PSK vs. PGF

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR ICE Preferred Securities ETF (PSK) and Invesco Financial Preferred ETF (PGF).

PSK and PGF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSK is a passively managed fund by State Street that tracks the performance of the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. It was launched on Sep 16, 2009. PGF is a passively managed fund by Invesco that tracks the performance of the Wachovia Hybrid & Preferred Securities Financial Index. It was launched on Dec 1, 2006. Both PSK and PGF 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

PSK vs. PGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) and Invesco Financial Preferred ETF (PGF). The values are adjusted to include any dividend payments, if applicable.

PSK vs. PGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSK SPDR ICE Preferred Securities ETF	-1.29%	2.69%	4.81%	8.91%	-18.86%	1.57%	6.37%	17.59%	-4.54%	12.44%
PGF Invesco Financial Preferred ETF	-0.67%	3.40%	6.01%	7.73%	-19.22%	2.65%	7.23%	14.55%	-2.82%	10.82%

Returns By Period

In the year-to-date period, PSK achieves a -1.29% return, which is significantly lower than PGF's -0.67% return. Over the past 10 years, PSK has underperformed PGF with an annualized return of 2.32%, while PGF has yielded a comparatively higher 2.59% annualized return.

PSK

• 1D: 0.30%
• 1M: -3.66%
• YTD: -1.29%
• 6M: -4.04%
• 1Y: 2.30%
• 3Y*: 3.46%
• 5Y*: -0.73%
• 10Y*: 2.32%

PGF

• 1D: 0.58%
• 1M: -3.25%
• YTD: -0.67%
• 6M: -3.51%
• 1Y: 3.09%
• 3Y*: 4.68%
• 5Y*: -0.50%
• 10Y*: 2.59%

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

PSK vs. PGF - Expense Ratio Comparison

PSK has a 0.45% expense ratio, which is lower than PGF's 0.62% expense ratio.

PGF

Invesco Financial Preferred ETF

PSK

SPDR ICE Preferred Securities ETF

Return for Risk

PSK vs. PGF — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 19
PSK Sharpe Ratio Rank: 20
PSK Sortino Ratio Rank: 18
PSK Omega Ratio Rank: 17
PSK Calmar Ratio Rank: 20
PSK Martin Ratio Rank: 18

PGF

PGF Risk / Return Rank: 22
PGF Sharpe Ratio Rank: 23
PGF Sortino Ratio Rank: 21
PGF Omega Ratio Rank: 20
PGF Calmar Ratio Rank: 27
PGF Martin Ratio Rank: 22

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.

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.

	PSK	PGF	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.40	-0.08
Sortino ratio Return per unit of downside risk	0.50	0.60	-0.11
Omega ratio Gain probability vs. loss probability	1.06	1.08	-0.01
Calmar ratio Return relative to maximum drawdown	0.39	0.66	-0.27
Martin ratio Return relative to average drawdown	0.95	1.48	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSK vs. PGF - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.32, which is comparable to the PGF Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of PSK and PGF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSK	PGF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.40	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.04	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.22	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.15	+0.28

Correlation

The correlation between PSK and PGF is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PSK vs. PGF - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.02%, more than PGF's 6.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSK SPDR ICE Preferred Securities ETF	7.02%	6.82%	6.55%	6.44%	6.55%	5.03%	5.08%	5.44%	6.47%	6.91%	5.92%	5.35%
PGF Invesco Financial Preferred ETF	6.35%	6.30%	6.24%	6.15%	5.95%	4.68%	4.91%	5.14%	5.73%	5.32%	5.92%	5.68%

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.

Drawdown Indicators

	PSK	PGF	Difference
Max Drawdown Largest 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 (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 Drawdown Current decline from peak	-6.65%	-5.71%	-0.94%
Average Drawdown Average peak-to-trough decline	-3.97%	-7.03%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.09%	+0.16%

Volatility

PSK vs. PGF - Volatility Comparison

SPDR ICE Preferred Securities ETF (PSK) and Invesco Financial Preferred ETF (PGF) have volatilities of 2.26% and 2.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	PGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.33%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	4.41%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.17%	7.69%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.69%	11.35%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	11.99%	-0.10%