VRP vs. IPPP

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Variable Rate Preferred ETF (VRP) and Preferred-Plus ETF (IPPP).

VRP and IPPP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VRP is a passively managed fund by Invesco that tracks the performance of the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. It was launched on May 1, 2014. IPPP is an actively managed fund by Innovative Portfolios. It was launched on Dec 24, 2018.

Performance

VRP vs. IPPP - Performance Comparison

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

VRP vs. IPPP - Yearly Performance Comparison

	2026 (YTD)
VRP Invesco Variable Rate Preferred ETF	-1.18%
IPPP Preferred-Plus ETF	0.00%

Returns By Period

VRP

• 1D: 0.67%
• 1M: -1.55%
• YTD: -0.19%
• 6M: 0.77%
• 1Y: 5.49%
• 3Y*: 9.37%
• 5Y*: 4.27%
• 10Y*: 5.43%

IPPP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VRP vs. IPPP - Expense Ratio Comparison

VRP has a 0.50% expense ratio, which is lower than IPPP's 1.27% expense ratio.

IPPP

Preferred-Plus ETF

VRP

Invesco Variable Rate Preferred ETF

Return for Risk

VRP vs. IPPP — Risk / Return Rank

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

VRP

VRP Risk / Return Rank: 72
VRP Sharpe Ratio Rank: 76
VRP Sortino Ratio Rank: 73
VRP Omega Ratio Rank: 84
VRP Calmar Ratio Rank: 57
VRP Martin Ratio Rank: 71

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. IPPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and Preferred-Plus ETF (IPPP). 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	IPPP	Difference
Sharpe ratio Return per unit of total volatility	1.33	—	—
Sortino ratio Return per unit of downside risk	1.79	—	—
Omega ratio Gain probability vs. loss probability	1.32	—	—
Calmar ratio Return relative to maximum drawdown	1.37	—	—
Martin ratio Return relative to average drawdown	6.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VRP	IPPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	—	—

Dividends

VRP vs. IPPP - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.53%, while IPPP has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VRP Invesco Variable Rate Preferred ETF	6.53%	6.53%	5.78%	6.61%	5.38%	4.25%	4.17%	4.71%	5.28%	4.69%	5.10%	5.02%
IPPP Preferred-Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VRP vs. IPPP - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, which is greater than IPPP's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VRP and IPPP.

Drawdown Indicators

	VRP	IPPP	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	0.00%	-46.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.04%	—	—
Current Drawdown Current decline from peak	-1.87%	0.00%	-1.87%
Average Drawdown Average peak-to-trough decline	-2.34%	0.00%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	—	—

Volatility

Volatility by Period

	VRP	IPPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	0.00%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	0.00%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	0.00%	+14.53%