FFC vs. PGX

Last updated Jun 4, 2026

FFC (Flaherty & Crumrine Preferred Securities Income Fund Inc.) is a stock, while PGX (Invesco Preferred ETF) is Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Over the past 10 years, FFC returned 4.65%/yr vs 2.36%/yr for PGX. At a 0.42 correlation, their price movements are largely independent.

Performance

FFC vs. PGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC) and Invesco Preferred ETF (PGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFC achieves a -0.76% return, which is significantly lower than PGX's -0.18% return. Over the past 10 years, FFC has outperformed PGX with an annualized return of 4.65%, while PGX has yielded a comparatively lower 2.36% annualized return.

FFC

• 1D: -0.19%
• 1M: -0.85%
• YTD: -0.76%
• 6M: -0.80%
• 1Y: 8.82%
• 3Y*: 12.74%
• 5Y*: 0.37%
• 10Y*: 4.65%

PGX

• 1D: -0.45%
• 1M: -0.99%
• YTD: -0.18%
• 6M: 0.04%
• 1Y: 5.73%
• 3Y*: 4.24%
• 5Y*: -0.74%
• 10Y*: 2.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FFC vs. PGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFC Flaherty & Crumrine Preferred Securities Income Fund Inc.	-0.76%	14.30%	20.06%	-0.28%	-25.21%	-0.81%	15.93%	38.76%	-11.89%	16.63%
PGX Invesco Preferred ETF	-0.18%	3.48%	6.53%	9.48%	-21.16%	3.15%	7.09%	17.09%	-4.01%	10.48%

Correlation

The correlation between FFC and PGX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 1, 2008	0.42

The correlation between FFC and PGX shifts across timeframes, from 0.41 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FFC vs. PGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FFC

FFC Risk / Return Rank: 64
FFC Sharpe Ratio Rank: 69
FFC Sortino Ratio Rank: 61
FFC Omega Ratio Rank: 64
FFC Calmar Ratio Rank: 59
FFC Martin Ratio Rank: 68

PGX

PGX Risk / Return Rank: 24
PGX Sharpe Ratio Rank: 26
PGX Sortino Ratio Rank: 26
PGX Omega Ratio Rank: 24
PGX Calmar Ratio Rank: 24
PGX Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FFC vs. PGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC) and Invesco Preferred ETF (PGX). 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.

	FFC	PGX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.94	-0.01
Sortino ratio: Return per unit of downside risk	1.33	1.45	-0.12
Omega ratio: Gain probability vs. loss probability	1.19	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	0.87	1.16	-0.28
Martin ratio: Return relative to average drawdown	3.40	2.57	+0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFC vs. PGX - Sharpe Ratio Comparison

The current FFC Sharpe Ratio is 0.93, which is comparable to the PGX Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FFC and PGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFC	PGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	0.94	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	-0.07	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.18	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.14	+0.11

Drawdowns

FFC vs. PGX - Drawdown Comparison

The maximum FFC drawdown since its inception was -77.72%, which is greater than PGX's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for FFC and PGX.

Drawdown Indicators

	FFC	PGX	Difference
Max Drawdown Largest peak-to-trough decline	-77.72%	-66.44%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-4.98%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.13%	-11.17%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-39.57%	-24.67%	-14.90%
Max Drawdown (10Y) Largest decline over 10 years	-54.06%	-34.10%	-19.96%
Current Drawdown Current decline from peak	-3.70%	-5.29%	+1.59%
Average Drawdown Average peak-to-trough decline	-10.65%	-8.13%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.23%	+0.37%

Volatility

FFC vs. PGX - Volatility Comparison

Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC) has a higher volatility of 2.67% compared to Invesco Preferred ETF (PGX) at 1.73%. This indicates that FFC's price experiences larger fluctuations and is considered to be riskier than PGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFC	PGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	1.73%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	4.12%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	6.11%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	11.11%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	13.02%	+9.73%

Dividends

FFC vs. PGX - Dividend Comparison

FFC's dividend yield for the trailing twelve months is around 7.63%, more than PGX's 6.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFC Flaherty & Crumrine Preferred Securities Income Fund Inc.	7.63%	7.08%	6.97%	7.54%	9.11%	7.03%	6.18%	6.27%	8.21%	7.29%	8.62%	8.14%
PGX Invesco Preferred ETF	6.23%	6.03%	5.95%	6.42%	6.29%	4.82%	4.89%	4.85%	6.09%	5.66%	6.02%	5.84%

Frequently Asked Questions

Can I hold both FFC and PGX in my portfolio?

FFC and PGX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFC or PGX?

FFC has higher volatility (2.67%) compared to PGX (1.73%). In terms of maximum drawdown, FFC dropped -77.72% vs PGX's -66.44%.

Which has better risk-adjusted returns?

PGX currently has the higher Sharpe Ratio (0.94 vs 0.93), 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.