PRAC.L vs. PRFD.L
PRAC.L (Invesco Preferred Shares UCITS ETF USD (Acc)) and PRFD.L (Invesco Preferred Shares UCITS ETF USD (Dist)) are both Preferred Stock/Convertible Bonds funds from Invesco tracking the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 5 years, PRAC.L returned -1.78%/yr vs -1.77%/yr for PRFD.L. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
PRAC.L vs. PRFD.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRAC.L having a -0.94% return and PRFD.L slightly higher at -0.93%.
PRAC.L
- 1D
- -0.13%
- 1M
- -0.58%
- 6M
- -2.61%
- YTD
- -0.94%
- 1Y
- 1.89%
- 3Y*
- 4.06%
- 5Y*
- -1.78%
- 10Y*
- —
PRFD.L
- 1D
- -0.14%
- 1M
- -0.83%
- 6M
- -2.63%
- YTD
- -0.93%
- 1Y
- 1.82%
- 3Y*
- 4.07%
- 5Y*
- -1.77%
- 10Y*
- —
PRAC.L vs. PRFD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRAC.L Invesco Preferred Shares UCITS ETF USD (Acc) | -0.94% | 2.50% | 4.73% | 9.42% | -21.50% | 2.76% | 5.68% | 18.13% | -1.07% |
PRFD.L Invesco Preferred Shares UCITS ETF USD (Dist) | -0.93% | 2.46% | 4.65% | 9.57% | -21.50% | 2.76% | 5.81% | 17.87% | -1.02% |
Correlation
The correlation between PRAC.L and PRFD.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.91 |
Over the past year, the correlation between PRAC.L and PRFD.L has dropped to 0.70 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.
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Return for Risk
PRAC.L vs. PRFD.L — Risk / Return Rank
PRAC.L
PRFD.L
PRAC.L vs. PRFD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF USD (Acc) (PRAC.L) and Invesco Preferred Shares UCITS ETF USD (Dist) (PRFD.L). 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.
| PRAC.L | PRFD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 0.24 | +0.05 |
| Martin ratioReturn relative to average drawdown | 0.58 | 0.58 | 0.00 |
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Drawdowns
PRAC.L vs. PRFD.L - Drawdown Comparison
The maximum PRAC.L drawdown since its inception was -30.92%, roughly equal to the maximum PRFD.L drawdown of -31.01%. Use the drawdown chart below to compare losses from any high point for PRAC.L and PRFD.L.
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Drawdown Indicators
| PRAC.L | PRFD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.92% | -31.01% | +0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -6.32% | -7.43% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.52% | -12.07% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -25.91% | -25.80% | -0.11% |
Current DrawdownCurrent decline from peak | -9.48% | -9.39% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -7.43% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 3.11% | +0.15% |
Volatility
PRAC.L vs. PRFD.L - Volatility Comparison
The current volatility for Invesco Preferred Shares UCITS ETF USD (Acc) (PRAC.L) is 1.97%, while Invesco Preferred Shares UCITS ETF USD (Dist) (PRFD.L) has a volatility of 2.11%. This indicates that PRAC.L experiences smaller price fluctuations and is considered to be less risky than PRFD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRAC.L | PRFD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 2.11% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 6.38% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 10.99% | -0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 11.49% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 13.23% | +0.53% |
PRAC.L vs. PRFD.L - Expense Ratio Comparison
Both PRAC.L and PRFD.L have an expense ratio of 0.50%.
Dividends
PRAC.L vs. PRFD.L - Dividend Comparison
PRAC.L has not paid dividends to shareholders, while PRFD.L's dividend yield for the trailing twelve months is around 5.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PRAC.L Invesco Preferred Shares UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PRFD.L Invesco Preferred Shares UCITS ETF USD (Dist) | 5.57% | 5.35% | 5.19% | 5.28% | 5.67% | 4.44% | 4.50% | 4.53% | 5.25% | 0.76% |
Frequently Asked Questions
PRAC.L and PRFD.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PRAC.L and PRFD.L have the same expense ratio: 0.50% per year.
Both ETFs track ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index.
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