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

In the year to Oct 28, 2026, with distributions reinvested, PFFA returned −3.4% and VRP +1.6%.

Which is cheaper, PFFA or VRP?

VRP is cheaper, by 1.61 percentage points a year. That is about $161 on $10,000 held for a year. Fees come from each fund's prospectus.

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

By their latest filed holdings, 1% of PFFA and 0% of VRP by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

PFFA vs VRP: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PFFA returned −3.4% to VRP's +1.6%, and VRP charges 0.50% to PFFA's 2.11%.

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Net assets: $2.5bn on Jul 31, 2026 for Virtus InfraCap U.S. Preferred Stock ETF, and $3.0bn on Oct 27, 2026 for Invesco Variable Rate Preferred ETF.

PFFA on its own →VRP on its own →

At a glance

−3.4%

PFFA total return, 1 year

+1.6%

VRP total return, 1 year

2.11%

PFFA expense ratio

0.50%

VRP expense ratio

Pair scorecard

VRP costs 1.61 points a year less; their one-year returns differ by 5.0 points.

PFFA vs VRP: Differences, Returns & Fees
Measure	PFFA	VRP
Return
Measure	PFFA	VRP
Total return, 1 year	−3.4%	+1.6%
Drawdown
Measure	PFFA	VRP
Below its high	9.2%, high on May 8, 2026
Benchmark
Measure	PFFA	VRP
What it tracks	No index, actively managed	ICE Variable Rate Preferred & Hybrid Securities Index
Cost and size
Measure	PFFA	VRP
Expense ratio	2.11%	0.50%
Net assets, PFFA as of Jul 31, 2026 and VRP as of Oct 27, 2026	$2.5bn	$3.0bn
Holdings
Measure	PFFA	VRP
Holdings in common	2%
Top ten holdings, share of the fund	22.9%	9.1%

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

Risk and return

May 25, 2018 to Oct 23, 2026 · 439 weekly returns

PFFA VRP

Return

Total return edge PFFA +64.9% +47.9%

Annualized edge PFFA +6.1% +4.7%

Price return edge VRP −25.2% −5.6%

Risk

Volatility edge VRP 27.3% 12.9%

Max drawdown edge VRP −59.0% −30.8%

Risk-adjusted

Sharpe edge PFFA 0.25 0.21

Sortino edge PFFA 0.37 0.29

Calmar edge VRP 0.10 0.15

Reading

PFFA returned more: +64.9% to +47.9%. VRP swung less: 12.9% to 27.3%. VRP fell less at its worst: −30.8% to −59.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PFFA vs VRP: Differences, Returns & Fees
Measure	PFFA	VRP	Edge	How it is measured
Return
Total return	+64.9%	+47.9%	PFFA	Price change plus distributions, reinvested.
Annualized	+6.1%	+4.7%	PFFA	Total return as a yearly rate.
Price return	−25.2%	−5.6%	VRP	Price change alone, distributions left out.
Risk
Volatility	27.3%	12.9%	VRP	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	18.6%	9.1%	VRP	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−59.0%	−30.8%	VRP	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.25	0.21	PFFA	Return above Treasury bills per unit of volatility.
Sortino	0.37	0.29	PFFA	Return above Treasury bills per unit of downside deviation.
Calmar	0.10	0.15	VRP	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 439 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, PFFA and VRP hold 2% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.

50%

0 half 100%

half

2% in common

Positions both hold · largest shared weight first PFFA VRP

BANC OF CALIFORNIA INC DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 7.75% NON CUMULATIVE PERPETUAL PREFERRED STOCK SERIES F 2.16% 0.19%

FLAGSTAR BANK NA DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF WFIXED-TO-FLOATING RATE SERIES A NONCUMULATIVE PERPETUAL PREFERR 2.56% 0.17%

FIRST CITIZENS BANCSHARES INC DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.625% NON-CUMULATIVE PERPETUAL PREFERRED STOCK SER 1.98% 0.14%

RITHM CAPITAL CORP 6.375% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 0.42% 0.14%

CHIMERA INVESTMENT CORP 0.98% 0.12%

WESTERN ALLIANCE BANCORP DEPOSITARY SHARES EACH REPRESENTING A 1/400TH INTEREST IN A SHARE OF 4.250% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERR 0.87% 0.10%

