PGF vs. CSPF

Last updated Jun 26, 2026

PGF (Invesco Financial Preferred ETF) and CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF) are both Preferred Stock/Convertible Bonds funds. PGF is passively managed, while CSPF is actively managed. Over the past year, PGF returned 3.12% vs 8.59% for CSPF. At a 0.44 correlation, their price movements are largely independent. PGF charges 0.62%/yr vs 0.59%/yr for CSPF.

Performance

PGF vs. CSPF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Financial Preferred ETF (PGF) and Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGF achieves a -0.57% return, which is significantly lower than CSPF's 3.43% return.

PGF

• 1D: -0.07%
• 1M: -0.80%
• YTD: -0.57%
• 6M: -0.64%
• 1Y: 3.12%
• 3Y*: 4.59%
• 5Y*: -0.97%
• 10Y*: 2.36%

CSPF

• 1D: 0.25%
• 1M: 0.83%
• YTD: 3.43%
• 6M: 3.19%
• 1Y: 8.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PGF vs. CSPF - Yearly Performance Comparison

	2026 (YTD)	2025
PGF Invesco Financial Preferred ETF	-0.57%	2.10%
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	3.43%	8.22%

Correlation

The correlation between PGF and CSPF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.44

Return for Risk

PGF vs. CSPF — Risk / Return Rank

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

PGF

PGF Risk / Return Rank: 16
PGF Sharpe Ratio Rank: 17
PGF Sortino Ratio Rank: 16
PGF Omega Ratio Rank: 15
PGF Calmar Ratio Rank: 17
PGF Martin Ratio Rank: 15

CSPF

CSPF Risk / Return Rank: 74
CSPF Sharpe Ratio Rank: 74
CSPF Sortino Ratio Rank: 78
CSPF Omega Ratio Rank: 80
CSPF Calmar Ratio Rank: 64
CSPF Martin Ratio Rank: 76

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.

PGF vs. CSPF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Financial Preferred ETF (PGF) and Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF). 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.

	PGF	CSPF	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.08	-1.57
Sortino ratio: Return per unit of downside risk	0.78	3.04	-2.26
Omega ratio: Gain probability vs. loss probability	1.09	1.41	-0.32
Calmar ratio: Return relative to maximum drawdown	0.67	2.82	-2.15
Martin ratio: Return relative to average drawdown	1.32	12.77	-11.45

PGF vs. CSPF - Sharpe Ratio Comparison

The current PGF Sharpe Ratio is 0.50, which is lower than the CSPF Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PGF and CSPF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PGF vs. CSPF - Drawdown Comparison

The maximum PGF drawdown since its inception was -75.69%, which is greater than CSPF's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for PGF and CSPF.

Drawdown Indicators

	PGF	CSPF	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-3.06%	-72.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-3.06%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.92%	—	—
Current Drawdown Current decline from peak	-5.62%	0.00%	-5.62%
Average Drawdown Average peak-to-trough decline	-7.00%	-0.43%	-6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	0.67%	+1.70%

Volatility

PGF vs. CSPF - Volatility Comparison

Invesco Financial Preferred ETF (PGF) has a higher volatility of 1.37% compared to Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) at 1.13%. This indicates that PGF's price experiences larger fluctuations and is considered to be riskier than CSPF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGF	CSPF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.13%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	4.09%	3.15%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.25%	4.15%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.38%	4.16%	+7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.01%	4.16%	+7.85%

PGF vs. CSPF - Expense Ratio Comparison

PGF has a 0.62% expense ratio, which is higher than CSPF's 0.59% expense ratio.

Dividends

PGF vs. CSPF - Dividend Comparison

PGF's dividend yield for the trailing twelve months is around 6.36%, more than CSPF's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	5.12%	4.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PGF Invesco Financial Preferred ETF	6.36%	6.30%	6.24%	6.15%	5.95%	4.68%	4.91%	5.14%	5.73%	5.32%	5.92%	5.68%

Frequently Asked Questions

Can I hold both PGF and CSPF in my portfolio?

PGF and CSPF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGF or CSPF?

PGF has higher volatility (1.37%) compared to CSPF (1.13%). In terms of maximum drawdown, PGF dropped -75.69% vs CSPF's -3.06%.

Which ETF is better, PGF or CSPF?

On 1-year performance, CSPF leads with 8.59% vs 3.12% for PGF. On fees, CSPF is cheaper at 0.59% per year. On volatility, CSPF has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGF or CSPF?

Over the 1-year period, CSPF has performed better with a 8.59% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGF or CSPF?

CSPF is cheaper with a 0.59% expense ratio, compared with 0.62% for PGF.

Which ETF pays a higher dividend yield, PGF or CSPF?

PGF has the higher dividend yield at 6.36%, compared with 5.12% for CSPF.

What is the main difference between PGF and CSPF?

They also come from different issuers: Invesco and Cohen & Steers. Their fees differ too: 0.62% for PGF and 0.59% for CSPF.

Which has better risk-adjusted returns?

CSPF currently has the higher Sharpe Ratio (2.08 vs 0.50), 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.