PFF vs. PGX
Compare and contrast key facts about iShares Preferred and Income Securities ETF (PFF) and Invesco Preferred ETF (PGX).
PFF and PGX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFF is a passively managed fund by iShares that tracks the performance of the S&P U.S. Preferred Stock Index. It was launched on Mar 30, 2007. PGX is a passively managed fund by Invesco that tracks the performance of the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. It was launched on Jan 31, 2008. Both PFF and PGX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PFF vs. PGX - Performance Comparison
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PFF vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | -1.42% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
PGX Invesco Preferred ETF | -1.70% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
Returns By Period
In the year-to-date period, PFF achieves a -1.42% return, which is significantly higher than PGX's -1.70% return. Over the past 10 years, PFF has outperformed PGX with an annualized return of 3.24%, while PGX has yielded a comparatively lower 2.60% annualized return.
PFF
- 1D
- 0.66%
- 1M
- -3.37%
- YTD
- -1.42%
- 6M
- -1.65%
- 1Y
- 4.61%
- 3Y*
- 5.39%
- 5Y*
- 1.02%
- 10Y*
- 3.24%
PGX
- 1D
- -0.09%
- 1M
- -4.07%
- YTD
- -1.70%
- 6M
- -3.23%
- 1Y
- 3.00%
- 3Y*
- 4.41%
- 5Y*
- -0.63%
- 10Y*
- 2.60%
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PFF vs. PGX - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is lower than PGX's 0.52% expense ratio.
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.
| PFF | PGX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.56 | 0.42 | +0.13 |
Sortino ratioReturn per unit of downside risk | 0.82 | 0.64 | +0.19 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.08 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.80 | 0.42 | +0.38 |
Martin ratioReturn relative to average drawdown | 2.28 | 0.97 | +1.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFF | PGX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 0.42 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | -0.06 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.20 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.14 | +0.06 |
Correlation
The correlation between PFF and PGX is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PFF vs. PGX - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.97%, less than PGX's 6.25% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.97% | 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 | 6.25% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
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 (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 | -4.65% | -6.74% | +2.09% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -8.17% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 2.15% | -0.31% |
Volatility
PFF vs. PGX - Volatility Comparison
iShares Preferred and Income Securities ETF (PFF) has a higher volatility of 2.59% compared to Invesco Preferred ETF (PGX) at 2.28%. 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 | 2.59% | 2.28% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 4.21% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.32% | 7.15% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.26% | 11.07% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.63% | 13.00% | -0.37% |