PGX vs. VRP
Compare and contrast key facts about Invesco Preferred ETF (PGX) and Invesco Variable Rate Preferred ETF (VRP).
PGX and VRP 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. VRP is a passively managed fund by Invesco that tracks the performance of the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. It was launched on May 1, 2014. Both PGX and VRP 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. VRP - Performance Comparison
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PGX vs. VRP - 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% |
VRP Invesco Variable Rate Preferred ETF | 0.22% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
Returns By Period
In the year-to-date period, PGX achieves a -0.88% return, which is significantly lower than VRP's 0.22% return. Over the past 10 years, PGX has underperformed VRP with an annualized return of 2.68%, while VRP has yielded a comparatively higher 5.47% 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%
VRP
- 1D
- 0.42%
- 1M
- -1.05%
- YTD
- 0.22%
- 6M
- 1.02%
- 1Y
- 5.88%
- 3Y*
- 9.52%
- 5Y*
- 4.36%
- 10Y*
- 5.47%
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PGX vs. VRP - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is higher than VRP's 0.50% expense ratio.
Return for Risk
PGX vs. VRP — Risk / Return Rank
PGX
VRP
PGX vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Invesco Variable Rate Preferred ETF (VRP). 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 | VRP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.49 | 1.41 | -0.92 |
Sortino ratioReturn per unit of downside risk | 0.73 | 1.92 | -1.18 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.34 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.50 | -0.73 |
Martin ratioReturn relative to average drawdown | 1.78 | 7.41 | -5.63 |
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 | VRP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.49 | 1.41 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.67 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.38 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.37 | -0.23 |
Correlation
The correlation between PGX and VRP is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PGX vs. VRP - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.20%, less than VRP's 6.51% 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% |
VRP Invesco Variable Rate Preferred ETF | 6.51% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Drawdowns
PGX vs. VRP - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, which is greater than VRP's maximum drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for PGX and VRP.
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Drawdown Indicators
| PGX | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -46.04% | -20.40% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -3.95% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -13.76% | -10.91% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -46.04% | +11.94% |
Current DrawdownCurrent decline from peak | -5.97% | -1.46% | -4.51% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -2.34% | -5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 0.80% | +1.36% |
Volatility
PGX vs. VRP - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 2.48% compared to Invesco Variable Rate Preferred ETF (VRP) at 1.82%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.82% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 2.25% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 4.18% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.07% | 6.54% | +4.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.00% | 14.53% | -1.53% |