VRP vs. EXE

Last updated Jun 4, 2026

VRP (Invesco Variable Rate Preferred ETF) is Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while EXE (Expand Energy Corp) is a stock. Over the past 5 years, VRP returned 4.38%/yr vs 16.15%/yr for EXE. At a 0.19 correlation, their price movements are largely independent.

Performance

VRP vs. EXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Preferred ETF (VRP) and Expand Energy Corp (EXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRP achieves a 2.11% return, which is significantly higher than EXE's -16.53% return.

VRP

• 1D: -0.12%
• 1M: 0.66%
• YTD: 2.11%
• 6M: 2.32%
• 1Y: 6.96%
• 3Y*: 9.76%
• 5Y*: 4.38%
• 10Y*: 5.23%

EXE

• 1D: -0.51%
• 1M: -9.08%
• YTD: -16.53%
• 6M: -25.04%
• 1Y: -20.49%
• 3Y*: 7.60%
• 5Y*: 16.15%
• 10Y*: —

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

VRP vs. EXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VRP Invesco Variable Rate Preferred ETF	2.11%	7.34%	11.10%	10.35%	-9.00%	3.62%
EXE Expand Energy Corp	-16.53%	14.35%	33.18%	-14.77%	62.34%	46.39%

Correlation

The correlation between VRP and EXE is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 11, 2021	0.19

The correlation between VRP and EXE shifts across timeframes, from -0.03 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VRP vs. EXE — Risk / Return Rank

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

VRP

VRP Risk / Return Rank: 71
VRP Sharpe Ratio Rank: 73
VRP Sortino Ratio Rank: 77
VRP Omega Ratio Rank: 85
VRP Calmar Ratio Rank: 48
VRP Martin Ratio Rank: 70

EXE

EXE Risk / Return Rank: 12
EXE Sharpe Ratio Rank: 13
EXE Sortino Ratio Rank: 14
EXE Omega Ratio Rank: 15
EXE Calmar Ratio Rank: 9
EXE Martin Ratio Rank: 8

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.

VRP vs. EXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and Expand Energy Corp (EXE). 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.

	VRP	EXE	Difference
Sharpe ratio: Return per unit of total volatility	2.42	-0.65	+3.07
Sortino ratio: Return per unit of downside risk	3.51	-0.79	+4.30
Omega ratio: Gain probability vs. loss probability	1.53	0.91	+0.62
Calmar ratio: Return relative to maximum drawdown	2.42	-0.82	+3.24
Martin ratio: Return relative to average drawdown	13.02	-1.38	+14.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRP vs. EXE - Sharpe Ratio Comparison

The current VRP Sharpe Ratio is 2.42, which is higher than the EXE Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of VRP and EXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VRP	EXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	-0.65	+3.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.46	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.56	-0.18

Drawdowns

VRP vs. EXE - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, which is greater than EXE's maximum drawdown of -29.69%. Use the drawdown chart below to compare losses from any high point for VRP and EXE.

Drawdown Indicators

	VRP	EXE	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	-29.69%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-25.04%	+22.15%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-25.04%	+20.78%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-29.69%	+15.93%
Max Drawdown (10Y) Largest decline over 10 years	-46.04%	—	—
Current Drawdown Current decline from peak	-0.12%	-25.04%	+24.92%
Average Drawdown Average peak-to-trough decline	-2.31%	-10.91%	+8.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	14.89%	-14.35%

Volatility

VRP vs. EXE - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.66%, while Expand Energy Corp (EXE) has a volatility of 6.99%. This indicates that VRP experiences smaller price fluctuations and is considered to be less risky than EXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRP	EXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	6.99%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	23.00%	-20.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	31.64%	-28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	35.10%	-28.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	34.77%	-20.24%

Dividends

VRP vs. EXE - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.30%, more than EXE's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXE Expand Energy Corp	3.50%	2.89%	2.45%	4.70%	10.16%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRP Invesco Variable Rate Preferred ETF	6.30%	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

Can I hold both VRP and EXE in my portfolio?

VRP and EXE have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRP or EXE?

EXE has higher volatility (6.99%) compared to VRP (0.66%). In terms of maximum drawdown, VRP dropped -46.04% vs EXE's -29.69%.

Which has better risk-adjusted returns?

VRP currently has the higher Sharpe Ratio (2.42 vs -0.65), 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.