VRP vs. PFXF
VRP (Invesco Variable Rate Preferred ETF) and PFXF (VanEck Vectors Preferred Securities ex Financials ETF) are both Preferred Stock/Convertible Bonds funds - VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index while PFXF tracks the Wells Fargo Hybrid and Preferred Securities ex Financials Index. Both are passively managed. Over the past 10 years, VRP returned 5.19%/yr vs 5.12%/yr for PFXF. A 0.52 correlation means they provide meaningful diversification when combined. VRP charges 0.50%/yr vs 0.41%/yr for PFXF.
Performance
VRP vs. PFXF - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 2.23% return, which is significantly lower than PFXF's 5.24% return. Both investments have delivered pretty close results over the past 10 years, with VRP having a 5.19% annualized return and PFXF not far behind at 5.12%.
VRP
- 1D
- 0.04%
- 1M
- 0.49%
- YTD
- 2.23%
- 6M
- 2.36%
- 1Y
- 6.26%
- 3Y*
- 9.77%
- 5Y*
- 4.31%
- 10Y*
- 5.19%
PFXF
- 1D
- -0.33%
- 1M
- -1.17%
- YTD
- 5.24%
- 6M
- 4.73%
- 1Y
- 15.10%
- 3Y*
- 9.41%
- 5Y*
- 3.74%
- 10Y*
- 5.12%
VRP vs. PFXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.23% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 5.24% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -4.17% | 7.93% |
Correlation
The correlation between VRP and PFXF is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.52 |
The correlation between VRP and PFXF has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.
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Return for Risk
VRP vs. PFXF — Risk / Return Rank
VRP
PFXF
VRP vs. PFXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and VanEck Vectors Preferred Securities ex Financials ETF (PFXF). 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 | PFXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.28 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.60 | -0.42 |
| Martin ratioReturn relative to average drawdown | 11.69 | 8.59 | +3.10 |
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Drawdowns
VRP vs. PFXF - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than PFXF's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for VRP and PFXF.
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Drawdown Indicators
| VRP | PFXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -35.49% | -10.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -5.83% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -11.90% | +7.64% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -21.80% | +8.04% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | -35.49% | -10.55% |
Current DrawdownCurrent decline from peak | -0.16% | -3.96% | +3.80% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -3.90% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.76% | -1.22% |
Volatility
VRP vs. PFXF - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.54%, while VanEck Vectors Preferred Securities ex Financials ETF (PFXF) has a volatility of 3.71%. This indicates that VRP experiences smaller price fluctuations and is considered to be less risky than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VRP | PFXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 3.71% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 7.33% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 9.42% | -6.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 11.00% | -4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 13.25% | +1.28% |
VRP vs. PFXF - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is higher than PFXF's 0.41% expense ratio.
Dividends
VRP vs. PFXF - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.24%, which matches PFXF's 6.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 6.27% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
VRP Invesco Variable Rate Preferred ETF | 6.24% | 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 PFXF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFXF has higher volatility (3.71%) compared to VRP (0.54%). In terms of maximum drawdown, VRP dropped -46.04% vs PFXF's -35.49%.
On 10-year performance, VRP leads with 5.19% vs 5.12% for PFXF. On fees, PFXF is cheaper at 0.41% per year. On volatility, VRP has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VRP has performed better with a 5.19% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFXF is cheaper with a 0.41% expense ratio, compared with 0.50% for VRP.
PFXF has the higher dividend yield at 6.27%, compared with 6.24% for VRP.
VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.50% for VRP and 0.41% for PFXF.
VRP currently has the higher Sharpe Ratio (2.17 vs 1.61), 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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