PGX vs. QTPI
PGX (Invesco Preferred ETF) and QTPI (North Square RCIM Tax-Advantaged Preferred and Income Securities ETF) are both Preferred Stock/Convertible Bonds funds. PGX is passively managed, while QTPI is actively managed. Over the past year, PGX returned 5.73% vs 5.09% for QTPI. A 0.59 correlation means they provide meaningful diversification when combined. PGX charges 0.52%/yr vs 0.60%/yr for QTPI.
Performance
PGX vs. QTPI - Performance Comparison
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Returns By Period
In the year-to-date period, PGX achieves a -0.18% return, which is significantly lower than QTPI's 0.84% 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%
QTPI
- 1D
- -0.59%
- 1M
- 0.10%
- YTD
- 0.84%
- 6M
- 1.41%
- 1Y
- 5.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PGX vs. QTPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PGX Invesco Preferred ETF | -0.18% | 3.48% | 0.05% |
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 0.84% | 7.37% | 0.34% |
Correlation
The correlation between PGX and QTPI is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.59 |
The correlation between PGX and QTPI has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.
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Return for Risk
PGX vs. QTPI — Risk / Return Rank
PGX
QTPI
PGX vs. QTPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI). 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 | QTPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.22 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.42 | -1.27 |
| Martin ratioReturn relative to average drawdown | 2.57 | 9.97 | -7.39 |
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 | QTPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 1.23 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 1.19 | -1.05 |
Drawdowns
PGX vs. QTPI - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, which is greater than QTPI's maximum drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for PGX and QTPI.
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Drawdown Indicators
| PGX | QTPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -4.08% | -62.36% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -2.11% | -2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | — | — |
Current DrawdownCurrent decline from peak | -5.29% | -0.68% | -4.61% |
Average DrawdownAverage peak-to-trough decline | -8.13% | -0.40% | -7.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 0.52% | +1.71% |
Volatility
PGX vs. QTPI - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 1.73% compared to North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) at 1.42%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than QTPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | QTPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 1.42% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 3.19% | +0.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 4.55% | +1.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 4.98% | +6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.02% | 4.98% | +8.04% |
PGX vs. QTPI - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is lower than QTPI's 0.60% expense ratio.
Dividends
PGX vs. QTPI - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.23%, more than QTPI's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 4.44% | 4.58% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGX and QTPI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGX has higher volatility (1.73%) compared to QTPI (1.42%). In terms of maximum drawdown, PGX dropped -66.44% vs QTPI's -4.08%.
On 1-year performance, PGX leads with 5.73% vs 5.09% for QTPI. On fees, PGX is cheaper at 0.52% per year. On volatility, QTPI has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PGX has performed better with a 5.73% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.52% expense ratio, compared with 0.60% for QTPI.
PGX has the higher dividend yield at 6.23%, compared with 4.44% for QTPI.
They also come from different issuers: Invesco and North Square. Their fees differ too: 0.52% for PGX and 0.60% for QTPI.
QTPI currently has the higher Sharpe Ratio (1.23 vs 0.94), 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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