PVI vs TAFM
Invesco Floating Rate Municipal Income ETF vs AB Tax-Aware Intermediate Municipal ETF
Which is better, PVI or TAFM?
PVI has been ahead.
PVI has a lower expense ratio. PVI led over 1Y 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 | PVI | TAFM |
|---|---|---|
| Expense Ratio | 0.25%Best | 0.28% |
| AUM | $34M | $1.0B |
| Dividend Yield | 2.21% | 3.85% |
| Holdings | 307 | 1,404 |
| YTD Return | +1.76%Best | -3.22% |
| 1Y Return | +2.28%Best | -2.29% |
| 3Y Return (annualized) | +2.60% | - |
| 5Y Return (annualized) | +2.11% | - |
| Volatility (annualized) | 0.8%Best | 4.5% |
| Max Drawdown | -1.2%Best | -6.6% |
| $10,000 over 2.8 years | $10,730Best | $10,504 |
| Fund Family | Invesco (US) | AllianceBernstein L.P. |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 15, 2007 | Dec 13, 2023 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Dec 13, 2023 to Oct 14, 2026 (2.8 years).
PVI vs TAFM 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 2.8 years both funds cover.
PVI vs TAFM Performance
Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US) and AB Tax-Aware Intermediate Municipal ETF (TAFM) is an ETF from AllianceBernstein L.P.. Over the past year PVI returned +2.28% while TAFM returned -2.29%. Year to date, PVI is up 1.76% versus a loss of 3.22% for TAFM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TAFM has been the more volatile fund, with annualized monthly volatility of 4.5% 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 -1.2% for PVI and -6.6% for TAFM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.20. They move largely independently of each other.
Fees and Cost Over Time
PVI charges 0.25% per year while TAFM charges 0.28%. On a $10,000 position that is $25 vs $28 annually, a gap of $3 per year that compounds over a long holding period. On income, PVI currently yields 2.21% against 3.85% for TAFM.
Holdings Overlap
We hold position weights for 66 holdings in PVI and 234 in TAFM, totalling 53.8% and 28.8% 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 66 positions we hold weights for in PVI and 234 in TAFM, against full books of 307 and 1,404.
You are not choosing between two funds in isolation.
Whichever of PVI and TAFM 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 TAFM?
PVI has an expense ratio of 0.25% while TAFM charges 0.28%. PVI is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, PVI or TAFM?
Over the past year PVI returned +2.28% vs -2.29% for TAFM, so PVI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PVI or TAFM?
TAFM has been the more volatile fund at 4.5% annualized versus 0.8% for PVI. Worst drawdown: PVI -1.2% vs TAFM -6.6%.
Should I hold both PVI and TAFM?
PVI and TAFM have a monthly-return correlation of -0.20, 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 TAFM?
PVI yields 2.21% while TAFM yields 3.85%, so TAFM currently pays the higher dividend yield.
Is TAFM better than PVI?
PVI has a lower expense ratio. PVI led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.