VRIG vs. MISL

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Variable Rate Investment Grade ETF (VRIG) and First Trust Indxx Aerospace & Defense ETF (MISL).

VRIG and MISL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VRIG is an actively managed fund by Invesco. It was launched on Sep 20, 2016. MISL is a passively managed fund by First Trust that tracks the performance of the Indxx US Aerospace & Defense Index - Benchmark TR Gross. It was launched on Oct 25, 2022.

Performance

VRIG vs. MISL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Investment Grade ETF (VRIG) and First Trust Indxx Aerospace & Defense ETF (MISL). The values are adjusted to include any dividend payments, if applicable.

VRIG vs. MISL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VRIG Invesco Variable Rate Investment Grade ETF	0.90%	5.05%	6.81%	7.37%	1.49%
MISL First Trust Indxx Aerospace & Defense ETF	4.55%	41.24%	20.48%	14.78%	8.22%

Returns By Period

In the year-to-date period, VRIG achieves a 0.90% return, which is significantly lower than MISL's 4.55% return.

VRIG

• 1D: 0.06%
• 1M: 0.07%
• YTD: 0.90%
• 6M: 2.12%
• 1Y: 4.82%
• 3Y*: 6.25%
• 5Y*: 4.29%
• 10Y*: —

MISL

• 1D: 3.74%
• 1M: -9.29%
• YTD: 4.55%
• 6M: 7.93%
• 1Y: 48.25%
• 3Y*: 26.59%
• 5Y*: —
• 10Y*: —

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

VRIG vs. MISL - Expense Ratio Comparison

VRIG has a 0.30% expense ratio, which is lower than MISL's 0.60% expense ratio.

MISL

First Trust Indxx Aerospace & Defense ETF

VRIG

Invesco Variable Rate Investment Grade ETF

Return for Risk

VRIG vs. MISL — Risk / Return Rank

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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 98
VRIG Martin Ratio Rank: 99

MISL

MISL Risk / Return Rank: 91
MISL Sharpe Ratio Rank: 91
MISL Sortino Ratio Rank: 92
MISL Omega Ratio Rank: 88
MISL Calmar Ratio Rank: 91
MISL Martin Ratio Rank: 90

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.

VRIG vs. MISL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) and First Trust Indxx Aerospace & Defense ETF (MISL). 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.

	VRIG	MISL	Difference
Sharpe ratio Return per unit of total volatility	5.20	2.02	+3.18
Sortino ratio Return per unit of downside risk	6.80	2.73	+4.07
Omega ratio Gain probability vs. loss probability	3.21	1.35	+1.85
Calmar ratio Return relative to maximum drawdown	6.26	3.13	+3.13
Martin ratio Return relative to average drawdown	52.80	11.65	+41.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRIG vs. MISL - Sharpe Ratio Comparison

The current VRIG Sharpe Ratio is 5.20, which is higher than the MISL Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VRIG and MISL, 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

	VRIG	MISL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.20	2.02	+3.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.41	-0.51

Correlation

The correlation between VRIG and MISL is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VRIG vs. MISL - Dividend Comparison

VRIG's dividend yield for the trailing twelve months is around 4.89%, more than MISL's 0.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VRIG Invesco Variable Rate Investment Grade ETF	4.89%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%
MISL First Trust Indxx Aerospace & Defense ETF	0.37%	0.40%	0.74%	0.63%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VRIG vs. MISL - Drawdown Comparison

The maximum VRIG drawdown since its inception was -13.04%, smaller than the maximum MISL drawdown of -17.91%. Use the drawdown chart below to compare losses from any high point for VRIG and MISL.

Drawdown Indicators

	VRIG	MISL	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-17.91%	+4.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.78%	-15.45%	+14.67%
Max Drawdown (5Y) Largest decline over 5 years	-2.28%	—	—
Current Drawdown Current decline from peak	-0.02%	-12.30%	+12.28%
Average Drawdown Average peak-to-trough decline	-0.27%	-3.16%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	4.15%	-4.06%

Volatility

VRIG vs. MISL - Volatility Comparison

The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.18%, while First Trust Indxx Aerospace & Defense ETF (MISL) has a volatility of 8.06%. This indicates that VRIG experiences smaller price fluctuations and is considered to be less risky than MISL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRIG	MISL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	8.06%	-7.88%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	17.72%	-17.35%
Volatility (1Y) Calculated over the trailing 1-year period	0.93%	24.00%	-23.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	18.67%	-17.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	18.67%	-14.84%