PFXF vs. PGX

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Vectors Preferred Securities ex Financials ETF (PFXF) and Invesco Preferred ETF (PGX).

PFXF and PGX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFXF is a passively managed fund by VanEck that tracks the performance of the Wells Fargo Hybrid and Preferred Securities ex Financials Index. It was launched on Jul 16, 2012. 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 PFXF 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

PFXF vs. PGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Preferred Securities ex Financials ETF (PFXF) and Invesco Preferred ETF (PGX). The values are adjusted to include any dividend payments, if applicable.

PFXF vs. PGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFXF VanEck Vectors Preferred Securities ex Financials ETF	0.10%	9.64%	8.42%	11.20%	-18.83%	11.61%	7.61%	20.52%	-4.17%	7.93%
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, PFXF achieves a 0.10% return, which is significantly higher than PGX's -1.70% return. Over the past 10 years, PFXF has outperformed PGX with an annualized return of 4.96%, while PGX has yielded a comparatively lower 2.60% annualized return.

PFXF

• 1D: 1.15%
• 1M: -3.86%
• YTD: 0.10%
• 6M: 2.11%
• 1Y: 12.25%
• 3Y*: 7.58%
• 5Y*: 3.30%
• 10Y*: 4.96%

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%

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

PFXF vs. PGX - Expense Ratio Comparison

PFXF has a 0.41% expense ratio, which is lower than PGX's 0.52% expense ratio.

PGX

Invesco Preferred ETF

PFXF

VanEck Vectors Preferred Securities ex Financials ETF

Return for Risk

PFXF vs. PGX — Risk / Return Rank

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

PFXF

PFXF Risk / Return Rank: 66
PFXF Sharpe Ratio Rank: 67
PFXF Sortino Ratio Rank: 67
PFXF Omega Ratio Rank: 62
PFXF Calmar Ratio Rank: 68
PFXF Martin Ratio Rank: 63

PGX

PGX Risk / Return Rank: 23
PGX Sharpe Ratio Rank: 26
PGX Sortino Ratio Rank: 24
PGX Omega Ratio Rank: 23
PGX Calmar Ratio Rank: 22
PGX Martin Ratio Rank: 20

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.

PFXF vs. PGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Preferred Securities ex Financials ETF (PFXF) 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.

	PFXF	PGX	Difference
Sharpe ratio Return per unit of total volatility	1.14	0.42	+0.71
Sortino ratio Return per unit of downside risk	1.63	0.64	+0.99
Omega ratio Gain probability vs. loss probability	1.22	1.08	+0.14
Calmar ratio Return relative to maximum drawdown	1.66	0.42	+1.24
Martin ratio Return relative to average drawdown	5.98	0.97	+5.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFXF vs. PGX - Sharpe Ratio Comparison

The current PFXF Sharpe Ratio is 1.14, which is higher than the PGX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of PFXF and PGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFXF	PGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	0.42	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.06	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.20	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.14	+0.30

Correlation

The correlation between PFXF and PGX is 0.70, 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

PFXF vs. PGX - Dividend Comparison

PFXF's dividend yield for the trailing twelve months is around 6.96%, more than PGX's 6.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFXF VanEck Vectors Preferred Securities ex Financials ETF	6.96%	6.72%	7.82%	7.88%	6.74%	4.66%	5.19%	5.35%	6.56%	5.93%	5.81%	5.99%
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

PFXF vs. PGX - Drawdown Comparison

The maximum PFXF drawdown since its inception was -35.49%, smaller than the maximum PGX drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for PFXF and PGX.

Drawdown Indicators

	PFXF	PGX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-66.44%	+30.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-4.98%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-21.80%	-24.67%	+2.87%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-34.10%	-1.39%
Current Drawdown Current decline from peak	-4.75%	-6.74%	+1.99%
Average Drawdown Average peak-to-trough decline	-3.94%	-8.17%	+4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.15%	-0.25%

Volatility

PFXF vs. PGX - Volatility Comparison

VanEck Vectors Preferred Securities ex Financials ETF (PFXF) has a higher volatility of 3.58% compared to Invesco Preferred ETF (PGX) at 2.28%. This indicates that PFXF'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.

Volatility by Period

	PFXF	PGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.28%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	4.21%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	7.15%	+3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.81%	11.07%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	13.00%	+0.16%