PVI vs SCMB
Invesco Floating Rate Municipal Income ETF vs Schwab Municipal Bond ETF
Which is better, PVI or SCMB?
Each has led over a different period.
SCMB has a lower expense ratio. PVI led over 1Y and the full window, SCMB over 3Y.
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 | PVI | SCMB |
|---|---|---|
| Expense Ratio | 0.25% | 0.03%Best |
| AUM | $34M | $3.1B |
| Dividend Yield | 2.21% | 3.74% |
| Holdings | 307 | 7,278 |
| YTD Return | +1.76%Best | -3.06% |
| 1Y Return | +2.28%Best | -2.05% |
| 3Y Return (annualized) | +2.60% | +2.76%Best |
| 5Y Return (annualized) | +2.11% | - |
| Volatility (annualized) | 0.7%Best | 6.2% |
| Max Drawdown | -1.2%Best | -6.7% |
| $10,000 over 4 years | $11,060Best | $11,042 |
| Fund Family | Invesco (US) | Charles Schwab Investment Mangement |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 15, 2007 | Oct 11, 2022 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4 years row, are measured over the window both funds cover: Oct 12, 2022 to Oct 14, 2026 (4 years).
PVI vs SCMB 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 4 years both funds cover.
PVI vs SCMB Performance
Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US) and Schwab Municipal Bond ETF (SCMB) is an ETF from Charles Schwab Investment Mangement. Over the past year PVI returned +2.28% while SCMB returned -2.05%. Year to date, PVI is up 1.76% versus a loss of 3.06% for SCMB.
Over three years, PVI compounded at +2.60% per year against +2.76% for SCMB. Across the full 4-year window we track, PVI has the edge at +2.55% annualized vs +2.51%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCMB has been the more volatile fund, with annualized monthly volatility of 6.2% compared with 0.7% 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 -1.2% for PVI and -6.7% for SCMB. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.23. They move largely independently of each other.
Fees and Cost Over Time
PVI charges 0.25% per year while SCMB charges 0.03%. On a $10,000 position that is $25 vs $3 annually, a gap of $22 per year that compounds over a long holding period. On income, PVI currently yields 2.21% against 3.74% for SCMB.
Holdings Overlap
We hold position weights for 66 holdings in PVI and 2,477 in SCMB, totalling 53.8% and 23.7% 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 66 positions we hold weights for in PVI and 2,477 in SCMB, against full books of 307 and 7,278.
Top Shared Holdings
| Stock | Weight in PVI | Weight in SCMB | Difference |
|---|---|---|---|
| NY MTATRN 11/15/2050Metropolitan Transn Auth N Y R 2.55% Nov 15, 2050 | 0.46% | 0.03% | 0.43% |
You are not choosing between two funds in isolation.
Whichever of PVI and SCMB 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, PVI or SCMB?
PVI has an expense ratio of 0.25% while SCMB charges 0.03%. SCMB is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, PVI or SCMB?
Over the past year PVI returned +2.28% vs -2.05% for SCMB, so PVI leads on 1-year performance. Over the longest common window we track (4 years), PVI annualized +2.55% vs +2.51% for SCMB. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PVI or SCMB?
SCMB has been the more volatile fund at 6.2% annualized versus 0.7% for PVI. Worst drawdown: PVI -1.2% vs SCMB -6.7%.
Should I hold both PVI and SCMB?
PVI and SCMB have a monthly-return correlation of -0.23, 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, PVI or SCMB?
PVI yields 2.21% while SCMB yields 3.74%, so SCMB currently pays the higher dividend yield.
Is SCMB better than PVI?
SCMB has a lower expense ratio. PVI led over 1Y and the full window, SCMB over 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.