PFFV vs. VRP
PFFV (Global X Variable Rate Preferred ETF) and VRP (Invesco Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PFFV tracks the ICE U.S. Variable Rate Preferred Securities Index while VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. Both are passively managed. Over the past 5 years, PFFV returned 1.90%/yr vs 4.30%/yr for VRP. A 0.55 correlation means they provide meaningful diversification when combined. PFFV charges 0.25%/yr vs 0.50%/yr for VRP.
Performance
PFFV vs. VRP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PFFV having a 2.28% return and VRP slightly lower at 2.19%.
PFFV
- 1D
- -0.83%
- 1M
- -0.45%
- YTD
- 2.28%
- 6M
- 2.11%
- 1Y
- 4.43%
- 3Y*
- 7.71%
- 5Y*
- 1.90%
- 10Y*
- —
VRP
- 1D
- -0.21%
- 1M
- 0.45%
- YTD
- 2.19%
- 6M
- 2.32%
- 1Y
- 6.26%
- 3Y*
- 9.75%
- 5Y*
- 4.30%
- 10Y*
- 5.18%
PFFV vs. VRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFFV Global X Variable Rate Preferred ETF | 2.28% | 2.08% | 9.45% | 10.64% | -13.81% | 6.35% | 13.36% |
VRP Invesco Variable Rate Preferred ETF | 2.19% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 11.76% |
Correlation
The correlation between PFFV and VRP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020 | 0.55 |
The correlation between PFFV and VRP has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.
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Return for Risk
PFFV vs. VRP — Risk / Return Rank
PFFV
VRP
PFFV vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Variable Rate Preferred ETF (PFFV) 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.
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.
| PFFV | VRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.46 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.17 | -0.80 |
| Martin ratioReturn relative to average drawdown | 3.84 | 11.68 | -7.84 |
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Drawdowns
PFFV vs. VRP - Drawdown Comparison
The maximum PFFV drawdown since its inception was -18.96%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for PFFV and VRP.
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Drawdown Indicators
| PFFV | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.96% | -46.04% | +27.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.23% | -2.89% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -4.26% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -18.96% | -13.76% | -5.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -0.94% | -0.21% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -2.30% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.54% | +0.62% |
Volatility
PFFV vs. VRP - Volatility Comparison
Global X Variable Rate Preferred ETF (PFFV) has a higher volatility of 1.19% compared to Invesco Variable Rate Preferred ETF (VRP) at 0.54%. This indicates that PFFV's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFV | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.54% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 2.33% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.24% | 2.90% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.85% | 6.55% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 14.53% | -5.87% |
PFFV vs. VRP - Expense Ratio Comparison
PFFV has a 0.25% expense ratio, which is lower than VRP's 0.50% expense ratio.
Dividends
PFFV vs. VRP - Dividend Comparison
PFFV's dividend yield for the trailing twelve months is around 8.17%, more than VRP's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFV Global X Variable Rate Preferred ETF | 8.17% | 8.26% | 7.33% | 7.17% | 6.60% | 5.23% | 2.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.69% | 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
PFFV and VRP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFV has higher volatility (1.19%) compared to VRP (0.54%). In terms of maximum drawdown, PFFV dropped -18.96% vs VRP's -46.04%.
On 5-year performance, VRP leads with 4.30% vs 1.90% for PFFV. On fees, PFFV is cheaper at 0.25% per year. On volatility, VRP has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.30% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFV is cheaper with a 0.25% expense ratio, compared with 0.50% for VRP.
PFFV has the higher dividend yield at 8.17%, compared with 6.69% for VRP.
PFFV tracks ICE U.S. Variable Rate Preferred Securities Index, while VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.25% for PFFV and 0.50% for VRP.
VRP currently has the higher Sharpe Ratio (2.17 vs 1.05), 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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