MFA FINANCIAL INC 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 1.59% 0.09%

TWO HARBORS INVESTMENTS CORP 7.625% SERIES B FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 1.53% 0.09%

RITHM CAPITAL CORP 8.75% SERIES F FIXED-RATE RESET CUMULATIVE REDEEMABLE PREFERRED STOCK 0.79% 0.09%

TWO HARBORS INVESTMENTS CORP SER C FIXED TO FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 2.04% 0.09%

CHIMERA INVESTMENT CORP 7.75% SER C FIXED TO FLOAT CUM RED PFD STOCK 1.24% 0.09%

CHIMERA INVESTMENT CORP 8% SERIES D FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK 1.27% 0.07%

Only in one fund ↓

Only in PFFA

STRATEGY INC VARIABLE RATE SERIES A PERPETUAL STRETCH PREFERRED STOCK 2.63%

KKR & CO. INC 6.25% SERIES D MANDATORY CONVERTIBLE PREFERRED STOCK 2.54%

TELEPHONE & DATA SYSTEMS INC DEPOSITARY SHARES EACH REPRESENTING A 1/1,000 INTEREST IN A SHARE OF TELEPHONE AND DATA SYSTEMS, INC.S 6.000% SERIES VV C 2.38%

ENERGY TRANSFER LP 9.250% SERIES I FIXED RATE PERPETUAL PREFERRED UNITS 2.34%

RLJ LODGING TRUST SERIES A CUMULATIVE CONVERTIBLE PREFERRED SHARES 2.08%

GLOBAL NET LEASE INC 7.50% CUM RED PFD SER D 2.07%

ORACLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/2,000TH INTEREST IN A SHARE OF 6.50% SERIES D MANDATORY CONVERTIBLE PREFERRED STOCK 2.05%

BABCOCK & WILCOX ENTERPRISES INC 7.75% SERIES A CUMULATIVE PERPETUAL PREFERRED 2.04%

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 Capital XIII, Pfd. 0.92%

Citigroup Inc. 0.91%

Bank of America Corp. 0.91%

BP Capital Markets PLC 0.89%

Check overlap with more funds →

Side by side

PFFA Virtus InfraCap U.S. Preferred Stock ETF VRP Invesco Variable Rate Preferred ETF

Where it sits Bond ETF Bond ETF

Issuer Virtus Invesco

What it is Actively managed Tracks an index

Total return, 1 year −3.4% +1.6%

Expense ratio 2.11% 0.50%

Already in the S&P 500 0.8% 0.0%

Holdings 194 367

Net assets, PFFA as of Jul 31, 2026 and VRP as of Oct 27, 2026 $2.5bn $3.0bn

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

Client brief · page 1 of 2 Report BR-04DCD85DAC

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

What each follows. PFFA follows No index, actively managed and VRP follows ICE Variable Rate Preferred & Hybrid Securities Index.
Holdings in common. 2% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 PFFA returned −3.4% and VRP +1.6% with distributions reinvested, a gap of 5.0 points.

Data as of Oct 28, 2026.

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About each fund

PFFA

PFFA is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned −3.4% with distributions reinvested. The prospectus expense ratio is 2.11% a year. By its holdings filed for Jul 31, 2026, 1% of the fund by weight is stocks the S&P 500 also holds, across 194 positions, with the top ten at 22.9%. It sat 9.2% 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, PFFA or VRP?: In the year to Oct 28, 2026, with distributions reinvested, PFFA returned −3.4% and VRP +1.6%.
Which is cheaper, PFFA or VRP?: VRP is cheaper, by 1.61 percentage points a year. That is about $161 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do PFFA and VRP overlap with the S&P 500?: By their latest filed holdings, 1% of PFFA and 0% of VRP by weight is stocks the S&P 500 already holds.

Other comparisons

PFFA vs PREF PFFA vs PGX PFFA vs PFXF PFFA vs PFFD FPEI vs VRP PFFD vs VRP PREF vs VRP FPE vs VRP

Where to next

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

Sources and dates

PFFA filings on SEC EDGAR ↗

PFFA prospectus with the expense ratio (SEC) ↗

Virtus website ↗

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

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