PGX vs. PFF
Compare and contrast key facts about Invesco Preferred ETF (PGX) and iShares Preferred and Income Securities ETF (PFF).
PGX and PFF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PGX is a passively managed fund by Invesco that tracks the performance of the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. It was launched on Jan 31, 2008. PFF is a passively managed fund by iShares that tracks the performance of the S&P U.S. Preferred Stock Index. It was launched on Mar 30, 2007. Both PGX and PFF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PGX or PFF.
Key characteristics
| PGX | PFF | |
|---|---|---|
| YTD Return | 2.15% | 2.44% |
| 1Y Return | 11.27% | 12.38% |
| 3Y Return (Ann) | -3.35% | -1.53% |
| 5Y Return (Ann) | 0.80% | 2.40% |
| 10Y Return (Ann) | 3.34% | 3.32% |
| Sharpe Ratio | 0.98 | 1.28 |
| Daily Std Dev | 11.19% | 9.43% |
| Max Drawdown | -66.43% | -65.55% |
| Current Drawdown | -12.08% | -8.87% |
Correlation
The correlation between PGX and PFF is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
PGX vs. PFF - Performance Comparison
In the year-to-date period, PGX achieves a 2.15% return, which is significantly lower than PFF's 2.44% return. Both investments have delivered pretty close results over the past 10 years, with PGX having a 3.34% annualized return and PFF not far behind at 3.32%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PGX vs. PFF - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is higher than PFF's 0.46% expense ratio.
Risk-Adjusted Performance
PGX vs. PFF - Risk-Adjusted Performance 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.
Dividends
PGX vs. PFF - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.28%, less than PFF's 6.39% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | 6.28% | 6.42% | 6.29% | 4.82% | 4.89% | 5.31% | 6.09% | 5.66% | 5.31% | 5.84% | 5.98% | 6.78% |
PFF iShares Preferred and Income Securities ETF | 6.39% | 6.63% | 5.55% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% | 6.32% | 6.60% |
Drawdowns
PGX vs. PFF - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.43%, 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. For additional features, visit the drawdowns tool.
Volatility
PGX vs. PFF - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 4.16% compared to iShares Preferred and Income Securities ETF (PFF) at 3.77%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than PFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.