VRP vs. PSK

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Variable Rate Preferred ETF (VRP) and SPDR ICE Preferred Securities ETF (PSK).

VRP and PSK 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. PSK is a passively managed fund by State Street that tracks the performance of the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. It was launched on Sep 16, 2009. Both VRP and PSK are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VRP vs. PSK - Performance Comparison

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

VRP vs. PSK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRP Invesco Variable Rate Preferred ETF	-0.19%	7.34%	11.10%	10.35%	-9.00%	4.20%	5.11%	18.84%	-6.62%	9.26%
PSK SPDR ICE Preferred Securities ETF	-1.59%	2.69%	4.81%	8.91%	-18.86%	1.57%	6.37%	17.59%	-4.54%	12.44%

Returns By Period

In the year-to-date period, VRP achieves a -0.19% return, which is significantly higher than PSK's -1.59% return. Over the past 10 years, VRP has outperformed PSK with an annualized return of 5.43%, while PSK has yielded a comparatively lower 2.29% annualized return.

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%

PSK

• 1D: 0.16%
• 1M: -3.59%
• YTD: -1.59%
• 6M: -3.57%
• 1Y: 1.83%
• 3Y*: 3.35%
• 5Y*: -0.79%
• 10Y*: 2.29%

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

VRP vs. PSK - Expense Ratio Comparison

VRP has a 0.50% expense ratio, which is higher than PSK's 0.45% expense ratio.

VRP

Invesco Variable Rate Preferred ETF

PSK

SPDR ICE Preferred Securities ETF

Return for Risk

VRP vs. PSK — 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

PSK

PSK Risk / Return Rank: 18
PSK Sharpe Ratio Rank: 20
PSK Sortino Ratio Rank: 17
PSK Omega Ratio Rank: 16
PSK Calmar Ratio Rank: 18
PSK Martin Ratio Rank: 17

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. PSK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and SPDR ICE Preferred Securities ETF (PSK). 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	PSK	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.26	+1.07
Sortino ratio Return per unit of downside risk	1.79	0.41	+1.39
Omega ratio Gain probability vs. loss probability	1.32	1.05	+0.27
Calmar ratio Return relative to maximum drawdown	1.37	0.26	+1.10
Martin ratio Return relative to average drawdown	6.80	0.65	+6.15
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. PSK - Sharpe Ratio Comparison

The current VRP Sharpe Ratio is 1.33, which is higher than the PSK Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of VRP and PSK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VRP	PSK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.26	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	-0.07	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.19	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.43	-0.06

Correlation

The correlation between VRP and PSK is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VRP vs. PSK - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.53%, less than PSK's 7.00% yield.

	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%
PSK SPDR ICE Preferred Securities ETF	7.00%	6.82%	6.55%	6.44%	6.55%	5.03%	5.08%	5.44%	6.47%	6.91%	5.92%	5.35%

Drawdowns

VRP vs. PSK - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, which is greater than PSK's maximum drawdown of -30.10%. Use the drawdown chart below to compare losses from any high point for VRP and PSK.

Drawdown Indicators

	VRP	PSK	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	-30.10%	-15.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	-5.50%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-22.23%	+8.47%
Max Drawdown (10Y) Largest decline over 10 years	-46.04%	-30.10%	-15.94%
Current Drawdown Current decline from peak	-1.87%	-6.93%	+5.06%
Average Drawdown Average peak-to-trough decline	-2.34%	-3.97%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.23%	-1.44%

Volatility

VRP vs. PSK - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 1.75%, while SPDR ICE Preferred Securities ETF (PSK) has a volatility of 2.21%. This indicates that VRP experiences smaller price fluctuations and is considered to be less risky than PSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRP	PSK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	2.21%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	4.12%	-1.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	7.17%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	10.69%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	11.89%	+2.64%