PGF vs. IOFIX

Last updated Jun 4, 2026

PGF (Invesco Financial Preferred ETF) and IOFIX (AlphaCentric Income Opportunities Fund) are both funds - PGF is a Preferred Stock/Convertible Bonds fund tracking the Wachovia Hybrid & Preferred Securities Financial Index, while IOFIX is a Multisector Bonds fund managed by AlphaCentric Funds. Over the past 10 years, PGF returned 2.29%/yr vs 1.44%/yr for IOFIX. At a 0.19 correlation, their price movements are largely independent. PGF charges 0.62%/yr vs 1.65%/yr for IOFIX.

Performance

PGF vs. IOFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PGF achieves a -0.31% return, which is significantly lower than IOFIX's -0.28% return. Over the past 10 years, PGF has outperformed IOFIX with an annualized return of 2.29%, while IOFIX has yielded a comparatively lower 1.44% annualized return.

PGF

• 1D: -0.29%
• 1M: -1.27%
• YTD: -0.31%
• 6M: 0.05%
• 1Y: 4.63%
• 3Y*: 3.91%
• 5Y*: -0.81%
• 10Y*: 2.29%

IOFIX

• 1D: 0.00%
• 1M: 0.14%
• YTD: -0.28%
• 6M: -0.81%
• 1Y: 7.15%
• 3Y*: 1.26%
• 5Y*: -3.14%
• 10Y*: 1.44%

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

PGF vs. IOFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGF Invesco Financial Preferred ETF	-0.31%	3.40%	6.01%	7.73%	-19.22%	2.65%	7.23%	14.55%	-2.82%	10.82%
IOFIX AlphaCentric Income Opportunities Fund	-0.28%	8.34%	-0.35%	-5.52%	-21.68%	14.92%	-10.56%	11.93%	4.45%	14.04%

Correlation

The correlation between PGF and IOFIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.19

Over the past year, PGF and IOFIX have become more correlated (0.42) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

PGF vs. IOFIX — Risk / Return Rank

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

PGF

PGF Risk / Return Rank: 20
PGF Sharpe Ratio Rank: 21
PGF Sortino Ratio Rank: 21
PGF Omega Ratio Rank: 19
PGF Calmar Ratio Rank: 22
PGF Martin Ratio Rank: 19

IOFIX

IOFIX Risk / Return Rank: 37
IOFIX Sharpe Ratio Rank: 33
IOFIX Sortino Ratio Rank: 40
IOFIX Omega Ratio Rank: 40
IOFIX Calmar Ratio Rank: 40
IOFIX Martin Ratio Rank: 31

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. IOFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Financial Preferred ETF (PGF) and AlphaCentric Income Opportunities Fund (IOFIX). 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.

	PGF	IOFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.66	-0.92
Sortino ratio: Return per unit of downside risk	1.12	2.64	-1.52
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.99	2.41	-1.41
Martin ratio: Return relative to average drawdown	2.11	7.18	-5.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGF vs. IOFIX - Sharpe Ratio Comparison

The current PGF Sharpe Ratio is 0.74, which is lower than the IOFIX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of PGF and IOFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PGF	IOFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	1.66	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.66	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.16	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.19	-0.04

Drawdowns

PGF vs. IOFIX - Drawdown Comparison

The maximum PGF drawdown since its inception was -75.69%, which is greater than IOFIX's maximum drawdown of -45.49%. Use the drawdown chart below to compare losses from any high point for PGF and IOFIX.

Drawdown Indicators

	PGF	IOFIX	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-45.49%	-30.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-2.98%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	-9.74%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-23.41%	-30.50%	+7.09%
Max Drawdown (10Y) Largest decline over 10 years	-28.92%	-45.49%	+16.57%
Current Drawdown Current decline from peak	-5.38%	-20.68%	+15.30%
Average Drawdown Average peak-to-trough decline	-7.01%	-11.77%	+4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.00%	+1.20%

Volatility

PGF vs. IOFIX - Volatility Comparison

Invesco Financial Preferred ETF (PGF) has a higher volatility of 1.48% compared to AlphaCentric Income Opportunities Fund (IOFIX) at 1.32%. This indicates that PGF's price experiences larger fluctuations and is considered to be riskier than IOFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGF	IOFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.32%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	3.04%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	4.34%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.36%	4.80%	+6.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	9.27%	+2.73%

PGF vs. IOFIX - Expense Ratio Comparison

PGF has a 0.62% expense ratio, which is lower than IOFIX's 1.65% expense ratio.

Dividends

PGF vs. IOFIX - Dividend Comparison

PGF's dividend yield for the trailing twelve months is around 6.33%, less than IOFIX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOFIX AlphaCentric Income Opportunities Fund	8.43%	7.44%	8.16%	7.52%	5.51%	3.94%	4.76%	4.70%	5.06%	4.83%	4.97%	0.00%
PGF Invesco Financial Preferred ETF	6.33%	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 IOFIX in my portfolio?

PGF and IOFIX have a correlation of 0.42, 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 IOFIX?

PGF has higher volatility (1.48%) compared to IOFIX (1.32%). In terms of maximum drawdown, PGF dropped -75.69% vs IOFIX's -45.49%.

Which has better risk-adjusted returns?

IOFIX currently has the higher Sharpe Ratio (1.66 vs 0.74), 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.