PGX vs. PSK
Compare and contrast key facts about Invesco Preferred ETF (PGX) and SPDR ICE Preferred Securities ETF (PSK).
PGX and PSK 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. PSK is a passively managed fund by State Street that tracks the performance of the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. It was launched on Sep 16, 2009. Both PGX and PSK are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PGX vs. PSK - Performance Comparison
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PGX vs. PSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | -0.88% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
PSK SPDR ICE Preferred Securities ETF | -1.29% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 17.59% | -4.54% | 12.44% |
Returns By Period
In the year-to-date period, PGX achieves a -0.88% return, which is significantly higher than PSK's -1.29% return. Over the past 10 years, PGX has outperformed PSK with an annualized return of 2.68%, while PSK has yielded a comparatively lower 2.32% annualized return.
PGX
- 1D
- 0.83%
- 1M
- -3.11%
- YTD
- -0.88%
- 6M
- -3.59%
- 1Y
- 3.48%
- 3Y*
- 4.70%
- 5Y*
- -0.47%
- 10Y*
- 2.68%
PSK
- 1D
- 0.30%
- 1M
- -3.66%
- YTD
- -1.29%
- 6M
- -4.04%
- 1Y
- 2.30%
- 3Y*
- 3.46%
- 5Y*
- -0.73%
- 10Y*
- 2.32%
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PGX vs. PSK - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is higher than PSK's 0.45% expense ratio.
Return for Risk
PGX vs. PSK — Risk / Return Rank
PGX
PSK
PGX vs. PSK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and SPDR ICE Preferred Securities ETF (PSK). 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 | PSK | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.49 | 0.32 | +0.17 |
Sortino ratioReturn per unit of downside risk | 0.73 | 0.50 | +0.24 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.06 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.39 | +0.38 |
Martin ratioReturn relative to average drawdown | 1.78 | 0.95 | +0.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PGX | PSK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.49 | 0.32 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | -0.07 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.20 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.43 | -0.29 |
Correlation
The correlation between PGX and PSK is 0.83, 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.
Dividends
PGX vs. PSK - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.20%, less than PSK's 7.02% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | 6.20% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
PSK SPDR ICE Preferred Securities ETF | 7.02% | 6.82% | 6.55% | 6.44% | 6.55% | 5.03% | 5.08% | 5.44% | 6.47% | 6.91% | 5.92% | 5.35% |
Drawdowns
PGX vs. PSK - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, which is greater than PSK's maximum drawdown of -30.10%. Use the drawdown chart below to compare losses from any high point for PGX and PSK.
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Drawdown Indicators
| PGX | PSK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -30.10% | -36.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -5.50% | +0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -22.23% | -2.44% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -30.10% | -4.00% |
Current DrawdownCurrent decline from peak | -5.97% | -6.65% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -3.97% | -4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.25% | -0.09% |
Volatility
PGX vs. PSK - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 2.48% compared to SPDR ICE Preferred Securities ETF (PSK) at 2.26%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than PSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | PSK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.26% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 4.13% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 7.17% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.07% | 10.69% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.00% | 11.89% | +1.11% |