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PRFD.L vs. VPAC.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRFD.L vs. VPAC.L

Last updated Jul 16, 2026
Documentation

PRFD.L (Invesco Preferred Shares UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds from Invesco - PRFD.L tracks the Invesco Preferred Shares UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, PRFD.L returned -1.65%/yr vs 3.51%/yr for VPAC.L. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PRFD.L vs. VPAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Preferred Shares UCITS ETF (PRFD.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PRFD.L achieves a -0.31% return, which is significantly lower than VPAC.L's 2.04% return.

PRFD.L

1D
0.42%
1M
0.07%
6M
-1.50%
YTD
-0.31%
1Y
2.73%
3Y*
4.01%
5Y*
-1.65%
10Y*
—

VPAC.L

1D
-0.12%
1M
0.03%
6M
1.83%
YTD
2.04%
1Y
5.32%
3Y*
8.42%
5Y*
3.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRFD.L vs. VPAC.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
PRFD.L
Invesco Preferred Shares UCITS ETF		-0.31%2.46%4.65%9.57%-21.50%2.76%5.81%17.87%-1.02%
VPAC.L
Invesco Variable Rate Preferred Shares UCITS ETF USD		2.04%6.34%10.84%9.27%-9.70%3.64%4.81%17.14%-1.27%

Correlation

The correlation between PRFD.L and VPAC.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Dec 10, 2018

0.66

Over the past year, the correlation between PRFD.L and VPAC.L has dropped to 0.40 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

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Invesco Preferred Shares UCITS ETF

Invesco Variable Rate Preferred Shares UCITS ETF USD

Return for Risk

PRFD.L vs. VPAC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRFD.L
PRFD.L Risk / Return Rank: 1414
Overall Rank
PRFD.L Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
PRFD.L Sortino Ratio Rank: 1313
Sortino Ratio Rank
PRFD.L Omega Ratio Rank: 1414
Omega Ratio Rank
PRFD.L Calmar Ratio Rank: 1515
Calmar Ratio Rank
PRFD.L Martin Ratio Rank: 1515
Martin Ratio Rank
VPAC.L
VPAC.L Risk / Return Rank: 6565
Overall Rank
VPAC.L Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VPAC.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
VPAC.L Omega Ratio Rank: 6767
Omega Ratio Rank
VPAC.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
VPAC.L Martin Ratio Rank: 6969
Martin Ratio Rank
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.

PRFD.L vs. VPAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF (PRFD.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.

PRFD.LVPAC.LDifference
Sharpe ratioReturn per unit of total volatility
0.28
1.63

-1.34

Sortino ratioReturn per unit of downside risk
0.47
2.40

-1.93

Omega ratioGain probability vs. loss probability

1.07

1.32

-0.25

Calmar ratioReturn relative to maximum drawdown

0.42

2.54

-2.12

Martin ratioReturn relative to average drawdown

1.01

9.98

-8.97

PRFD.L vs. VPAC.L - Sharpe Ratio Comparison

The current PRFD.L Sharpe Ratio is 0.28, which is lower than the VPAC.L Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PRFD.L and VPAC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PRFD.L vs. VPAC.L - Drawdown Comparison

The maximum PRFD.L drawdown since its inception was -31.01%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for PRFD.L and VPAC.L.

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Drawdown Indicators

PRFD.LVPAC.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.01%

-34.25%

+3.24%

Max Drawdown (1Y)

Largest decline over 1 year

-7.43%

-2.02%

-5.41%

Max Drawdown (3Y)

Largest decline over 3 years

-12.07%

-3.40%

-8.67%

Max Drawdown (5Y)

Largest decline over 5 years

-25.80%

-13.89%

-11.91%

Current Drawdown

Current decline from peak

-8.82%

-0.33%

-8.49%

Average Drawdown

Average peak-to-trough decline

-7.43%

-3.14%

-4.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

0.52%

+2.57%

Volatility

PRFD.L vs. VPAC.L - Volatility Comparison

Invesco Preferred Shares UCITS ETF (PRFD.L) has a higher volatility of 2.17% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that PRFD.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFD.LVPAC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.17%

0.74%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

6.40%

2.28%

+4.12%

Volatility (1Y)

Calculated over the trailing 1-year period

11.00%

3.17%

+7.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.49%

5.30%

+6.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.23%

11.00%

+2.23%

PRFD.L vs. VPAC.L - Expense Ratio Comparison

Both PRFD.L and VPAC.L have an expense ratio of 0.50%.

Dividends

PRFD.L vs. VPAC.L - Dividend Comparison

PRFD.L's dividend yield for the trailing twelve months is around 5.53%, while VPAC.L has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
PRFD.L
Invesco Preferred Shares UCITS ETF		5.53%5.35%5.19%5.28%5.67%4.44%4.50%4.53%5.25%0.76%
VPAC.L
Invesco Variable Rate Preferred Shares UCITS ETF USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PRFD.L and VPAC.L have a correlation of 0.40, 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.

PRFD.L and VPAC.L have the same expense ratio: 0.50% per year.

PRFD.L tracks Invesco Preferred Shares UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD.

Portfolio Optimizer

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