VRP vs. NPFI

Last updated Aug 2, 2026

VRP (Invesco Variable Rate Preferred ETF) and NPFI (Nuveen Preferred And Income ETF) are both Preferred Stock funds. VRP is passively managed, while NPFI is actively managed. Over the past year, VRP returned 5.08% vs 5.72% for NPFI. Their 0.51 correlation means they have sometimes moved together and sometimes differently. VRP charges 0.50%/yr vs 0.55%/yr for NPFI.

Performance

VRP vs. NPFI - Performance Comparison

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

Returns By Period

In the year-to-date period, VRP achieves a 1.98% return, which is significantly higher than NPFI's 1.83% return.

VRP

• 1D: 0.17%
• 1M: -0.74%
• 6M: 1.09%
• YTD: 1.98%
• 1Y: 5.08%
• 3Y*: 8.37%
• 5Y*: 4.06%
• 10Y*: 4.86%
• ALL TIME*: 5.00%

NPFI

• 1D: 0.12%
• 1M: -0.48%
• 6M: 1.20%
• YTD: 1.83%
• 1Y: 5.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NPFI Nuveen Preferred And Income ETF	$434.98K	$466.60K	$460.13K
VRP Invesco Variable Rate Preferred ETF	$11.39M	$12.80M	$16.85M

VRP vs. NPFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VRP Invesco Variable Rate Preferred ETF	1.98%	7.34%	7.96%
NPFI Nuveen Preferred And Income ETF	1.83%	9.21%	6.37%

Correlation

The correlation between VRP and NPFI is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.51

The correlation between VRP and NPFI has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.

Return for Risk

VRP vs. NPFI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VRP

VRP Risk / Return Rank: 70
VRP Sharpe Ratio Rank: 74
VRP Sortino Ratio Rank: 74
VRP Omega Ratio Rank: 81
VRP Calmar Ratio Rank: 47
VRP Martin Ratio Rank: 73

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 84
NPFI Sortino Ratio Rank: 87
NPFI Omega Ratio Rank: 91
NPFI Calmar Ratio Rank: 51
NPFI Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VRP vs. NPFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and Nuveen Preferred And Income ETF (NPFI). 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.

	VRP	NPFI	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.97	-0.29
Sortino ratio: Return per unit of downside risk	2.39	2.94	-0.54
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	1.71	1.81	-0.11
Martin ratio: Return relative to average drawdown	8.89	8.58	+0.31

VRP vs. NPFI - Sharpe Ratio Comparison

The current VRP Sharpe Ratio is 1.68, which is comparable to the NPFI Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VRP and NPFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VRP vs. NPFI - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, which is greater than NPFI's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for VRP and NPFI.

Drawdown Indicators

	VRP	NPFI	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	-3.18%	-42.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-3.18%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	—	—
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	-0.78%	-0.65%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.28%	-0.33%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.67%	-0.12%

Volatility

VRP vs. NPFI - Volatility Comparison

Invesco Variable Rate Preferred ETF (VRP) and Nuveen Preferred And Income ETF (NPFI) have volatilities of 0.69% and 0.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRP	NPFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.67%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	2.57%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	2.93%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	2.91%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	2.91%	+11.62%

VRP vs. NPFI - Expense Ratio Comparison

VRP has a 0.50% expense ratio, which is lower than NPFI's 0.55% expense ratio.

Dividends

VRP vs. NPFI - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.19%, less than NPFI's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPFI Nuveen Preferred And Income ETF	5.93%	6.33%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRP Invesco Variable Rate Preferred ETF	6.19%	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 NPFI in my portfolio?

VRP and NPFI have a correlation of 0.57, 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 NPFI?

VRP has higher volatility (0.69%) compared to NPFI (0.67%). In terms of maximum drawdown, VRP dropped -46.04% vs NPFI's -3.18%.

Which ETF is better, VRP or NPFI?

On 1-year performance, NPFI leads with 5.72% vs 5.08% for VRP. On fees, VRP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VRP or NPFI?

Over the 1-year period, NPFI has performed better with a 5.72% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRP or NPFI?

VRP is cheaper with a 0.50% expense ratio, compared with 0.55% for NPFI.

Which ETF pays a higher dividend yield, VRP or NPFI?

VRP has the higher dividend yield at 6.19%, compared with 5.93% for NPFI.

What is the main difference between VRP and NPFI?

They also come from different issuers: Invesco and Nuveen. Their fees differ too: 0.50% for VRP and 0.55% for NPFI.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (1.97 vs 1.68), 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.