VPC vs. VRP
VPC (Virtus Private Credit ETF) and VRP (Invesco Variable Rate Preferred ETF) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while VRP is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. Both are passively managed. Over the past 5 years, VPC returned 0.37%/yr vs 4.30%/yr for VRP. At a 0.42 correlation, their price movements are largely independent. VPC charges 0.75%/yr vs 0.50%/yr for VRP.
Performance
VPC vs. VRP - Performance Comparison
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Returns By Period
In the year-to-date period, VPC achieves a -13.15% return, which is significantly lower than VRP's 2.19% return.
VPC
- 1D
- -1.45%
- 1M
- -4.16%
- YTD
- -13.15%
- 6M
- -11.96%
- 1Y
- -16.89%
- 3Y*
- 1.05%
- 5Y*
- 0.37%
- 10Y*
- —
VRP
- 1D
- -0.21%
- 1M
- 0.45%
- YTD
- 2.19%
- 6M
- 2.32%
- 1Y
- 6.26%
- 3Y*
- 9.75%
- 5Y*
- 4.30%
- 10Y*
- 5.18%
VPC vs. VRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -13.15% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
VRP Invesco Variable Rate Preferred ETF | 2.19% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 11.71% |
Correlation
The correlation between VPC and VRP is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.42 |
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Return for Risk
VPC vs. VRP — Risk / Return Rank
VPC
VRP
VPC vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) and Invesco Variable Rate Preferred ETF (VRP). 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.
| VPC | VRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.43 | ||
| Sortino ratioReturn per unit of downside risk | -4.87 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.46 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.17 | -2.92 |
| Martin ratioReturn relative to average drawdown | -1.39 | 11.68 | -13.07 |
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Drawdowns
VPC vs. VRP - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, which is greater than VRP's maximum drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for VPC and VRP.
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Drawdown Indicators
| VPC | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -46.04% | -7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -2.89% | -19.87% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -4.26% | -20.60% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -13.76% | -11.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -23.08% | -0.21% | -22.87% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -2.30% | -5.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.13% | 0.54% | +11.59% |
Volatility
VPC vs. VRP - Volatility Comparison
Virtus Private Credit ETF (VPC) has a higher volatility of 4.15% compared to Invesco Variable Rate Preferred ETF (VRP) at 0.54%. This indicates that VPC's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPC | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 0.54% | +3.61% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 2.33% | +8.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.52% | 2.90% | +10.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 6.55% | +7.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 14.53% | +5.99% |
VPC vs. VRP - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is higher than VRP's 0.50% expense ratio.
Dividends
VPC vs. VRP - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.77%, more than VRP's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | 16.77% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.69% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
VPC and VRP have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPC has higher volatility (4.15%) compared to VRP (0.54%). In terms of maximum drawdown, VPC dropped -53.45% vs VRP's -46.04%.
On 5-year performance, VRP leads with 4.30% vs 0.37% for VPC. On fees, VRP is cheaper at 0.50% per year. On volatility, VRP has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.30% return vs 0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRP is cheaper with a 0.50% expense ratio, compared with 0.75% for VPC.
VPC has the higher dividend yield at 16.77%, compared with 6.69% for VRP.
VPC is categorized as Nontraditional Bonds, while VRP is Preferred Stock/Convertible Bonds. VPC tracks Indxx Private Credit Index, while VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. They also come from different issuers: Virtus Investment Partners and Invesco. Their fees differ too: 0.75% for VPC and 0.50% for VRP.
VRP currently has the higher Sharpe Ratio (2.17 vs -1.26), 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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