Invesco VRDO Tax-Free ETF (PVI) Performance
PVI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.5% since Dec 31, 2025
- 1 year
- +2.3% total return
- 5 years
- +2.1% a year
- 10 years
- +1.4% a year
- Since first price
- +1.0% a year since 2007
PVI trailing returns vs AGG, TLT, SPY
| Period | PVI total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.2% | 0.0% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.7% | +0.2% | −0.4% | −1.0% | +3.2% |
| 6 months | +1.6% | +0.5% | −1.5% | −3.8% | +7.8% |
| YTD | +1.5% | −0.3% | −1.0% | −3.4% | +12.3% |
| 1 year | +2.3% | +0.1% | −1.1% | −6.9% | +14.4% |
| 3 years | +7.7%+2.5%/yr | +0.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +11.1%+2.1%/yr | −0.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +14.6%+1.4%/yr | −0.3% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +14.6%+0.9%/yr | −0.6% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionNov 15, 2007 | +21.2%+1.0%/yr | −0.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PVI vs AGG
From Nov 15, 2007: PVI grew to $12,124, AGG to $16,715.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PVI returns by calendar year
14 of 18 full years positive. Best 2008 (+3.4%), worst 2015 (−0.2%). 2026 is year to date.
PVI annual returns table
| Year | PVI | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.5% | −0.7% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.1% | −1.0% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.4% | −1.2% | +1.3% | −8.1% | +24.9% |
| 2023 | +2.7% | −0.4% | +5.7% | +2.8% | +26.2% |
| 2022 | +0.9% | −0.3% | −13.0% | −31.2% | −18.2% |
| 2021 | −0.1% | −0.4% | −1.8% | −4.6% | +28.7% |
| 2020 | +0.2% | −0.7% | +7.5% | +18.2% | +18.3% |
| 2019 | +1.2% | −0.2% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.2% | −0.6% | +0.1% | −1.6% | −4.6% |
| 2017 | +0.4% | −0.3% | +3.6% | +9.2% | +21.7% |
| 2016 | +0.3% | −0.2% | +2.4% | +1.2% | +12.0% |
| 2015 | −0.2% | −0.4% | +0.5% | −1.8% | +1.2% |
| 2014 | −0.1% | −0.2% | +6.0% | +27.3% | +13.5% |
| 2013 | −0.0% | −0.3% | −2.0% | −13.4% | +32.3% |
| 2012 | +0.0% | −0.2% | +3.8% | +2.6% | +16.0% |
| 2011 | +0.6% | −0.1% | +7.7% | +34.0% | +1.9% |
| 2010 | +0.3% | −1.0% | +6.4% | +9.0% | +15.1% |
| 2009 | +1.0% | −0.2% | +3.0% | −21.8% | +26.4% |
| 2008 | +3.4% | −4.1% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PVI risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.6% | +2.2% | +1.4% | +1.0% |
| Volatility (annualized) | 0.7% | 0.6% | 0.6% | 0.6% |
| Sharpe ratio | -2.38 | -2.31 | -1.59 | -0.46 |
| Sortino ratio | -2.11 | -2.05 | -1.58 | -0.61 |
| Best month | +0.6% | +0.6% | +0.6% | +1.1% |
| Worst month | −0.2% | −0.2% | −0.3% | −0.5% |
| Best 12 months | +3.1% | +3.1% | +3.1% | +3.8% |
| Worst 12 months | +2.0% | +0.3% | −0.4% | −0.4% |
| Positive months | 81% | 78% | 72% | 71% |
| Beta vs S&P 500 | -0.01 | -0.00 | -0.01 | — |
| Correlation with S&P 500 | -0.15 | -0.06 | -0.18 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PVI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 216 | −0.4% | +0.5% | +3.8% | 77% |
| 3-year (a year) | 192 | −0.1% | +0.5% | +2.8% | 86% |
| 5-year (a year) | 168 | −0.0% | +0.6% | +2.2% | 98% |
| 10-year (a year) | 108 | +0.3% | +0.4% | +1.4% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PVI performance overview
Invesco VRDO Tax-Free ETF (PVI) returned +2.3% over the past year and +1.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +1.0% a year, turning $10,000 into about $12,124. Over the same year U.S. bonds (AGG) returned −1.1%.
Related: PVI chart, PVI dividends, PVI bond profile. See the PVI overview for the latest quote and fund facts.
PVI performance FAQ
What is the PVI return over the past year?
PVI returned +2.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 0.1%.
What is the average annual return of PVI?
PVI has returned +2.1% a year over 5 years, +1.4% a year over 10 years, +1.0% a year since November 15, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PVI be worth?
$10,000 invested in PVI at its first recorded close on November 15, 2007 would be worth about $12,124 on October 23, 2026 with distributions reinvested.
What was the worst year for PVI?
The worst calendar year was 2015, with a total return of −0.2%. The best was 2008 at +3.4%.
How volatile is PVI?
Over the past 3 years PVI had an annualized volatility of 0.7% and a Sharpe ratio of -2.38 (excess return over 1–3 month T-bills per unit of risk).