VRP vs. PSK
VRP (Invesco Variable Rate Preferred ETF) and PSK (SPDR ICE Preferred Securities ETF) are both Preferred Stock funds - VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index while PSK tracks the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. Both are passively managed. Over the past 10 years, VRP returned 4.87%/yr vs 1.82%/yr for PSK. Their 0.54 correlation means they have sometimes moved together and sometimes differently. VRP charges 0.50%/yr vs 0.45%/yr for PSK.
Performance
VRP vs. PSK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VRP achieves a 2.44% return, which is significantly higher than PSK's -1.00% return. Over the past 10 years, VRP has outperformed PSK with an annualized return of 4.87%, while PSK has yielded a comparatively lower 1.82% annualized return.
VRP
- 1D
- 0.29%
- 1M
- -0.29%
- 6M
- 1.47%
- YTD
- 2.44%
- 1Y
- 5.13%
- 3Y*
- 8.73%
- 5Y*
- 4.09%
- 10Y*
- 4.87%
- ALL TIME*
- 5.04%
PSK
- 1D
- -0.10%
- 1M
- -0.72%
- 6M
- -2.62%
- YTD
- -1.00%
- 1Y
- -0.38%
- 3Y*
- 3.49%
- 5Y*
- -1.24%
- 10Y*
- 1.82%
- ALL TIME*
- 4.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.51M | $3.27M | $2.71M | |
| $16.35M | $14.15M | $17.52M |
VRP vs. PSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.44% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
PSK SPDR ICE Preferred Securities ETF | -1.00% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 17.59% | -4.54% | 12.44% |
Correlation
The correlation between VRP and PSK is 0.61, 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. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.54 |
The correlation between VRP and PSK has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VRP vs. PSK — Risk / Return Rank
VRP
PSK
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.
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 | PSK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.99 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | -0.07 | +1.85 |
| Martin ratioReturn relative to average drawdown | 9.26 | -0.12 | +9.38 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| VRP | PSK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -30.10% | -15.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -5.50% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -10.30% | +6.04% |
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 DrawdownCurrent decline from peak | -0.33% | -6.37% | +6.04% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -4.00% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 3.07% | -2.51% |
Volatility
VRP vs. PSK - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.71%, while SPDR ICE Preferred Securities ETF (PSK) has a volatility of 1.25%. 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.
Loading charts...
Volatility by Period
| VRP | PSK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.25% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 4.28% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 5.86% | -2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 10.76% | -4.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 11.88% | +2.65% |
VRP vs. PSK - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is higher than PSK's 0.45% expense ratio.
Dividends
VRP vs. PSK - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.16%, less than PSK's 7.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSK SPDR ICE Preferred Securities ETF | 7.17% | 6.82% | 6.55% | 6.44% | 6.55% | 5.03% | 5.08% | 5.44% | 6.47% | 6.91% | 5.92% | 5.35% |
VRP Invesco Variable Rate Preferred ETF | 6.16% | 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 PSK have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSK has higher volatility (1.25%) compared to VRP (0.71%). In terms of maximum drawdown, VRP dropped -46.04% vs PSK's -30.10%.
On 10-year performance, VRP leads with 4.87% vs 1.82% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, VRP has been the lower-risk option at 0.71%. 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 4.87% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSK is cheaper with a 0.45% expense ratio, compared with 0.50% for VRP.
PSK has the higher dividend yield at 7.17%, compared with 6.16% for VRP.
VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while PSK tracks PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for VRP and 0.45% for PSK.
VRP currently has the higher Sharpe Ratio (1.76 vs -0.06), 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.
Find the right allocation for VRP and PSK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer