PGX vs. PFF
PGX (Invesco Preferred ETF) and PFF (iShares Preferred and Income Securities ETF) are both Preferred Stock/Convertible Bonds funds - PGX tracks the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index while PFF tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index. Both are passively managed. Over the past 10 years, PGX returned 2.34%/yr vs 3.23%/yr for PFF. Their correlation of 0.81 suggests significant overlap in exposure. PGX charges 0.52%/yr vs 0.46%/yr for PFF.
Performance
PGX vs. PFF - Performance Comparison
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Returns By Period
In the year-to-date period, PGX achieves a -0.55% return, which is significantly lower than PFF's 1.64% return. Over the past 10 years, PGX has underperformed PFF with an annualized return of 2.34%, while PFF has yielded a comparatively higher 3.23% annualized return.
PGX
- 1D
- -0.83%
- 1M
- -0.47%
- YTD
- -0.55%
- 6M
- -0.64%
- 1Y
- 4.48%
- 3Y*
- 5.14%
- 5Y*
- -1.00%
- 10Y*
- 2.34%
PFF
- 1D
- -1.25%
- 1M
- -0.85%
- YTD
- 1.64%
- 6M
- 1.02%
- 1Y
- 7.50%
- 3Y*
- 6.76%
- 5Y*
- 1.08%
- 10Y*
- 3.23%
PGX vs. PFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | -0.55% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
PFF iShares Preferred and Income Securities ETF | 1.64% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
Correlation
The correlation between PGX and PFF is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
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 PGX and PFF 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
PGX vs. PFF — Risk / Return Rank
PGX
PFF
PGX vs. PFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and iShares Preferred and Income Securities ETF (PFF). 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.
| PGX | PFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.18 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.43 | -0.52 |
| Martin ratioReturn relative to average drawdown | 1.90 | 4.32 | -2.42 |
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Drawdowns
PGX vs. PFF - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, roughly equal to the maximum PFF drawdown of -65.55%. Use the drawdown chart below to compare losses from any high point for PGX and PFF.
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Drawdown Indicators
| PGX | PFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -65.55% | -0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -5.28% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -10.63% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -21.05% | -3.62% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -34.10% | 0.00% |
Current DrawdownCurrent decline from peak | -5.65% | -2.35% | -3.30% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -5.75% | -2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 1.74% | +0.63% |
Volatility
PGX vs. PFF - Volatility Comparison
The current volatility for Invesco Preferred ETF (PGX) is 1.57%, while iShares Preferred and Income Securities ETF (PFF) has a volatility of 2.42%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky than PFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | PFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 2.42% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 5.43% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 7.04% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.12% | 10.35% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.03% | 12.68% | +0.35% |
PGX vs. PFF - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is higher than PFF's 0.46% expense ratio.
Dividends
PGX vs. PFF - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.73%, more than PFF's 5.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.54% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
PGX Invesco Preferred ETF | 6.73% | 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
PGX and PFF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.42%) compared to PGX (1.57%). In terms of maximum drawdown, PGX dropped -66.44% vs PFF's -65.55%.
On 10-year performance, PFF leads with 3.23% vs 2.34% for PGX. On fees, PFF is cheaper at 0.46% per year. On volatility, PGX has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PFF has performed better with a 3.23% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFF is cheaper with a 0.46% expense ratio, compared with 0.52% for PGX.
PGX has the higher dividend yield at 6.73%, compared with 5.54% for PFF.
PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.52% for PGX and 0.46% for PFF.
PFF currently has the higher Sharpe Ratio (1.07 vs 0.73), 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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