Which returned more over the last year, PFF or VRP?

In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and VRP +1.6%.

Which is cheaper, PFF or VRP?

PFF is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do PFF and VRP overlap with the S&P 500?

By their latest filed holdings, 0% of PFF and 0% of VRP by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

PFF vs VRP: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PFF returned −4.2% to VRP's +1.6%, and PFF charges 0.45% to VRP's 0.50%.

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Net assets on Oct 27, 2026: $11.8bn for iShares Preferred and Income Securities ETF and $3.0bn for Invesco Variable Rate Preferred ETF.

PFF on its own →VRP on its own →

At a glance

−4.2%

PFF total return, 1 year

+1.6%

VRP total return, 1 year

0.45%

PFF expense ratio

0.50%

VRP expense ratio

Pair scorecard

PFF costs 0.05 points a year less; their one-year returns differ by 5.8 points; PFF is 3.9 times larger.

PFF vs VRP: Differences, Returns & Fees
Measure	PFF	VRP
Return
Measure	PFF	VRP
Total return, 1 year	−4.2%	+1.6%
Drawdown
Measure	PFF	VRP
Below its high	7.1%, high on May 8, 2026
Benchmark
Measure	PFF	VRP
What it tracks	ICE Exchange-Listed Preferred & Hybrid Securities Index	ICE Variable Rate Preferred & Hybrid Securities Index
Cost and size
Measure	PFF	VRP
Expense ratio	0.45%	0.50%
Net assets, as of Oct 27, 2026	$11.8bn	$3.0bn
Holdings
Measure	PFF	VRP
Holdings in common	12%
Top ten holdings, share of the fund	22.7%	9.1%

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026. Method

Risk and return

May 9, 2014 to Oct 23, 2026 · 650 weekly returns

PFF VRP

Return

Total return edge VRP +47.7% +79.9%

Annualized edge VRP +3.2% +4.8%

Price return edge VRP −27.2% −5.8%

Risk

Volatility edge VRP (slight) 11.4% 10.9%

Max drawdown edge PFF −27.2% −30.8%

Risk-adjusted

Sharpe edge VRP 0.15 0.30

Sortino edge VRP 0.21 0.42

Calmar edge VRP 0.12 0.16

Reading

VRP returned more: +79.9% to +47.7%. VRP swung slightly less: 10.9% to 11.4%. PFF fell less at its worst: −27.2% to −30.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PFF vs VRP: Differences, Returns & Fees
Measure	PFF	VRP	Edge	How it is measured
Return
Total return	+47.7%	+79.9%	VRP	Price change plus distributions, reinvested.
Annualized	+3.2%	+4.8%	VRP	Total return as a yearly rate.
Price return	−27.2%	−5.8%	VRP	Price change alone, distributions left out.
Risk
Volatility	11.4%	10.9%	VRP (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.1%	7.7%	VRP (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−27.2%	−30.8%	PFF	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.15	0.30	VRP	Return above Treasury bills per unit of volatility.
Sortino	0.21	0.42	VRP	Return above Treasury bills per unit of downside deviation.
Calmar	0.12	0.16	VRP	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 650 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

12%

By the books each fund has filed, PFF and VRP hold 12% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jun 30, 2026.

50%

0 half 100%

half

12% in common

Positions both hold · largest shared weight first PFF VRP

CITIGROUP CAPITAL XIII FIXED/FLOAT TRUST PREFERRED SECURITIES 1.31% 0.92%

BANK OF AMERICA CORP 6.45% FIXED/FLOAT JUNIOR SUBORDINATED NOTES DUE 2066. 0.40% 0.39%

GOLDMAN SACHS GROUP INC (THE) 1/1000TH INTEREST IN A SHARE OF FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES D 0.52% 0.38%

MORGAN STANLEY 1/1000TH DEPOSITARY SHARES OF FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES A 0.42% 0.32%

ATHENE HOLDING LTD 6.35%DEP 1/1000TH PERP NON CUM PFD SER A 0.42% 0.31%

US BANCORP 1/1000TH OF SERIES B NON-CUMULATIVE PERPETUAL PREFERRED STOCK 0.37% 0.28%

ANNALY CAPITAL MANAGEMENT INC 6.95% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 0.37% 0.27%

REINSURANCE GROUP OF AMERICA INC 7.125% FIXED-RATE RESET SUBORDINATED DEBENTURES DUE OCTOBER 15, 2052 0.36% 0.26%

APOLLO GLOBAL MANAGEMENT INC FIXED-RATE RESETTABLE JUNIOR SUBORDINATED NOTES DUE 9/15/2053 0.31% 0.23%

KEYCORP DEPOSITARY SHARES EACH REPRESENTING A 1/40TH OWNERSHIP INTEREST IN A SHARE OF 6.200% FIXED-RATE RESET PERPETUAL NON-CUMULATIVE PREFERRED STOCK 0.30% 0.22%

