PGX vs. PFFA

Last updated Jun 23, 2026

PGX (Invesco Preferred ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both Preferred Stock/Convertible Bonds funds. PGX is passively managed, while PFFA is actively managed. Over the past 5 years, PGX returned -1.00%/yr vs 6.18%/yr for PFFA. A 0.70 correlation means they provide meaningful diversification when combined. PGX charges 0.52%/yr vs 1.47%/yr for PFFA.

Performance

PGX vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Preferred ETF (PGX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGX achieves a -0.55% return, which is significantly lower than PFFA's 2.55% 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%

PFFA

• 1D: -0.51%
• 1M: 0.05%
• YTD: 2.55%
• 6M: 1.89%
• 1Y: 11.80%
• 3Y*: 14.21%
• 5Y*: 6.18%
• 10Y*: —

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

PGX vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PGX Invesco Preferred ETF	-0.55%	3.48%	6.53%	9.48%	-21.16%	3.15%	7.09%	17.09%	-2.80%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	2.55%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.29%

Correlation

The correlation between PGX and PFFA is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 16, 2018	0.70

The correlation between PGX and PFFA has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

PGX vs. PFFA — Risk / Return Rank

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

PGX

PGX Risk / Return Rank: 20
PGX Sharpe Ratio Rank: 21
PGX Sortino Ratio Rank: 21
PGX Omega Ratio Rank: 19
PGX Calmar Ratio Rank: 20
PGX Martin Ratio Rank: 17

PFFA

PFFA Risk / Return Rank: 45
PFFA Sharpe Ratio Rank: 50
PFFA Sortino Ratio Rank: 50
PFFA Omega Ratio Rank: 50
PFFA Calmar Ratio Rank: 37
PFFA Martin Ratio Rank: 40

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.66	-0.93
Sortino ratio: Return per unit of downside risk	1.13	2.37	-1.24
Omega ratio: Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio: Return relative to maximum drawdown	0.90	1.83	-0.92
Martin ratio: Return relative to average drawdown	1.90	6.05	-4.16

PGX vs. PFFA - Sharpe Ratio Comparison

The current PGX Sharpe Ratio is 0.73, which is lower than the PFFA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of PGX and PFFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PGX vs. PFFA - Drawdown Comparison

The maximum PGX drawdown since its inception was -66.44%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for PGX and PFFA.

Drawdown Indicators

	PGX	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-70.52%	+4.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-6.49%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-11.17%	-12.15%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-22.70%	-1.97%
Max Drawdown (10Y) Largest decline over 10 years	-34.10%	—	—
Current Drawdown Current decline from peak	-5.65%	-2.00%	-3.65%
Average Drawdown Average peak-to-trough decline	-8.12%	-6.62%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	1.95%	+0.42%

Volatility

PGX vs. PFFA - Volatility Comparison

The current volatility for Invesco Preferred ETF (PGX) is 1.57%, while Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a volatility of 2.16%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGX	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	2.16%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	5.92%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	7.16%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	11.54%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	31.75%	-18.72%

PGX vs. PFFA - Expense Ratio Comparison

PGX has a 0.52% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

PGX vs. PFFA - Dividend Comparison

PGX's dividend yield for the trailing twelve months is around 6.73%, less than PFFA's 9.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.76%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%
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

Can I hold both PGX and PFFA in my portfolio?

PGX and PFFA have a correlation of 0.73, 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 PFFA?

PFFA has higher volatility (2.16%) compared to PGX (1.57%). In terms of maximum drawdown, PGX dropped -66.44% vs PFFA's -70.52%.

Which ETF is better, PGX or PFFA?

On 5-year performance, PFFA leads with 6.18% vs -1.00% for PGX. On fees, PGX is cheaper at 0.52% 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.

Which ETF has performed better, PGX or PFFA?

Over the 5-year period, PFFA has performed better with a 6.18% return vs -1.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGX or PFFA?

PGX is cheaper with a 0.52% expense ratio, compared with 1.47% for PFFA.

Which ETF pays a higher dividend yield, PGX or PFFA?

PFFA has the higher dividend yield at 9.76%, compared with 6.73% for PGX.

What is the main difference between PGX and PFFA?

They also come from different issuers: Invesco and Virtus Investment Partners. Their fees differ too: 0.52% for PGX and 1.47% for PFFA.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (1.66 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.