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

In the year to Oct 28, 2026, with distributions reinvested, PGX returned −9.5% and VRP +1.6%.

Which is cheaper, PGX or VRP?

Neither: PGX and VRP both charge 0.50% a year. Fees come from each fund's prospectus.

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

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

Data as of Oct 28, 2026.

Across categories

PGX vs VRP: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PGX returned −9.5% to VRP's +1.6%.

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Net assets on Oct 27, 2026: $3.6bn for Invesco Preferred ETF and $3.0bn for Invesco Variable Rate Preferred ETF.

PGX on its own →VRP on its own →

At a glance

−9.5%

PGX total return, 1 year

+1.6%

VRP total return, 1 year

0.50%

PGX expense ratio

0.50%

VRP expense ratio

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 11.1 points; PGX is 1.2 times larger.

PGX vs VRP: Differences, Returns & Fees
Measure	PGX	VRP
Return
Measure	PGX	VRP
Total return, 1 year	−9.5%	+1.6%
Drawdown
Measure	PGX	VRP
Below its high	12.3%, high on Nov 5, 2021
Benchmark
Measure	PGX	VRP
What it tracks	ICE BofA Core Plus Fixed Rate Preferred Securities Index	ICE Variable Rate Preferred & Hybrid Securities Index
Cost and size
Measure	PGX	VRP
Expense ratio	0.50%	0.50%
Net assets, as of Oct 27, 2026	$3.6bn	$3.0bn
Holdings
Measure	PGX	VRP
Holdings in common	4%
Top ten holdings, share of the fund	13.1%	9.1%

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

Risk and return

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

PGX VRP

Return

Total return edge VRP +39.6% +79.9%

Annualized edge VRP +2.7% +4.8%

Price return edge VRP −31.6% −5.8%

Risk

Volatility edge VRP (slight) 11.2% 10.9%

Max drawdown edge PGX −24.2% −30.8%

Risk-adjusted

Sharpe edge VRP 0.11 0.30

Sortino edge VRP 0.16 0.42

Calmar edge VRP 0.11 0.16

Reading

VRP returned more: +79.9% to +39.6%. VRP swung slightly less: 10.9% to 11.2%. PGX fell less at its worst: −24.2% to −30.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PGX vs VRP: Differences, Returns & Fees
Measure	PGX	VRP	Edge	How it is measured
Return
Total return	+39.6%	+79.9%	VRP	Price change plus distributions, reinvested.
Annualized	+2.7%	+4.8%	VRP	Total return as a yearly rate.
Price return	−31.6%	−5.8%	VRP	Price change alone, distributions left out.
Risk
Volatility	11.2%	10.9%	VRP (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	7.8%	7.7%	Tie	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.2%	−30.8%	PGX	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.11	0.30	VRP	Return above Treasury bills per unit of volatility.
Sortino	0.16	0.42	VRP	Return above Treasury bills per unit of downside deviation.
Calmar	0.11	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

By the books each fund has filed, PGX and VRP hold 4% of their money in the same securities at the same weight. Holdings dated May 31, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first PGX VRP

Bank of America Corp., Series K, Pfd. 1.02% 0.39%

Athene Holding Ltd., Series A, Pfd. 0.80% 0.31%

Reinsurance Group of America, Inc., Pfd. 0.67% 0.26%

Apollo Global Management, Inc., Pfd. 0.59% 0.23%

KeyCorp, Pfd. 0.57% 0.22%

Athene Holding Ltd., Pfd. 0.55% 0.21%

Jackson Financial Inc., Pfd. 0.54% 0.21%

Synchrony Financial, Series B, Pfd. 0.49% 0.19%

Bank of New York Mellon Corp. (The), Series K, Pfd. 0.49% 0.19%

Banc of California, Inc., Series F, Pfd. 0.49% 0.19%

Regions Financial Corp., Pfd. 0.48% 0.19%

Athene Holding Ltd., Series E, Pfd. 0.48% 0.18%

Only in one fund ↓

Only in PGX

JPMorgan Chase & Co., Series EE, Pfd. 1.77%

JPMorgan Chase & Co., Series DD, Pfd. 1.54%

Wells Fargo & Co., Series Z, Pfd. 1.42%

JPMorgan Chase & Co., Series LL, Pfd. 1.31%

JPMorgan Chase & Co., Series MM, Pfd. 1.31%

Bank of America Corp., Series GG, Pfd. 1.27%

AT&T Inc., Series C, Pfd. 1.22%

Bank of America Corp., Series KK, Pfd. 1.14%

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

PGX Invesco Preferred ETF VRP Invesco Variable Rate Preferred ETF

Where it sits Bond ETF Bond ETF

Issuer Invesco Invesco

What it is Tracks an index Tracks an index

Total return, 1 year −9.5% +1.6%

Expense ratio 0.50% 0.50%

Already in the S&P 500 0.0% 0.0%

Holdings 273 367

Net assets, as of Oct 27, 2026 $3.6bn $3.0bn

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

Client brief · page 1 of 2 Report BR-045D621F41

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

What each follows. PGX follows ICE BofA Core Plus Fixed Rate Preferred Securities Index and VRP follows ICE Variable Rate Preferred & Hybrid Securities Index.
Holdings in common. 4% of the weight is in the same securities (holdings dated May 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 PGX returned −9.5% and VRP +1.6% with distributions reinvested, a gap of 11.1 points.

Data as of Oct 28, 2026.

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About each fund

PGX

PGX tracks an index. Over the year to Oct 28, 2026 it returned −9.5% 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 273 positions, with the top ten at 13.1%. It sat 12.3% 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. 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, PGX or VRP?: In the year to Oct 28, 2026, with distributions reinvested, PGX returned −9.5% and VRP +1.6%.
Which is cheaper, PGX or VRP?: Neither: PGX and VRP both charge 0.50% a year. Fees come from each fund's prospectus.
How much do PGX and VRP overlap with the S&P 500?: By their latest filed holdings, 0% of PGX and 0% of VRP by weight is stocks the S&P 500 already holds.

Other comparisons

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

Where to next

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

Sources and dates

PGX and VRP filings on SEC EDGAR ↗

PGX and VRP prospectus with the expense ratio (SEC) ↗

Invesco page for PGX ↗

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

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