PSK vs. PGX
Compare and contrast key facts about SPDR ICE Preferred Securities ETF (PSK) and Invesco Preferred ETF (PGX).
PSK and PGX 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. PGX is a passively managed fund by Invesco that tracks the performance of the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. It was launched on Jan 31, 2008. Both PSK and PGX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PSK or PGX.
Key characteristics
| PSK | PGX | |
|---|---|---|
| YTD Return | 8.81% | 10.27% |
| 1Y Return | 14.92% | 17.58% |
| 3Y Return (Ann) | -0.92% | -1.21% |
| 5Y Return (Ann) | 1.16% | 1.31% |
| 10Y Return (Ann) | 3.58% | 3.72% |
| Sharpe Ratio | 1.79 | 1.90 |
| Sortino Ratio | 2.53 | 2.72 |
| Omega Ratio | 1.33 | 1.34 |
| Calmar Ratio | 0.94 | 0.94 |
| Martin Ratio | 8.16 | 9.28 |
| Ulcer Index | 1.93% | 1.95% |
| Daily Std Dev | 8.81% | 9.55% |
| Max Drawdown | -30.10% | -66.43% |
| Current Drawdown | -4.40% | -5.09% |
Correlation
The correlation between PSK and PGX 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.
Performance
PSK vs. PGX - Performance Comparison
In the year-to-date period, PSK achieves a 8.81% return, which is significantly lower than PGX's 10.27% return. Both investments have delivered pretty close results over the past 10 years, with PSK having a 3.58% annualized return and PGX not far ahead at 3.72%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PSK vs. PGX - Expense Ratio Comparison
PSK has a 0.45% expense ratio, which is lower than PGX's 0.52% expense ratio.
Risk-Adjusted Performance
PSK vs. PGX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and Invesco Preferred ETF (PGX). 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.
Dividends
PSK vs. PGX - Dividend Comparison
PSK's dividend yield for the trailing twelve months is around 6.24%, more than PGX's 5.83% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSK SPDR ICE Preferred Securities ETF | 6.24% | 6.44% | 6.55% | 5.03% | 5.49% | 5.44% | 6.47% | 6.91% | 5.92% | 5.35% | 5.65% | 7.73% |
PGX Invesco Preferred ETF | 5.83% | 6.42% | 6.29% | 4.82% | 4.89% | 5.30% | 6.08% | 5.66% | 6.02% | 5.84% | 5.98% | 6.78% |
Drawdowns
PSK vs. PGX - Drawdown Comparison
The maximum PSK drawdown since its inception was -30.10%, smaller than the maximum PGX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for PSK and PGX. For additional features, visit the drawdowns tool.
Volatility
PSK vs. PGX - Volatility Comparison
The current volatility for SPDR ICE Preferred Securities ETF (PSK) is 3.07%, while Invesco Preferred ETF (PGX) has a volatility of 3.44%. This indicates that PSK experiences smaller price fluctuations and is considered to be less risky than PGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.