PGX vs. SPFF
PGX (Invesco Preferred ETF) and SPFF (Global X SuperIncome Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PGX tracks the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index while SPFF tracks the S&P Enhanced Yield North American Preferred Stock Index. Both are passively managed. Over the past 10 years, PGX returned 2.34%/yr vs 3.11%/yr for SPFF. A 0.68 correlation means they provide meaningful diversification when combined. PGX charges 0.52%/yr vs 0.58%/yr for SPFF.
Performance
PGX vs. SPFF - Performance Comparison
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Returns By Period
In the year-to-date period, PGX achieves a -0.55% return, which is significantly lower than SPFF's 5.25% return. Over the past 10 years, PGX has underperformed SPFF with an annualized return of 2.34%, while SPFF has yielded a comparatively higher 3.11% annualized 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%
SPFF
- 1D
- -0.52%
- 1M
- 1.66%
- YTD
- 5.25%
- 6M
- 4.12%
- 1Y
- 16.51%
- 3Y*
- 9.03%
- 5Y*
- 1.77%
- 10Y*
- 3.11%
PGX vs. SPFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | -0.55% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
SPFF Global X SuperIncome Preferred ETF | 5.25% | 7.52% | 8.62% | 3.00% | -14.29% | 5.15% | 6.91% | 13.04% | -2.55% | 1.80% |
Correlation
The correlation between PGX and SPFF is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012 | 0.68 |
The correlation between PGX and SPFF shifts across timeframes, from 0.64 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGX vs. SPFF — Risk / Return Rank
PGX
SPFF
PGX vs. SPFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Global X SuperIncome Preferred ETF (SPFF). 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 | SPFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.29 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.19 | -1.29 |
| Martin ratioReturn relative to average drawdown | 1.90 | 6.59 | -4.70 |
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Drawdowns
PGX vs. SPFF - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, which is greater than SPFF's maximum drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for PGX and SPFF.
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Drawdown Indicators
| PGX | SPFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -35.92% | -30.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -7.58% | +2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -12.51% | +1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -22.88% | -1.79% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -35.92% | +1.82% |
Current DrawdownCurrent decline from peak | -5.65% | -1.75% | -3.90% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -4.05% | -4.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.51% | -0.14% |
Volatility
PGX vs. SPFF - Volatility Comparison
The current volatility for Invesco Preferred ETF (PGX) is 1.57%, while Global X SuperIncome Preferred ETF (SPFF) has a volatility of 3.60%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky than SPFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | SPFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 3.60% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 7.70% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 9.96% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.12% | 11.02% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.03% | 13.54% | -0.51% |
PGX vs. SPFF - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is lower than SPFF's 0.58% expense ratio.
Dividends
PGX vs. SPFF - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.73%, more than SPFF's 6.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPFF Global X SuperIncome Preferred ETF | 6.44% | 6.47% | 6.39% | 6.64% | 7.15% | 5.78% | 5.75% | 5.97% | 7.60% | 7.24% | 7.04% | 7.50% |
Frequently Asked Questions
PGX and SPFF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPFF has higher volatility (3.60%) compared to PGX (1.57%). In terms of maximum drawdown, PGX dropped -66.44% vs SPFF's -35.92%.
On 10-year performance, SPFF leads with 3.11% vs 2.34% 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.
Over the 10-year period, SPFF has performed better with a 3.11% return vs 2.34%. 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 0.58% for SPFF.
PGX has the higher dividend yield at 6.73%, compared with 6.44% for SPFF.
PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while SPFF tracks S&P Enhanced Yield North American Preferred Stock Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.52% for PGX and 0.58% for SPFF.
SPFF currently has the higher Sharpe Ratio (1.67 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.
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