MFLX vs PVI
First Trust Flexible Municipal High Income ETF vs Invesco Floating Rate Municipal Income ETF
Which is better, MFLX or PVI?
Each has led over a different period.
PVI has a lower expense ratio. MFLX 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 | MFLX | PVI |
|---|---|---|
| Expense Ratio | 0.93% | 0.25%Best |
| AUM | $20M | $34M |
| Dividend Yield | 4.51% | 2.21% |
| Holdings | 160 | 307 |
| YTD Return | -3.07% | +1.76%Best |
| 1Y Return | -2.70% | +2.28%Best |
| 3Y Return (annualized) | +4.24%Best | +2.60% |
| 5Y Return (annualized) | -1.53% | +2.11%Best |
| Volatility (annualized) | 8.6% | 0.6%Best |
| Max Drawdown | -26.9% | -1.2%Best |
| $10,000 over 5 years | $9,258 | $11,100Best |
| Fund Family | First Trust Portfolios (US) | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Sep 27, 2016 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 29, 2016 to Oct 14, 2026 (10 years).
MFLX 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 10 years both funds cover.
MFLX vs PVI Performance
First Trust Flexible Municipal High Income ETF (MFLX) 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 MFLX returned -2.70% while PVI returned +2.28%. Year to date, MFLX is down 3.07% versus a gain of 1.76% for PVI.
Over three years, MFLX compounded at +4.24% per year against +2.60% for PVI; over five years the annualized figures are -1.53% and +2.11% respectively. Across the full 10-year window we track, PVI has the edge at +1.03% annualized vs -0.15%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MFLX has been the more volatile fund, with annualized monthly volatility of 8.6% 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 -26.9% for MFLX 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
MFLX charges 0.93% per year while PVI charges 0.25%. On a $10,000 position that is $93 vs $25 annually, a gap of $68 per year that compounds over a long holding period. On income, MFLX currently yields 4.51% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 1 holding in MFLX and 66 in PVI, totalling 0.5% 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, 1 positions appear in both.
1 positions in common, counted across the 1 positions we hold weights for in MFLX and 66 in PVI, against full books of 160 and 307.
Top Shared Holdings
| Stock | Weight in MFLX | Weight in PVI | Difference |
|---|---|---|---|
| OH OHSHGR 01/01/2043Ohio St Higher Edl Fac Commn Rev 3.7% 2043-01-01 | 0.50% | 0.31% | 0.19% |
You are not choosing between two funds in isolation.
Whichever of MFLX 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, MFLX or PVI?
MFLX has an expense ratio of 0.93% while PVI charges 0.25%. PVI is the cheaper option, by $68 a year on a $10,000 investment.
Which performed better, MFLX or PVI?
Over the past year MFLX returned -2.70% vs +2.28% for PVI, so PVI leads on 1-year performance. Over the longest common window we track (10 years), MFLX annualized -0.15% vs +1.03% for PVI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MFLX or PVI?
MFLX has been the more volatile fund at 8.6% annualized versus 0.6% for PVI. Worst drawdown: MFLX -26.9% vs PVI -1.2%.
Should I hold both MFLX and PVI?
MFLX 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, MFLX or PVI?
MFLX yields 4.51% while PVI yields 2.21%, so MFLX currently pays the higher dividend yield.
Is PVI better than MFLX?
PVI has a lower expense ratio. MFLX 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.