PGF vs. PGX
PGF (Invesco Financial Preferred ETF) and PGX (Invesco Preferred ETF) are both Preferred Stock/Convertible Bonds funds from Invesco - PGF tracks the Wachovia Hybrid & Preferred Securities Financial Index while PGX tracks the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 10 years, PGF returned 2.36%/yr vs 2.37%/yr for PGX. Their correlation of 0.81 suggests significant overlap in exposure. PGF charges 0.62%/yr vs 0.52%/yr for PGX.
Performance
PGF vs. PGX - Performance Comparison
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Returns By Period
In the year-to-date period, PGF achieves a -0.57% return, which is significantly higher than PGX's -0.83% return. Both investments have delivered pretty close results over the past 10 years, with PGF having a 2.36% annualized return and PGX not far ahead at 2.37%.
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%
PGX
- 1D
- -0.09%
- 1M
- -1.19%
- YTD
- -0.83%
- 6M
- -0.83%
- 1Y
- 3.80%
- 3Y*
- 4.89%
- 5Y*
- -0.99%
- 10Y*
- 2.37%
PGF vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGF Invesco Financial Preferred ETF | -0.57% | 3.40% | 6.01% | 7.73% | -19.22% | 2.65% | 7.23% | 14.55% | -2.82% | 10.82% |
PGX Invesco Preferred ETF | -0.83% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
Correlation
The correlation between PGF and PGX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2008 | 0.81 |
The correlation between PGF and PGX shifts across timeframes, from 0.81 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGF vs. PGX — Risk / Return Rank
PGF
PGX
PGF vs. PGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Financial Preferred ETF (PGF) 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.
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 | PGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.11 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 0.77 | -0.10 |
| Martin ratioReturn relative to average drawdown | 1.32 | 1.58 | -0.26 |
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Drawdowns
PGF vs. PGX - Drawdown Comparison
The maximum PGF drawdown since its inception was -75.69%, which is greater than PGX's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for PGF and PGX.
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Drawdown Indicators
| PGF | PGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.69% | -66.44% | -9.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -4.98% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -10.87% | -11.17% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -23.41% | -24.67% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -34.10% | +5.18% |
Current DrawdownCurrent decline from peak | -5.62% | -5.91% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -7.00% | -8.12% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.41% | -0.04% |
Volatility
PGF vs. PGX - Volatility Comparison
The current volatility for Invesco Financial Preferred ETF (PGF) is 1.37%, while Invesco Preferred ETF (PGX) has a volatility of 1.48%. This indicates that PGF experiences smaller price fluctuations and is considered to be less risky 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
| PGF | PGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.48% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.09% | 4.21% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 6.16% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.38% | 11.12% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.01% | 13.02% | -1.01% |
PGF vs. PGX - Expense Ratio Comparison
PGF has a 0.62% expense ratio, which is higher than PGX's 0.52% expense ratio.
Dividends
PGF vs. PGX - Dividend Comparison
PGF's dividend yield for the trailing twelve months is around 6.36%, more than PGX's 6.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PGX Invesco Preferred ETF | 6.28% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
Frequently Asked Questions
PGF and PGX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGX has higher volatility (1.48%) compared to PGF (1.37%). In terms of maximum drawdown, PGF dropped -75.69% vs PGX's -66.44%.
On 10-year performance, PGX leads with 2.37% vs 2.36% for PGF. On fees, PGX is cheaper at 0.52% per year. On volatility, PGF has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGX has performed better with a 2.37% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.52% expense ratio, compared with 0.62% for PGF.
PGF has the higher dividend yield at 6.36%, compared with 6.28% for PGX.
PGF tracks Wachovia Hybrid & Preferred Securities Financial Index, while PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Their fees differ too: 0.62% for PGF and 0.52% for PGX.
PGX currently has the higher Sharpe Ratio (0.62 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.
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