PFF vs PGX Stock Comparison: AI Score, Valuation, Performance and Upside
PFF and PGX both target preferred stock exposure but take different paths to get there — PFF via the ICE Exchange-Listed Preferred & Hybrid Securities Index, and PGX via the ICE BofA Core Plus Fixed Rate Preferred Securities Index. The practical differences come down to issuer, cost structure, and the specific index rules each fund follows, since both are pursuing a similar investment outcome.
PFF vs PGX is largely a question of which issuer and index methodology you trust more for preferred stock exposure — the underlying investment case is similar, so cost, liquidity, and tracking precision tend to be the deciding factors.
PFF holds the edge across 4 of 5 key metrics in this comparison. PFF has delivered stronger 1-year price return (-2.42% vs -7.42% for PGX).
- want the standard, most liquid preferred-stock income fund
- prefer iShares (BlackRock)'s approach and fund lineup
- value deepest liquidity of any preferred stock ETF
- are comfortable with heavily concentrated in bank and financial-sector issuers
- want an alternative, similarly liquid preferred-stock income fund
- prefer Invesco's approach and fund lineup
- value second-most-liquid major preferred stock ETF after PFF
- are comfortable with similar rate and credit sensitivity as any preferred-stock fund
| Metric | PFF | PGX |
|---|---|---|
| ETF scorei | 24.3 | 24.2 |
| Latest closei | $29.17 | $10.09 |
| 1M returni | -1.68% | -2.35% |
| 3M returni | -2.51% | -5.61% |
| 6M returni | -4.21% | -6.90% |
| 1Y returni | -2.42% | -7.42% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | PFF | PGX |
|---|---|---|
| 1Y ago | $10.3K (+3.0%) started 2025-10-15 | $9.87K (-1.3%) started 2025-10-15 |
| 5Y ago | $14.2K (+42.0%) started 2021-10-15 | $12.72K (+27.2%) started 2021-10-15 |
| 10Y ago | $28.25K (+182.5%) started 2016-10-17 | $25.04K (+150.4%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | PFF | PGX |
|---|---|---|
| Expense ratioi | 0.45% | 0.50% |
| Total assets (AUM)i | $12.32B | $3.61B |
| Dividend yieldi | 5.56% | 6.85% |
| Trailing P/Ei | 3.62 | N/A |
| Betai | 0.55 | 0.56 |
| 52-week change | -2.42% | -7.42% |
| Metric | PFF | PGX |
|---|---|---|
| 1Y returni | -2.42% | -7.42% |
| 6M returni | -4.21% | -6.90% |
| 3M returni | -2.51% | -5.61% |
| 1M returni | -1.68% | -2.35% |
| 1Y Sharpe ratio | -0.87 | -2.00 |
| Betai | 0.55 | 0.56 |
| Dividend yieldi | 5.56% | 6.85% |
| 5Y CAGR | +0.14% | -2.06% |
Over the past year, PFF and PGX have moved strongly in the same direction (correlation of 0.79), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | PFF | PGX |
|---|---|---|---|
| 1Y | Growthi | -2.42% | -7.42% |
| CAGRi | -2.42% | -7.43% | |
| Volatilityi | 7.66% | 6.03% | |
| Sharpe ratioi | -0.87 | -2.00 | |
| Sortino ratioi | -1.15 | -2.61 | |
| Max drawdowni | 6.55% | 9.95% | |
| Current drawdowni | 5.81% | 8.68% | |
| Avg drawdowni | 2.02% | 2.93% | |
| Ulcer Indexi | 2.52% | 3.65% | |
| Max daily dropi | 1.43% | 1.34% | |
| Max wkly dropi | 2.79% | 2.32% | |
| 5Y | Growthi | +0.70% | -9.90% |
| CAGRi | +0.14% | -2.06% | |
| Volatilityi | 10.45% | 11.17% | |
| Sharpe ratioi | -0.36 | -0.53 | |
| Sortino ratioi | -0.50 | -0.74 | |
| Max drawdowni | 21.05% | 24.67% | |
| Current drawdowni | 5.81% | 10.78% | |
| Avg drawdowni | 7.66% | 10.32% | |
| Ulcer Indexi | 9.69% | 11.86% | |
| Max daily dropi | 3.78% | 4.22% | |
| Max wkly dropi | 7.81% | 8.40% | |
| 10Y | Growthi | +32.21% | +18.51% |
| CAGRi | +2.83% | +1.71% | |
| Volatilityi | 12.73% | 13.05% | |
| Sharpe ratioi | -0.07 | -0.15 | |
| Sortino ratioi | -0.09 | -0.19 | |
| Max drawdowni | 34.10% | 34.10% | |
| Current drawdowni | 5.81% | 10.95% | |
| Avg drawdowni | 4.83% | 6.08% | |
| Ulcer Indexi | 7.39% | 8.80% | |
| Max daily dropi | 16.96% | 19.86% | |
| Max wkly dropi | 27.80% | 29.16% |
| Category | PFF | PGX |
|---|---|---|
| Fund name | iShares Preferred and Income Securities ETF | Invesco Preferred ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.45% | 0.50% |
| Total assets (AUM)i | $12.32B | $3.61B |
| Dividend yieldi | 5.56% | 6.85% |
- Deepest liquidity of any preferred stock ETF
- High, bond-like income distributions
- Long track record as the default preferred-stock benchmark fund
- Second-most-liquid major preferred stock ETF after PFF
- High, bond-like income distributions
- Long-running, established fund
- Heavily concentrated in bank and financial-sector issuers
- Preferreds behave like long-duration bonds, sensitive to rate moves
- Credit risk is tied closely to financial-sector health
- Similar rate and credit sensitivity as any preferred-stock fund
- Heavy concentration in financial-sector issuers
- Overlaps significantly with PFF if both are held
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