GOLDMAN SACHS GROUP INC (THE) 1/1000TH INTEREST IN A SHARE OF FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES A 0.29% 0.21%

ATHENE HOLDING LTD JUNIOR SUBORDINATED DEBENTURES DUE ON MARCH 30, 2064 0.29% 0.21%

Only in one fund ↓

Only in PFF

BOEING COMPANY (THE) 6% SER A DEP SHS REPSTG 1/20TH INT MANDATORY CONV PFD 3.93%

STRATEGY INC VARIABLE RATE SERIES A PERPETUAL STRETCH PREFERRED STOCK 2.95%

WELLS FARGO & COMPANY 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L 2.33%

ORACLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/2,000TH INTEREST IN A SHARE OF 6.50% SERIES D MANDATORY CONVERTIBLE PREFERRED STOCK 2.28%

HEWLETT PACKARD ENTERPRISE COMPANY 7.625% SERIES C MANDATORY CONVERTIBLE PREFERRED STOCK 1.76%

BANK OF AMERICA CORP 7.25% NON-CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK SERIES L 1.45%

ALBEMARLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/20TH INTEREST IN A SHARE OF 7.25% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK 1.29%

MICROCHIP TECHNOLOGY INC 7.50 % DEP SHS REPSTG 1/20TH PFD CONV SER A 1.16%

Only in VRP

Bank of America Corp. 1.12%

JPMorgan Chase & Co., Series OO 1.10%

Citigroup Inc., Series GG 0.99%

JPMorgan Chase & Co., Series NN 0.94%

Citigroup Inc. 0.91%

Bank of America Corp. 0.91%

BP Capital Markets PLC 0.89%

Goldman Sachs Group, Inc. (The), Series X 0.85%

Check overlap with more funds →

Side by side

PFF iShares Preferred and Income Securities ETF VRP Invesco Variable Rate Preferred ETF

Where it sits Bond ETF Bond ETF

Issuer iShares Invesco

What it is Tracks an index of Preferred and Income Securities Tracks an index

Total return, 1 year −4.2% +1.6%

Its benchmark over the same days +13.6% (MLRG) not measured

Gap to its benchmark −17.8 pts vs MLRG not measured

Expense ratio 0.45% 0.50%

Already in the S&P 500 0.0% 0.0%

Holdings 453 367

Net assets, as of Oct 27, 2026 $11.8bn $3.0bn

PFF and VRP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-ACFEFAE93F

PFF and VRP are built for the same job. How do they differ in cost, holdings and results?

What each follows. PFF follows ICE Exchange-Listed Preferred & Hybrid Securities Index and VRP follows ICE Variable Rate Preferred & Hybrid Securities Index.
Holdings in common. 12% of the weight is in the same securities (holdings dated Jun 30, 2026 and May 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 PFF returned −4.2% and VRP +1.6% with distributions reinvested, a gap of 5.8 points.

Data as of Oct 28, 2026.

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About each fund

PFF

PFF tracks an index of Preferred and Income Securities. Over the year to Oct 28, 2026 it returned −4.2% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.45% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 453 positions, with the top ten at 22.7%. It sat 7.1% below its high of May 8, 2026 on Oct 28, 2026.

VRP

VRP tracks an index. Over the year to Oct 28, 2026 it returned +1.6% with distributions reinvested. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 367 positions, with the top ten at 9.1%.

Questions people ask

Which returned more over the last year, PFF or VRP?: In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and VRP +1.6%.
Which is cheaper, PFF or VRP?: PFF is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do PFF and VRP overlap with the S&P 500?: By their latest filed holdings, 0% of PFF and 0% of VRP by weight is stocks the S&P 500 already holds.

Other comparisons

PFF vs PGX PFF vs PREF FPE vs PFF PFF vs PFFA FPE vs VRP PGX vs VRP PFFA vs VRP PFXF vs VRP

Where to next

PFF on its own →VRP on its own →Hold both: look the portfolio through →Rankings →PFF dividend history →PFF holdings →VRP dividend history →VRP holdings →Standards and sources →

Sources and dates

PFF filings on SEC EDGAR ↗

PFF prospectus with the expense ratio (SEC) ↗

iShares page for PFF ↗

VRP filings on SEC EDGAR ↗

VRP prospectus with the expense ratio (SEC) ↗

Invesco page for VRP ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, PFF against VRP, data as of Oct 28, 2026. https://etfiq.com/compare/any/pff-vs-vrp

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.