IPPP vs. VRP

Last updated Jun 4, 2026

IPPP (Preferred-Plus ETF) and VRP (Invesco Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds. IPPP is actively managed, while VRP is passively managed. IPPP charges 1.27%/yr vs 0.50%/yr for VRP.

Performance

IPPP vs. VRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Preferred-Plus ETF (IPPP) and Invesco Variable Rate Preferred ETF (VRP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IPPP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VRP

• 1D: -0.12%
• 1M: 0.66%
• YTD: 2.11%
• 6M: 2.32%
• 1Y: 6.96%
• 3Y*: 9.76%
• 5Y*: 4.38%
• 10Y*: 5.23%

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

IPPP vs. VRP - Yearly Performance Comparison

	2026 (YTD)
IPPP Preferred-Plus ETF	0.00%
VRP Invesco Variable Rate Preferred ETF	1.10%

IPPP vs. VRP - Sectors Allocation Comparison

Sectors	IPPP	VRP
Utilities	100.0%	17.0%
Basic Materials	-	0.2%
Communication Services	-	4.5%
Consumer Cyclical	-	0.7%
Consumer Defensive	-	0.3%
Energy	-	7.5%
Financial Services	-	41.3%
Healthcare	-	1.7%
Industrials	-	1.4%
Real Estate	-	2.8%
Technology	-	-

Return for Risk

IPPP vs. VRP — Risk / Return Rank

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

VRP

VRP Risk / Return Rank: 71
VRP Sharpe Ratio Rank: 73
VRP Sortino Ratio Rank: 77
VRP Omega Ratio Rank: 85
VRP Calmar Ratio Rank: 48
VRP Martin Ratio Rank: 70

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.

IPPP vs. VRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Preferred-Plus ETF (IPPP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IPPP	VRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.38	—

Drawdowns

IPPP vs. VRP - Drawdown Comparison

The maximum IPPP drawdown since its inception was 0.00%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for IPPP and VRP.

Drawdown Indicators

	IPPP	VRP	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-46.04%	+46.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.89%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.04%	—
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	0.00%	-2.31%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.54%	—

Volatility

Volatility by Period

	IPPP	VRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	2.88%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	6.55%	-6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	14.53%	-14.53%

IPPP vs. VRP - Expense Ratio Comparison

IPPP has a 1.27% expense ratio, which is higher than VRP's 0.50% expense ratio.

Dividends

IPPP vs. VRP - Dividend Comparison

IPPP has not paid dividends to shareholders, while VRP's dividend yield for the trailing twelve months is around 6.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPPP Preferred-Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRP Invesco Variable Rate Preferred ETF	6.30%	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

Which ETF is better, IPPP or VRP?

On fees, VRP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPPP or VRP?

VRP is cheaper with a 0.50% expense ratio, compared with 1.27% for IPPP.

Which ETF pays a higher dividend yield, IPPP or VRP?

VRP has the higher dividend yield at 6.30%, compared with 0.00% for IPPP.

What is the main difference between IPPP and VRP?

They also come from different issuers: Innovative Portfolios and Invesco. Their fees differ too: 1.27% for IPPP and 0.50% for VRP.