PVI vs VTES: Grades, Fees and Holdings Compared

Invesco Floating Rate Municipal Income ETF

PVICNYSE Arca

Vanguard Short-Term Tax-Exempt Bond ETF

VTESANYSE Arca

Overlap

No data

Expense ratio

VTES −0.20pt a year

PVI0.25%VTES0.05%

Avg volume · 30D

VTES 56.5×the volume

PVI8.82KVTES498K

3Y return · a year

VTES +0.9pt

PVI+2.6%VTES+3.5%

PVI vs VTES Performance

Oct 31, 2025 – Nov 2, 2026

+2.6%PVI+1.6%VTES

Expense ratio: PVI 0.25%; VTES 0.05%, better
Fund size: PVI $36M; VTES $3.6B
1Y total return: PVI +2.6%, better; VTES +1.6%
Yield (12M): PVI 2.19%; VTES 2.91%, better
Holdings: PVI 185; VTES 3913
Avg volume (30D): PVI 8.82K sh; VTES 498K sh, better
NAV per share: PVI $24.82; VTES $100.51
52W range

ETF.net Grade

Pillar letters and Scores for PVI, VTES, with each pillar’s weight
Pillar	PVI	VTES
Cost30% weight	D39	A98Higher
Mission25% weight	A100	A100
Risk15% weight	B59Higher	D37
Tradability15% weight	D25	A72Higher
Holdings10% weight	F23	B63Higher
Durability5% weight	C50	A83Higher

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. PVI and VTES are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

VTES ranks 1st and PVI 20th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 81
Rank 2ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 20CMMSDNYLI MacKay Muni Short Duration ETFScore 54
Rank 20CPVIInvesco Floating Rate Municipal Income ETFScore 54
Rank 23CTAXXBondBloxx IR+M Tax-Aware Short Duration ETFScore 53

Our read on each fund

ETF.net Research

PVICInvesco Floating Rate Municipal Income ETF

VTESAVanguard Short-Term Tax-Exempt Bond ETF

In short

PVI Most short-muni funds own short bonds. PVI owns muni floaters: VRDOs whose rates reset as often as weekly and can be tendered back at par. A tax-exempt parking spot that has been running since 2007.

VTES Vanguard's muni ETF on a short leash: an AMT-free tax-exempt index, but capped at seven years to trim interest-rate sensitivity. Five basis points, roughly 2,700 bonds, income paid monthly.

Stated mandate

PVI The fund generally invests at least 80% of its assets in U.S.-dollar, tax-exempt variable-rate demand obligations, providing exposure to the municipal bond market.

VTES The Fund seeks to track an index representing investment-grade U.S. municipal bonds with remaining maturities from one month through seven years.

Why people hold it

PVI Built on AMT-free tax-exempt VRDOs. Rates reset daily, weekly or monthly and holders can put the notes back at par, keeping rate sensitivity at the front of the curve.invesco.com msrb.org
Running since 2007 and it sticks to the script: at least 80% of assets in the VRDOs of its ICE AMT-Free index, roughly 150 positions.invesco.com
Pays monthly, and the index screens out bonds whose interest is subject to the alternative minimum tax.invesco.com

VTES Costs 0.05% a year, a fraction of what the typical muni-bond fund in its category charges. One of the cheapest ways into tax-exempt bonds.
Maturities run one month to seven years, so the portfolio moves less on rate swings than long-dated muni funds. Short duration is the whole point here.vanguard.com
The index is AMT-free national investment-grade munis, so interest is federally tax-exempt and not caught by the alternative minimum tax.vanguard.com
Roughly 2,700 bonds via index sampling, run by Vanguard's fixed income group, with distributions paid monthly. It tracks its benchmark closely.vanguard.com

Worth knowing

PVI At 0.25% it matches the typical short-muni fund, but index rivals undercut it: VTES and TAXS charge 0.05%.
Small asset base and light trading, so spreads can run wider than the household-name muni ETFs.
The put feature leans on bank liquidity providers. Invesco flags that a thin secondary market for some variable-rate notes could make them hard to sell.invesco.com msrb.org

VTES Short maturities cut both ways. Vanguard's own materials describe moderate current income, the trade-off for less rate sensitivity than longer muni portfolios.vanguard.com
It's a national fund, so it isn't structured to shelter state income tax the way single-state muni ETFs such as NYF are.
Launched in 2023, it has a shorter live record than muni ETFs that have been trading for over a decade, including its broader sibling VTEB.

Full PVI profile⁠

Full VTES profile⁠

PVI vs VTES Holdings

How PVI and VTES differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for PVI and VTES.

Country, concentration and asset class

Country by domicile

Country weights in PVI and VTES, widest gap first
Country	More in PVIMore in VTES	PVI	VTES
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PVI22.2%
VTES10.4%

Securities held

PVI173
VTES2,313

Asset class

PVI: Fixed Income
VTES: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PVI holds 173 securities, VTES 2,313.

All 182 PVI holdings⁠All 2,667 VTES holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PVI vs VTES Cost

Overpaying PVI vs VTES

$4,099

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PVI 0.25%
$5,159
VTES 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

PVI 0.25%
VTES 0.05%
Overpaying

Year by year

Year	PVI	VTES	Overpaying
10	$455	$92	$363
20	$1,769	$360	$1,409
30	$5,159	$1,060	$4,099

Expense ratio

0.25%PVI
0.05%VTES, cheaper

VTES0.05%PVI0.25%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

VTES cheapest of 27 funds

PVI 15th cheapest of 27 funds

PVI vs VTES Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PVI 2.19%; VTES 2.91%, better
Payout (12M): PVI $0.55; VTES $2.92
Last payment: PVI $0.05; VTES $0.23
Ex-dividend: PVI Oct 19, 2026; VTES Nov 2, 2026
Paid on: PVI Oct 23, 2026; VTES Pays Nov 4, 2026
Frequency: PVI Monthly; VTES Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PVIMonthly · 46 paymentsAll PVI payments⁠

VTESMonthly · 45 paymentsAll VTES payments⁠

PVI vs VTES Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PVI 0.8%, betterVTES 2.8%
Return per unit of riskSharpe ratio, 3 years: PVI −2.53VTES −0.33, better
Worst fallMax drawdown, 5 years: PVI −1.2%VTES −3.0%since Mar 2023
Market sensitivityBeta, 5 years: PVI −0.01VTES 0.37; Market = 1

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