PGX vs. FFC

Last updated Jun 4, 2026

PGX (Invesco Preferred ETF) is Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while FFC (Flaherty & Crumrine Preferred Securities Income Fund Inc.) is a stock. Over the past 10 years, PGX returned 2.36%/yr vs 4.65%/yr for FFC. At a 0.42 correlation, their price movements are largely independent.

Performance

PGX vs. FFC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Preferred ETF (PGX) and Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGX achieves a -0.18% return, which is significantly higher than FFC's -0.76% return. Over the past 10 years, PGX has underperformed FFC with an annualized return of 2.36%, while FFC has yielded a comparatively higher 4.65% annualized return.

PGX

• 1D: -0.45%
• 1M: -0.99%
• YTD: -0.18%
• 6M: 0.04%
• 1Y: 5.73%
• 3Y*: 4.24%
• 5Y*: -0.74%
• 10Y*: 2.36%

FFC

• 1D: -0.19%
• 1M: -0.85%
• YTD: -0.76%
• 6M: -0.80%
• 1Y: 8.82%
• 3Y*: 12.74%
• 5Y*: 0.37%
• 10Y*: 4.65%

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

PGX vs. FFC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGX Invesco Preferred ETF	-0.18%	3.48%	6.53%	9.48%	-21.16%	3.15%	7.09%	17.09%	-4.01%	10.48%
FFC Flaherty & Crumrine Preferred Securities Income Fund Inc.	-0.76%	14.30%	20.06%	-0.28%	-25.21%	-0.81%	15.93%	38.76%	-11.89%	16.63%

Correlation

The correlation between PGX and FFC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 1, 2008	0.42

The correlation between PGX and FFC shifts across timeframes, from 0.41 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PGX vs. FFC — Risk / Return Rank

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

PGX

PGX Risk / Return Rank: 24
PGX Sharpe Ratio Rank: 26
PGX Sortino Ratio Rank: 26
PGX Omega Ratio Rank: 24
PGX Calmar Ratio Rank: 24
PGX Martin Ratio Rank: 21

FFC

FFC Risk / Return Rank: 64
FFC Sharpe Ratio Rank: 69
FFC Sortino Ratio Rank: 61
FFC Omega Ratio Rank: 64
FFC Calmar Ratio Rank: 59
FFC Martin Ratio Rank: 68

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.

PGX vs. FFC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC). 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.

	PGX	FFC	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.93	+0.01
Sortino ratio: Return per unit of downside risk	1.45	1.33	+0.12
Omega ratio: Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio: Return relative to maximum drawdown	1.16	0.87	+0.28
Martin ratio: Return relative to average drawdown	2.57	3.40	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGX vs. FFC - Sharpe Ratio Comparison

The current PGX Sharpe Ratio is 0.94, which is comparable to the FFC Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of PGX and FFC, 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

	PGX	FFC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.93	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.02	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.21	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.25	-0.11

Drawdowns

PGX vs. FFC - Drawdown Comparison

The maximum PGX drawdown since its inception was -66.44%, smaller than the maximum FFC drawdown of -77.72%. Use the drawdown chart below to compare losses from any high point for PGX and FFC.

Drawdown Indicators

	PGX	FFC	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-77.72%	+11.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-10.12%	+5.14%
Max Drawdown (3Y) Largest decline over 3 years	-11.17%	-13.13%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-39.57%	+14.90%
Max Drawdown (10Y) Largest decline over 10 years	-34.10%	-54.06%	+19.96%
Current Drawdown Current decline from peak	-5.29%	-3.70%	-1.59%
Average Drawdown Average peak-to-trough decline	-8.13%	-10.65%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.60%	-0.37%

Volatility

PGX vs. FFC - Volatility Comparison

The current volatility for Invesco Preferred ETF (PGX) is 1.73%, while Flaherty & Crumrine Preferred Securities Income Fund Inc. (FFC) has a volatility of 2.67%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky than FFC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGX	FFC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	2.67%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	7.69%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	6.11%	9.55%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	15.29%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	22.75%	-9.73%

Dividends

PGX vs. FFC - Dividend Comparison

PGX's dividend yield for the trailing twelve months is around 6.23%, less than FFC's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFC Flaherty & Crumrine Preferred Securities Income Fund Inc.	7.63%	7.08%	6.97%	7.54%	9.11%	7.03%	6.18%	6.27%	8.21%	7.29%	8.62%	8.14%
PGX Invesco Preferred ETF	6.23%	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

Can I hold both PGX and FFC in my portfolio?

PGX and FFC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGX or FFC?

FFC has higher volatility (2.67%) compared to PGX (1.73%). In terms of maximum drawdown, PGX dropped -66.44% vs FFC's -77.72%.

Which has better risk-adjusted returns?

PGX currently has the higher Sharpe Ratio (0.94 vs 0.93), 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.