VRP vs. PTY

Last updated Jun 9, 2026

VRP (Invesco Variable Rate Preferred ETF) and PTY (PIMCO Corporate & Income Opportunity Fund) are both funds - VRP is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while PTY is a Corporate Bonds fund managed by FPA. Over the past 10 years, VRP returned 5.21%/yr vs 8.37%/yr for PTY. At a 0.31 correlation, their price movements are largely independent. VRP charges 0.50%/yr vs 1.19%/yr for PTY.

Performance

VRP vs. PTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Preferred ETF (VRP) and PIMCO Corporate & Income Opportunity Fund (PTY). 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 PTY's -3.69% return. Over the past 10 years, VRP has underperformed PTY with an annualized return of 5.21%, while PTY has yielded a comparatively higher 8.37% annualized return.

VRP

• 1D: -0.04%
• 1M: 0.08%
• YTD: 1.98%
• 6M: 2.44%
• 1Y: 6.69%
• 3Y*: 9.63%
• 5Y*: 4.33%
• 10Y*: 5.21%

PTY

• 1D: 0.00%
• 1M: -2.72%
• YTD: -3.69%
• 6M: -4.44%
• 1Y: -4.39%
• 3Y*: 6.93%
• 5Y*: -0.64%
• 10Y*: 8.37%

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

VRP vs. PTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRP Invesco Variable Rate Preferred ETF	1.98%	7.34%	11.10%	10.35%	-9.00%	4.20%	5.11%	18.84%	-6.62%	9.26%
PTY PIMCO Corporate & Income Opportunity Fund	-3.69%	-0.51%	19.87%	22.56%	-18.71%	0.40%	3.24%	35.36%	2.49%	26.63%

Correlation

The correlation between VRP and PTY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 1, 2014	0.31

Return for Risk

VRP vs. PTY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VRP

VRP Risk / Return Rank: 75
VRP Sharpe Ratio Rank: 80
VRP Sortino Ratio Rank: 83
VRP Omega Ratio Rank: 88
VRP Calmar Ratio Rank: 52
VRP Martin Ratio Rank: 74

PTY

PTY Risk / Return Rank: 2
PTY Sharpe Ratio Rank: 1
PTY Sortino Ratio Rank: 1
PTY Omega Ratio Rank: 1
PTY Calmar Ratio Rank: 2
PTY Martin Ratio Rank: 2

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. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) and PIMCO Corporate & Income Opportunity Fund (PTY). 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	PTY	Difference
Sharpe ratio: Return per unit of total volatility	2.33	-0.41	+2.73
Sortino ratio: Return per unit of downside risk	3.37	-0.48	+3.85
Omega ratio: Gain probability vs. loss probability	1.51	0.93	+0.58
Calmar ratio: Return relative to maximum drawdown	2.33	-0.29	+2.61
Martin ratio: Return relative to average drawdown	12.52	-0.57	+13.09
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. PTY - Sharpe Ratio Comparison

The current VRP Sharpe Ratio is 2.33, which is higher than the PTY Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of VRP and PTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VRP	PTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	-0.41	+2.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	-0.04	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.40	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.46	-0.08

Drawdowns

VRP vs. PTY - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, smaller than the maximum PTY drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for VRP and PTY.

Drawdown Indicators

	VRP	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	-60.86%	+14.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-15.44%	+12.55%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-16.04%	+11.78%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-41.38%	+27.62%
Max Drawdown (10Y) Largest decline over 10 years	-46.04%	-46.55%	+0.51%
Current Drawdown Current decline from peak	-0.25%	-12.59%	+12.34%
Average Drawdown Average peak-to-trough decline	-2.31%	-8.61%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	7.72%	-7.18%

Volatility

VRP vs. PTY - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.63%, while PIMCO Corporate & Income Opportunity Fund (PTY) has a volatility of 2.70%. This indicates that VRP experiences smaller price fluctuations and is considered to be less risky than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRP	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	2.70%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	7.49%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.90%	10.82%	-7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	17.40%	-10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	21.20%	-6.67%

VRP vs. PTY - Expense Ratio Comparison

VRP has a 0.50% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

VRP vs. PTY - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.31%, less than PTY's 12.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTY PIMCO Corporate & Income Opportunity Fund	12.03%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%
VRP Invesco Variable Rate Preferred ETF	6.31%	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 PTY in my portfolio?

VRP and PTY have a correlation of 0.35, 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 PTY?

PTY has higher volatility (2.70%) compared to VRP (0.63%). In terms of maximum drawdown, VRP dropped -46.04% vs PTY's -60.86%.

Which has better risk-adjusted returns?

VRP currently has the higher Sharpe Ratio (2.33 vs -0.41), 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.