PGX vs. USFR
PGX (Invesco Preferred ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - PGX is a Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, PGX returned 2.33%/yr vs 2.43%/yr for USFR. At a correlation of -0.02, they often move in opposite directions. PGX charges 0.52%/yr vs 0.15%/yr for USFR.
Performance
PGX vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, PGX achieves a -0.64% return, which is significantly lower than USFR's 1.82% return. Both investments have delivered pretty close results over the past 10 years, with PGX having a 2.33% annualized return and USFR not far ahead at 2.43%.
PGX
- 1D
- -0.09%
- 1M
- -0.56%
- YTD
- -0.64%
- 6M
- -0.38%
- 1Y
- 4.18%
- 3Y*
- 5.11%
- 5Y*
- -1.01%
- 10Y*
- 2.33%
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
PGX vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | -0.64% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between PGX and USFR is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.02 |
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Return for Risk
PGX vs. USFR — Risk / Return Rank
PGX
USFR
PGX vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.99 | ||
| Sortino ratioReturn per unit of downside risk | -49.08 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 13.31 | -12.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 201.33 | -200.49 |
| Martin ratioReturn relative to average drawdown | 1.76 | 779.76 | -778.00 |
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Drawdowns
PGX vs. USFR - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for PGX and USFR.
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Drawdown Indicators
| PGX | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -1.36% | -65.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -0.02% | -4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -0.06% | -11.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -0.18% | -24.49% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -0.80% | -33.30% |
Current DrawdownCurrent decline from peak | -5.74% | 0.00% | -5.74% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -0.15% | -7.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 0.01% | +2.37% |
Volatility
PGX vs. USFR - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 1.56% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 0.09% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 0.19% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.19% | 0.27% | +5.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.12% | 0.40% | +10.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.03% | 0.78% | +12.25% |
PGX vs. USFR - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
PGX vs. USFR - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.27%, more than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | 6.27% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
PGX and USFR have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGX has higher volatility (1.56%) compared to USFR (0.09%). In terms of maximum drawdown, PGX dropped -66.44% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.43% vs 2.33% for PGX. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USFR has performed better with a 2.43% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.52% for PGX.
PGX has the higher dividend yield at 6.27%, compared with 3.90% for USFR.
PGX is categorized as Preferred Stock/Convertible Bonds, while USFR is Government Bonds. PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.52% for PGX and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs 0.68), 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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