PRFP.L vs. VRPS.L

Last updated Jul 18, 2026

PRFP.L (Invesco Preferred Shares UCITS ETF USD (Dist)) and VRPS.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist)) are both Preferred Stock/Convertible Bonds funds from Invesco - PRFP.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index while VRPS.L tracks the ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, PRFP.L returned -1.28%/yr vs 3.98%/yr for VRPS.L. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PRFP.L vs. VRPS.L - Performance Comparison

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

Different Trading Currencies

PRFP.L is traded in GBp, while VRPS.L is traded in USD. To make them comparable, the VRPS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PRFP.L achieves a -0.84% return, which is significantly lower than VRPS.L's 2.32% return.

PRFP.L

• 1D: -0.70%
• 1M: -1.13%
• 6M: -2.93%
• YTD: -0.84%
• 1Y: 1.66%
• 3Y*: 2.70%
• 5Y*: -1.28%
• 10Y*: —

VRPS.L

• 1D: 0.09%
• 1M: -1.08%
• 6M: 0.95%
• YTD: 2.32%
• 1Y: 5.05%
• 3Y*: 7.33%
• 5Y*: 3.98%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PRFP.L vs. VRPS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist)	-0.84%	-4.46%	6.43%	3.44%	-12.08%	4.09%	2.23%	14.04%	-3.63%
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist)	2.32%	-1.25%	12.75%	3.81%	1.00%	4.61%	1.13%	13.26%	-4.61%

Correlation

The correlation between PRFP.L and VRPS.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018	0.62

The correlation between PRFP.L and VRPS.L shifts across timeframes, from 0.49 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PRFP.L vs. VRPS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRFP.L

PRFP.L Risk / Return Rank: 15
PRFP.L Sharpe Ratio Rank: 15
PRFP.L Sortino Ratio Rank: 14
PRFP.L Omega Ratio Rank: 13
PRFP.L Calmar Ratio Rank: 16
PRFP.L Martin Ratio Rank: 15

VRPS.L

VRPS.L Risk / Return Rank: 63
VRPS.L Sharpe Ratio Rank: 53
VRPS.L Sortino Ratio Rank: 54
VRPS.L Omega Ratio Rank: 69
VRPS.L Calmar Ratio Rank: 68
VRPS.L Martin Ratio Rank: 70

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.

PRFP.L vs. VRPS.L - Risk-Adjusted Trends Comparison

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

	PRFP.L	VRPS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.73	-0.47
Sortino ratio: Return per unit of downside risk	0.43	1.06	-0.63
Omega ratio: Gain probability vs. loss probability	1.05	1.13	-0.08
Calmar ratio: Return relative to maximum drawdown	0.41	1.06	-0.65
Martin ratio: Return relative to average drawdown	0.76	2.89	-2.13

PRFP.L vs. VRPS.L - Sharpe Ratio Comparison

The current PRFP.L Sharpe Ratio is 0.27, which is lower than the VRPS.L Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of PRFP.L and VRPS.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.

Drawdowns

PRFP.L vs. VRPS.L - Drawdown Comparison

The maximum PRFP.L drawdown since its inception was -33.34%, which is greater than VRPS.L's maximum drawdown of -27.14%. Use the drawdown chart below to compare losses from any high point for PRFP.L and VRPS.L.

Drawdown Indicators

	PRFP.L	VRPS.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-27.14%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-4.75%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-9.37%	-4.42%
Max Drawdown (5Y) Largest decline over 5 years	-20.03%	-15.84%	-4.19%
Current Drawdown Current decline from peak	-19.04%	-2.17%	-16.87%
Average Drawdown Average peak-to-trough decline	-16.25%	-4.63%	-11.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	1.74%	+0.99%

Volatility

PRFP.L vs. VRPS.L - Volatility Comparison

Invesco Preferred Shares UCITS ETF USD (Dist) (PRFP.L) has a higher volatility of 2.64% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.L) at 1.77%. This indicates that PRFP.L's price experiences larger fluctuations and is considered to be riskier than VRPS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFP.L	VRPS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	1.77%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	5.89%	5.23%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.75%	6.86%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	8.74%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	12.29%	+2.73%

PRFP.L vs. VRPS.L - Expense Ratio Comparison

Both PRFP.L and VRPS.L have an expense ratio of 0.50%.

Dividends

PRFP.L vs. VRPS.L - Dividend Comparison

PRFP.L's dividend yield for the trailing twelve months is around 5.58%, more than VRPS.L's 5.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist)	5.58%	5.38%	5.08%	5.39%	5.57%	4.36%	4.81%	4.64%	5.05%	0.57%
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist)	5.14%	4.99%	4.98%	4.97%	4.60%	3.72%	3.97%	4.33%	0.70%	0.00%

Frequently Asked Questions

Can I hold both PRFP.L and VRPS.L in my portfolio?

PRFP.L and VRPS.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PRFP.L or VRPS.L?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PRFP.L or VRPS.L?

PRFP.L and VRPS.L have the same expense ratio: 0.50% per year.

What is the main difference between PRFP.L and VRPS.L?

PRFP.L tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index, while VRPS.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index.