KBWD vs. PGX
KBWD (Invesco KBW High Dividend Yield Financial ETF) and PGX (Invesco Preferred ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while PGX is a Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 10 years, KBWD returned 4.94%/yr vs 2.34%/yr for PGX. At a 0.43 correlation, their price movements are largely independent. KBWD charges 5.39%/yr vs 0.52%/yr for PGX.
Performance
KBWD vs. PGX - Performance Comparison
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Returns By Period
In the year-to-date period, KBWD achieves a -6.32% return, which is significantly lower than PGX's -0.55% return. Over the past 10 years, KBWD has outperformed PGX with an annualized return of 4.94%, while PGX has yielded a comparatively lower 2.34% annualized return.
KBWD
- 1D
- -1.41%
- 1M
- -2.29%
- YTD
- -6.32%
- 6M
- -7.30%
- 1Y
- 1.04%
- 3Y*
- 5.06%
- 5Y*
- 0.44%
- 10Y*
- 4.94%
PGX
- 1D
- -0.83%
- 1M
- -0.47%
- YTD
- -0.55%
- 6M
- -0.64%
- 1Y
- 4.48%
- 3Y*
- 5.14%
- 5Y*
- -1.00%
- 10Y*
- 2.34%
KBWD vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -6.32% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -8.70% | 12.06% |
PGX Invesco Preferred ETF | -0.55% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
Correlation
The correlation between KBWD and PGX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.43 |
The correlation between KBWD and PGX shifts across timeframes, from 0.43 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KBWD vs. PGX — Risk / Return Rank
KBWD
PGX
KBWD vs. PGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
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.
| KBWD | PGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.13 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | 0.90 | -0.83 |
| Martin ratioReturn relative to average drawdown | 0.17 | 1.90 | -1.73 |
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Drawdowns
KBWD vs. PGX - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, smaller than the maximum PGX drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for KBWD and PGX.
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Drawdown Indicators
| KBWD | PGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -66.44% | +7.81% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -4.98% | -10.07% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -11.17% | -8.48% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | -24.67% | -6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -34.10% | -24.53% |
Current DrawdownCurrent decline from peak | -12.97% | -5.65% | -7.32% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -8.12% | +0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 2.37% | +3.94% |
Volatility
KBWD vs. PGX - Volatility Comparison
Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.90% compared to Invesco Preferred ETF (PGX) at 1.57%. This indicates that KBWD'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.
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Volatility by Period
| KBWD | PGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 1.57% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 12.55% | 4.21% | +8.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 6.20% | +9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.84% | 11.12% | +8.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.27% | 13.03% | +10.24% |
KBWD vs. PGX - Expense Ratio Comparison
KBWD has a 5.39% expense ratio, which is higher than PGX's 0.52% expense ratio.
Dividends
KBWD vs. PGX - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 15.85%, more than PGX's 6.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 15.85% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
PGX Invesco Preferred ETF | 6.73% | 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
KBWD and PGX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWD has higher volatility (4.90%) compared to PGX (1.57%). In terms of maximum drawdown, KBWD dropped -58.63% vs PGX's -66.44%.
On 10-year performance, KBWD leads with 4.94% vs 2.34% for PGX. On fees, PGX is cheaper at 0.52% per year. On volatility, PGX has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KBWD has performed better with a 4.94% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.52% expense ratio, compared with 5.39% for KBWD.
KBWD has the higher dividend yield at 15.85%, compared with 6.73% for PGX.
KBWD is categorized as Financials Equities, while PGX is Preferred Stock/Convertible Bonds. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Their fees differ too: 5.39% for KBWD and 0.52% for PGX.
PGX currently has the higher Sharpe Ratio (0.73 vs 0.07), 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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