PGX vs. SMLD.DE

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Preferred ETF (PGX) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE).

PGX and SMLD.DE 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. SMLD.DE is a passively managed fund by Invesco that tracks the performance of the Morningstar MLP Composite. It was launched on May 15, 2013. Both PGX and SMLD.DE 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. SMLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Preferred ETF (PGX) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE). The values are adjusted to include any dividend payments, if applicable.

PGX vs. SMLD.DE - 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%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	15.06%	2.90%	27.48%	31.63%	40.96%	49.33%	-20.36%	21.64%	-9.21%	-0.09%

Different Trading Currencies

PGX is traded in USD, while SMLD.DE is traded in EUR. To make them comparable, the SMLD.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PGX achieves a -0.88% return, which is significantly lower than SMLD.DE's 15.06% return. Over the past 10 years, PGX has underperformed SMLD.DE with an annualized return of 2.68%, while SMLD.DE has yielded a comparatively higher 18.35% 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%

SMLD.DE

• 1D: -3.48%
• 1M: -1.56%
• YTD: 15.06%
• 6M: 14.08%
• 1Y: 5.83%
• 3Y*: 23.45%
• 5Y*: 27.41%
• 10Y*: 18.35%

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

PGX vs. SMLD.DE - Expense Ratio Comparison

PGX has a 0.52% expense ratio, which is higher than SMLD.DE's 0.50% expense ratio.

PGX

Invesco Preferred ETF

SMLD.DE

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist

Return for Risk

PGX vs. SMLD.DE — Risk / Return Rank

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

PGX

PGX Risk / Return Rank: 25
PGX Sharpe Ratio Rank: 26
PGX Sortino Ratio Rank: 24
PGX Omega Ratio Rank: 23
PGX Calmar Ratio Rank: 30
PGX Martin Ratio Rank: 24

SMLD.DE

SMLD.DE Risk / Return Rank: 11
SMLD.DE Sharpe Ratio Rank: 10
SMLD.DE Sortino Ratio Rank: 11
SMLD.DE Omega Ratio Rank: 12
SMLD.DE Calmar Ratio Rank: 10
SMLD.DE Martin Ratio Rank: 10

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. SMLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE). 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	SMLD.DE	Difference
Sharpe ratio Return per unit of total volatility	0.49	0.20	+0.29
Sortino ratio Return per unit of downside risk	0.73	0.48	+0.25
Omega ratio Gain probability vs. loss probability	1.09	1.08	+0.01
Calmar ratio Return relative to maximum drawdown	0.77	0.32	+0.46
Martin ratio Return relative to average drawdown	1.78	0.70	+1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGX vs. SMLD.DE - Sharpe Ratio Comparison

The current PGX Sharpe Ratio is 0.49, which is higher than the SMLD.DE Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of PGX and SMLD.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PGX	SMLD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.20	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	1.19	-1.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.52	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.26	-0.12

Correlation

The correlation between PGX and SMLD.DE is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PGX vs. SMLD.DE - Dividend Comparison

PGX's dividend yield for the trailing twelve months is around 6.20%, less than SMLD.DE's 7.82% 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%
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist	7.82%	8.45%	12.45%	18.33%	14.40%	17.94%	25.01%	18.21%	21.61%	18.39%	14.39%	20.63%

Drawdowns

PGX vs. SMLD.DE - Drawdown Comparison

The maximum PGX drawdown since its inception was -66.44%, smaller than the maximum SMLD.DE drawdown of -78.26%. Use the drawdown chart below to compare losses from any high point for PGX and SMLD.DE.

Drawdown Indicators

	PGX	SMLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-73.78%	+7.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-18.97%	+13.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-22.99%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-34.10%	-70.79%	+36.69%
Current Drawdown Current decline from peak	-5.97%	-6.66%	+0.69%
Average Drawdown Average peak-to-trough decline	-8.17%	-17.93%	+9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	9.10%	-6.94%

Volatility

PGX vs. SMLD.DE - Volatility Comparison

The current volatility for Invesco Preferred ETF (PGX) is 2.48%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 5.94%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky than SMLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGX	SMLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	5.94%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	23.46%	-19.19%
Volatility (1Y) Calculated over the trailing 1-year period	7.14%	29.02%	-21.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.07%	22.76%	-11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	34.73%	-21.73%