VRP vs. PFLD
VRP (Invesco Variable Rate Preferred ETF) and PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) are both Preferred Stock funds - VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index while PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, VRP returned 4.06%/yr vs 0.83%/yr for PFLD. Their 0.54 correlation means they have sometimes moved together and sometimes differently. VRP charges 0.50%/yr vs 0.45%/yr for PFLD.
Performance
VRP vs. PFLD - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 1.98% return, which is significantly lower than PFLD's 2.63% 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%
PFLD
- 1D
- 0.05%
- 1M
- -0.31%
- 6M
- 1.39%
- YTD
- 2.63%
- 1Y
- 5.07%
- 3Y*
- 4.12%
- 5Y*
- 0.83%
- 10Y*
- —
- ALL TIME*
- 2.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.21M | $1.10M | $1.21M | |
| $11.39M | $12.80M | $16.85M |
VRP vs. PFLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 1.98% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 0.96% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.63% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 0.86% |
Correlation
The correlation between VRP and PFLD is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.54 |
The correlation between VRP and PFLD has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
VRP vs. PFLD — Risk / Return Rank
VRP
PFLD
VRP vs. PFLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). 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 | PFLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.31 | -0.60 |
| Martin ratioReturn relative to average drawdown | 8.89 | 10.68 | -1.79 |
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Drawdowns
VRP vs. PFLD - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than PFLD's maximum drawdown of -33.20%. Use the drawdown chart below to compare losses from any high point for VRP and PFLD.
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Drawdown Indicators
| VRP | PFLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -33.20% | -12.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.23% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -6.41% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -15.51% | +1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -0.41% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -4.08% | +1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.48% | +0.07% |
Volatility
VRP vs. PFLD - Volatility Comparison
Invesco Variable Rate Preferred ETF (VRP) has a higher volatility of 0.69% compared to AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) at 0.59%. This indicates that VRP's price experiences larger fluctuations and is considered to be riskier than PFLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VRP | PFLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.59% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 2.26% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 3.23% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 7.50% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 13.22% | +1.31% |
VRP vs. PFLD - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is higher than PFLD's 0.45% expense ratio.
Dividends
VRP vs. PFLD - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.19%, more than PFLD's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.45% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 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
VRP and PFLD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VRP has higher volatility (0.69%) compared to PFLD (0.59%). In terms of maximum drawdown, VRP dropped -46.04% vs PFLD's -33.20%.
On 5-year performance, VRP leads with 4.06% vs 0.83% for PFLD. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.59%. 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 4.06% return vs 0.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFLD is cheaper with a 0.45% expense ratio, compared with 0.50% for VRP.
VRP has the higher dividend yield at 6.19%, compared with 5.45% for PFLD.
VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. They also come from different issuers: Invesco and Advisors Asset Management. Their fees differ too: 0.50% for VRP and 0.45% for PFLD.
VRP currently has the higher Sharpe Ratio (1.68 vs 1.60), 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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