PFF vs. PGX
PFF (iShares Preferred and Income Securities ETF) and PGX (Invesco Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PFF tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index while PGX tracks the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 10 years, PFF returned 3.23%/yr vs 2.34%/yr for PGX. Their correlation of 0.81 suggests significant overlap in exposure. PFF charges 0.46%/yr vs 0.52%/yr for PGX.
Performance
PFF vs. PGX - Performance Comparison
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Returns By Period
In the year-to-date period, PFF achieves a 1.64% return, which is significantly higher than PGX's -0.55% return. Over the past 10 years, PFF has outperformed PGX with an annualized return of 3.23%, while PGX has yielded a comparatively lower 2.34% annualized return.
PFF
- 1D
- -1.25%
- 1M
- -0.85%
- YTD
- 1.64%
- 6M
- 1.02%
- 1Y
- 7.50%
- 3Y*
- 6.76%
- 5Y*
- 1.08%
- 10Y*
- 3.23%
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%
PFF vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 1.64% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
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 PFF and PGX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2008 | 0.81 |
The correlation between PFF and PGX shifts across timeframes, from 0.81 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFF vs. PGX — Risk / Return Rank
PFF
PGX
PFF vs. PGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) 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.
| PFF | PGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.90 | +0.52 |
| Martin ratioReturn relative to average drawdown | 4.32 | 1.90 | +2.42 |
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Drawdowns
PFF vs. PGX - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, roughly equal to the maximum PGX drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for PFF and PGX.
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Drawdown Indicators
| PFF | PGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -66.44% | +0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -4.98% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -11.17% | +0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -24.67% | +3.62% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -34.10% | 0.00% |
Current DrawdownCurrent decline from peak | -2.35% | -5.65% | +3.30% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -8.12% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.37% | -0.63% |
Volatility
PFF vs. PGX - Volatility Comparison
iShares Preferred and Income Securities ETF (PFF) has a higher volatility of 2.42% compared to Invesco Preferred ETF (PGX) at 1.57%. This indicates that PFF'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
| PFF | PGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 1.57% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 5.43% | 4.21% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.04% | 6.20% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 11.12% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.68% | 13.03% | -0.35% |
PFF vs. PGX - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is lower than PGX's 0.52% expense ratio.
Dividends
PFF vs. PGX - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.54%, less than PGX's 6.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.54% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
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
PFF and PGX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.42%) compared to PGX (1.57%). In terms of maximum drawdown, PFF dropped -65.55% vs PGX's -66.44%.
On 10-year performance, PFF leads with 3.23% vs 2.34% for PGX. On fees, PFF is cheaper at 0.46% 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, PFF has performed better with a 3.23% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFF is cheaper with a 0.46% expense ratio, compared with 0.52% for PGX.
PGX has the higher dividend yield at 6.73%, compared with 5.54% for PFF.
PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index, while PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.46% for PFF and 0.52% for PGX.
PFF currently has the higher Sharpe Ratio (1.07 vs 0.73), 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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