EPRF vs. VRP
EPRF (Innovator S&P High Quality Preferred ETF) and VRP (Invesco Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds - EPRF tracks the S&P U.S. High Quality Preferred Stock Index while VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. Both are passively managed. Over the past 5 years, EPRF returned -2.26%/yr vs 4.25%/yr for VRP. A 0.53 correlation means they provide meaningful diversification when combined. EPRF charges 0.47%/yr vs 0.50%/yr for VRP.
Performance
EPRF vs. VRP - Performance Comparison
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Returns By Period
In the year-to-date period, EPRF achieves a -3.00% return, which is significantly lower than VRP's 2.53% return.
EPRF
- 1D
- -0.28%
- 1M
- -1.16%
- 6M
- -4.69%
- YTD
- -3.00%
- 1Y
- -2.40%
- 3Y*
- 2.75%
- 5Y*
- -2.26%
- 10Y*
- —
VRP
- 1D
- 0.04%
- 1M
- 0.33%
- 6M
- 2.11%
- YTD
- 2.53%
- 1Y
- 5.65%
- 3Y*
- 9.35%
- 5Y*
- 4.25%
- 10Y*
- 5.05%
EPRF vs. VRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | -3.00% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | -0.39% |
VRP Invesco Variable Rate Preferred ETF | 2.53% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 0.30% |
Correlation
The correlation between EPRF and VRP is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2017 | 0.53 |
The correlation between EPRF and VRP has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.
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Return for Risk
EPRF vs. VRP — Risk / Return Rank
EPRF
VRP
EPRF vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) and Invesco Variable Rate Preferred ETF (VRP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EPRF | VRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.41 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 1.96 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.53 | 10.54 | -11.07 |
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Drawdowns
EPRF vs. VRP - Drawdown Comparison
The maximum EPRF drawdown since its inception was -26.82%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for EPRF and VRP.
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Drawdown Indicators
| EPRF | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.82% | -46.04% | +19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -2.89% | -5.70% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -4.26% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | -13.76% | -11.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -11.62% | -0.25% | -11.37% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -2.29% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.56% | 0.54% | +4.02% |
Volatility
EPRF vs. VRP - Volatility Comparison
Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.32% compared to Invesco Variable Rate Preferred ETF (VRP) at 0.59%. This indicates that EPRF's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EPRF | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 0.59% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 2.34% | +3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.50% | 2.90% | +4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.85% | 6.55% | +5.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.43% | 14.53% | -1.10% |
EPRF vs. VRP - Expense Ratio Comparison
EPRF has a 0.47% expense ratio, which is lower than VRP's 0.50% expense ratio.
Dividends
EPRF vs. VRP - Dividend Comparison
EPRF's dividend yield for the trailing twelve months is around 6.22%, which matches VRP's 6.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.22% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.22% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
EPRF and VRP have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPRF has higher volatility (2.32%) compared to VRP (0.59%). In terms of maximum drawdown, EPRF dropped -26.82% vs VRP's -46.04%.
On 5-year performance, VRP leads with 4.25% vs -2.26% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, VRP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.25% return vs -2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.50% for VRP.
EPRF and VRP have nearly identical dividend yields, around 6.22%.
EPRF tracks S&P U.S. High Quality Preferred Stock Index, while VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.47% for EPRF and 0.50% for VRP.
VRP currently has the higher Sharpe Ratio (1.96 vs -0.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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