,435 |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Apr 7, 2025 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 7, 2025 to Oct 14, 2026 (1.5 years).
FMUB 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 1.5 years both funds cover.
FMUB vs PVI Performance
Fidelity Municipal Bond Opportunities ETF (FMUB) is an ETF from Fidelity Investments (US) and Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US). Over the past year FMUB returned -1.26% while PVI returned +2.28%. Year to date, FMUB is down 2.14% versus a gain of 1.76% for PVI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMUB has been the more volatile fund, with annualized monthly volatility of 4.5% compared with 0.9% 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 -6.1% for FMUB and -1.0% 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 -0.41. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FMUB charges 0.30% per year while PVI charges 0.25%. On a $10,000 position that is $30 vs $25 annually, a gap of $5 per year that compounds over a long holding period. On income, FMUB currently yields 3.76% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 353 holdings in FMUB and 66 in PVI, totalling 34.6% 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 353 positions we hold weights for in FMUB and 66 in PVI, against full books of 605 and 307.
You are not choosing between two funds in isolation.
Whichever of FMUB 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, FMUB or PVI?
FMUB has an expense ratio of 0.30% while PVI charges 0.25%. PVI is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, FMUB or PVI?
Over the past year FMUB returned -1.26% vs +2.28% for PVI, so PVI leads on 1-year performance. Over the longest common window we track (2 years), FMUB annualized +3.31% vs +2.88% for PVI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMUB or PVI?
FMUB has been the more volatile fund at 4.5% annualized versus 0.9% for PVI. Worst drawdown: FMUB -6.1% vs PVI -1.0%.
Should I hold both FMUB and PVI?
FMUB and PVI have a monthly-return correlation of -0.41, 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, FMUB or PVI?
FMUB yields 3.76% while PVI yields 2.21%, so FMUB currently pays the higher dividend yield.
Is PVI better than FMUB?
PVI has a lower expense ratio. FMUB 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.