PSK vs. PGF
PSK (SPDR ICE Preferred Securities ETF) and PGF (Invesco Financial Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PSK tracks the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index while PGF tracks the Wachovia Hybrid & Preferred Securities Financial Index. Both are passively managed. Over the past 10 years, PSK returned 2.00%/yr vs 2.28%/yr for PGF. Their correlation of 0.82 suggests significant overlap in exposure. PSK charges 0.45%/yr vs 0.62%/yr for PGF.
Performance
PSK vs. PGF - Performance Comparison
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Returns By Period
In the year-to-date period, PSK achieves a -0.93% return, which is significantly lower than PGF's -0.57% return. Over the past 10 years, PSK has underperformed PGF with an annualized return of 2.00%, while PGF has yielded a comparatively higher 2.28% annualized return.
PSK
- 1D
- 0.03%
- 1M
- -0.91%
- YTD
- -0.93%
- 6M
- -1.06%
- 1Y
- 3.05%
- 3Y*
- 3.78%
- 5Y*
- -1.15%
- 10Y*
- 2.00%
PGF
- 1D
- -0.24%
- 1M
- -0.26%
- YTD
- -0.57%
- 6M
- -0.43%
- 1Y
- 3.27%
- 3Y*
- 4.83%
- 5Y*
- -1.00%
- 10Y*
- 2.28%
PSK vs. PGF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSK SPDR ICE Preferred Securities ETF | -0.93% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 17.59% | -4.54% | 12.44% |
PGF Invesco Financial Preferred ETF | -0.57% | 3.40% | 6.01% | 7.73% | -19.22% | 2.65% | 7.23% | 14.55% | -2.82% | 10.82% |
Correlation
The correlation between PSK and PGF is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2009 | 0.82 |
The correlation between PSK and PGF has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.
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Return for Risk
PSK vs. PGF — Risk / Return Rank
PSK
PGF
PSK vs. PGF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and Invesco Financial Preferred ETF (PGF). 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.
| PSK | PGF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 0.70 | -0.14 |
| Martin ratioReturn relative to average drawdown | 1.14 | 1.40 | -0.25 |
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Drawdowns
PSK vs. PGF - Drawdown Comparison
The maximum PSK drawdown since its inception was -30.10%, smaller than the maximum PGF drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for PSK and PGF.
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Drawdown Indicators
| PSK | PGF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.10% | -75.69% | +45.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.50% | -4.69% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -10.30% | -10.87% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -23.41% | +1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -30.10% | -28.92% | -1.18% |
Current DrawdownCurrent decline from peak | -6.31% | -5.62% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -7.00% | +3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 2.35% | +0.32% |
Volatility
PSK vs. PGF - Volatility Comparison
SPDR ICE Preferred Securities ETF (PSK) has a higher volatility of 1.71% compared to Invesco Financial Preferred ETF (PGF) at 1.49%. This indicates that PSK's price experiences larger fluctuations and is considered to be riskier than PGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSK | PGF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.49% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | 4.11% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.29% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.75% | 11.38% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.92% | 12.01% | -0.09% |
PSK vs. PGF - Expense Ratio Comparison
PSK has a 0.45% expense ratio, which is lower than PGF's 0.62% expense ratio.
Dividends
PSK vs. PGF - Dividend Comparison
PSK's dividend yield for the trailing twelve months is around 7.08%, more than PGF's 6.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGF Invesco Financial Preferred ETF | 6.36% | 6.30% | 6.24% | 6.15% | 5.95% | 4.68% | 4.91% | 5.14% | 5.73% | 5.32% | 5.92% | 5.68% |
PSK SPDR ICE Preferred Securities ETF | 7.08% | 6.82% | 6.55% | 6.44% | 6.55% | 5.03% | 5.08% | 5.44% | 6.47% | 6.91% | 5.92% | 5.35% |
Frequently Asked Questions
PSK and PGF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSK has higher volatility (1.71%) compared to PGF (1.49%). In terms of maximum drawdown, PSK dropped -30.10% vs PGF's -75.69%.
On 10-year performance, PGF leads with 2.28% vs 2.00% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, PGF has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGF has performed better with a 2.28% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSK is cheaper with a 0.45% expense ratio, compared with 0.62% for PGF.
PSK has the higher dividend yield at 7.08%, compared with 6.36% for PGF.
PSK tracks PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index, while PGF tracks Wachovia Hybrid & Preferred Securities Financial Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.45% for PSK and 0.62% for PGF.
PGF currently has the higher Sharpe Ratio (0.52 vs 0.50), 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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