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

In the year to Oct 28, 2026, with distributions reinvested, PFFD returned −6.2% and VRP +1.6%.

Which is cheaper, PFFD or VRP?

PFFD is cheaper, by 0.27 percentage points a year. That is about $27 on $10,000 held for a year. Fees come from each fund's prospectus.

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

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

Data as of Oct 28, 2026.

Across categories

PFFD vs VRP: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PFFD returned −6.2% to VRP's +1.6%, and PFFD charges 0.23% to VRP's 0.50%.

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Net assets: $2.0bn on Oct 12, 2026 for Global X U.S. Preferred ETF, and $3.0bn on Oct 27, 2026 for Invesco Variable Rate Preferred ETF.

PFFD on its own →VRP on its own →

At a glance

−6.2%

PFFD total return, 1 year

+1.6%

VRP total return, 1 year

0.23%

PFFD expense ratio

0.50%

VRP expense ratio

Pair scorecard

PFFD costs 0.27 points a year less; their one-year returns differ by 7.8 points; VRP is 1.5 times larger.

PFFD vs VRP: Differences, Returns & Fees
Measure	PFFD	VRP
Return
Measure	PFFD	VRP
Total return, 1 year	−6.2%	+1.6%
Drawdown
Measure	PFFD	VRP
Below its high	10.5%, high on Nov 5, 2021
Benchmark
Measure	PFFD	VRP
What it tracks	ICE BofA Diversified Core U.S. Preferred Securities Index	ICE Variable Rate Preferred & Hybrid Securities Index
Cost and size
Measure	PFFD	VRP
Expense ratio	0.23%	0.50%
Net assets, as of Oct 12, 2026	$2.0bn	$3.0bn
Holdings
Measure	PFFD	VRP
Holdings in common	8%
Top ten holdings, share of the fund	21.2%	9.1%

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

Risk and return

Sep 22, 2017 to Oct 23, 2026 · 474 weekly returns

PFFD VRP

Return

Total return edge VRP +16.8% +46.5%

Annualized edge VRP +1.7% +4.3%

Price return edge VRP −31.8% −9.3%

Risk

Volatility edge VRP (slight) 12.9% 12.4%

Max drawdown edge PFFD −26.1% −30.8%

Risk-adjusted

Sharpe edge VRP −0.01 0.18

Sortino edge VRP −0.02 0.26

Calmar edge VRP 0.07 0.14

Reading

VRP returned more: +46.5% to +16.8%. VRP swung slightly less: 12.4% to 12.9%. PFFD fell less at its worst: −26.1% to −30.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PFFD vs VRP: Differences, Returns & Fees
Measure	PFFD	VRP	Edge	How it is measured
Return
Total return	+16.8%	+46.5%	VRP	Price change plus distributions, reinvested.
Annualized	+1.7%	+4.3%	VRP	Total return as a yearly rate.
Price return	−31.8%	−9.3%	VRP	Price change alone, distributions left out.
Risk
Volatility	12.9%	12.4%	VRP (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	9.0%	8.8%	VRP (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−26.1%	−30.8%	PFFD	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.01	0.18	VRP	Return above Treasury bills per unit of volatility.
Sortino	−0.02	0.26	VRP	Return above Treasury bills per unit of downside deviation.
Calmar	0.07	0.14	VRP	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 474 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, PFFD and VRP hold 8% of their money in the same securities at the same weight. Holdings dated May 31, 2026.

50%

0 half 100%

half

8% in common

Positions both hold · largest shared weight first PFFD VRP

Citigroup Capital XIII PREFERRED STOCK 2.20% 0.92%

Bank of America Corp PREFERRED STOCK 0.39% 0.39%

Goldman Sachs Group Inc/The PREFERRED STOCK 0.87% 0.38%

Morgan Stanley PREFERRED STOCK 0.48% 0.32%

Athene Holding Ltd PREFERRED STOCK 0.70% 0.31%

US Bancorp PREFERRED STOCK 0.62% 0.28%

Reinsurance Group of America Inc PREFERRED STOCK 0.58% 0.26%

Apollo Global Management Inc PREFERRED STOCK 0.51% 0.23%

KeyCorp PREFERRED STOCK 0.50% 0.22%

Goldman Sachs Group Inc/The PREFERRED STOCK 0.48% 0.21%

Athene Holding Ltd PREFERRED STOCK 0.47% 0.21%

Jackson Financial Inc PREFERRED STOCK 0.47% 0.21%

Only in one fund ↓

Only in PFFD

Boeing Co/The PREFERRED STOCK 4.70%

Hewlett Packard Enterprise Co PREFERRED STOCK 2.71%

Wells Fargo & Co PREFERRED STOCK 2.25%

Microchip Technology Inc PREFERRED STOCK 1.76%

NextEra Energy Inc PREFERRED STOCK 1.71%

KKR & Co Inc PREFERRED STOCK 1.70%

Southern Co/The PREFERRED STOCK 1.64%

Bank of America Corp PREFERRED STOCK 1.30%

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

PFFD Global X U.S. Preferred ETF VRP Invesco Variable Rate Preferred ETF

Where it sits Bond ETF Bond ETF

Issuer Global X Invesco

What it is Tracks an index Tracks an index

Total return, 1 year −6.2% +1.6%

Expense ratio 0.23% 0.50%

Already in the S&P 500 0.0% 0.0%

Holdings 224 367

Net assets, PFFD as of Oct 12, 2026 and VRP as of Oct 27, 2026 $2.0bn $3.0bn

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

Client brief · page 1 of 2 Report BR-28BEAF8C88

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

What each follows. PFFD follows ICE BofA Diversified Core U.S. Preferred Securities Index and VRP follows ICE Variable Rate Preferred & Hybrid Securities Index.
Holdings in common. 8% of the weight is in the same securities (holdings dated May 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 PFFD returned −6.2% and VRP +1.6% with distributions reinvested, a gap of 7.8 points.

Data as of Oct 28, 2026.

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About each fund

PFFD

PFFD tracks an index. Over the year to Oct 28, 2026 it returned −6.2% with distributions reinvested. The prospectus expense ratio is 0.23% a year. By its holdings filed for May 31, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 224 positions, with the top ten at 21.2%. It sat 10.5% below its high of Nov 5, 2021 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, PFFD or VRP?: In the year to Oct 28, 2026, with distributions reinvested, PFFD returned −6.2% and VRP +1.6%.
Which is cheaper, PFFD or VRP?: PFFD is cheaper, by 0.27 percentage points a year. That is about $27 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do PFFD and VRP overlap with the S&P 500?: By their latest filed holdings, 0% of PFFD and 0% of VRP by weight is stocks the S&P 500 already holds.

Other comparisons

PFFD vs PGX PFFD vs PREF FPE vs PFFD PFF vs PFFD FPEI vs VRP PGX vs VRP FPE vs VRP PFF vs VRP

Where to next

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

Sources and dates

PFFD filings on SEC EDGAR ↗

PFFD prospectus with the expense ratio (SEC) ↗

Global X page for PFFD ↗

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

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