HBRD vs PFFD: Grades, Fees and Holdings Compared

Invesco U.S. Hybrid Bond ETF

HBRDBNYSE Arca

Global X U.S. Preferred ETF

PFFDANYSE Arca

Overlap

No data

Expense ratio

PFFD −0.17pt a year

HBRD0.40%PFFD0.23%

Avg volume · 30D

PFFD 3070.7×the volume

HBRD345PFFD1.06M

HBRD vs PFFD Performance

Jul 31, 2026 – Oct 29, 2026

−0.8%HBRD−6.1%PFFD

Expense ratio: HBRD 0.40%; PFFD 0.23%, better
Fund size: HBRD $14M; PFFD $1.83B
1Y total return: HBRD No data; PFFD −5.7%
Yield (12M): HBRD No data; PFFD 7.07%
Holdings: HBRD 200; PFFD 238
Avg volume (30D): HBRD 345 sh; PFFD 1.06M sh, better
NAV per share: HBRD $23.68; PFFD $17.00
52W range

ETF.net Grade

Pillar letters and Scores for HBRD, PFFD, with each pillar’s weight
Pillar	HBRD	PFFD
Cost30% weight	A90	A100Higher
Mission25% weight	Not scored	A75
Risk15% weight	D39Higher	D25
Tradability15% weight	F0	A83Higher
Holdings10% weight	A73Higher	C48
Durability5% weight	C40	A72Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. HBRD and PFFD are both graded against the same 31 Preferred Securities funds, so their Grades compare head to head.

Preferred Securities⁠

Category · 31 funds

See all 31 ›

PFFD ranks 1st and HBRD 13th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 73
Rank 2APFFiShares Preferred and Income Securities ETFScore 71
Rank 10BPREFPrincipal Spectrum Preferred Securities Active ETFScore 58
Rank 13BHBRDInvesco U.S. Hybrid Bond ETFScore 56
Rank 13BPFLDAAM Low Duration Preferred and Income Securities ETFScore 56

Our read on each fund

ETF.net Research

HBRDBInvesco U.S. Hybrid Bond ETF

PFFDAGlobal X U.S. Preferred ETF

In short

HBRD Most preferred and hybrid funds are, underneath, a bet on banks. HBRD's index throws the banks out and tracks dollar hybrid bonds from everybody else, for 0.40% a year.

PFFD Preferred stock is a corner where fund fees usually run rich. PFFD turned up in 2017 charging 0.23% for a broad basket of U.S. preferreds, and it has paid monthly ever since. Cheap, plain-vanilla exposure to an income niche.

Stated mandate

HBRD The Fund seeks to track, before fees and expenses, the investment results of the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.65% Constrained Index.

PFFD PFFD seeks to track the performance of the ICE BofA Diversified Core U.S. Preferred Securities Index before fees and expenses. It provides broad exposure to U.S. preferred stocks.

Why people hold it

HBRD The index screens banks out entirely, tracking USD hybrid bonds from other developed-market corporates. That is a rare filter in the preferred and hybrid category.invesco.com
At 0.40%, the fee sits below the median for preferred and hybrid ETFs and undercuts several larger, older names in the group.
Roughly 180 bonds, with the index constrained at 4.65% per issuer, so no single borrower dominates the portfolio.
Plain plumbing: a passive index tracker in a standard 1940 Act ETF wrapper from Invesco, paying income quarterly.

PFFD Charges 0.23% a year, which Global X notes is less than half the average fee among competing preferred funds.globalxetfs.com
Holds roughly 220 U.S. preferreds tracking the ICE BofA Diversified Core index. Benchmark-like exposure, not a manager's shortlist.globalxetfs.com
Pays distributions monthly, and has done so every year since its 2017 launch.globalxetfs.com
A multi-billion-dollar fund that trades actively, so entering and exiting is rarely the hard part.

Worth knowing

HBRD It launched in 2026, so there is no long record yet of how closely it tracks its index or how it behaves through a credit selloff.
Still a small fund that trades thinly, which typically means wider bid-ask spreads than the category's household names.
Income lands quarterly, not monthly, which matters if you plan cash flow around payout dates.

PFFD Preferreds come mostly from banks and insurers, and the index has been concentrated in banking, so the ride tracks financial-sector health.globalxetfs.com
These securities behave more like long bonds than stocks: interest rate moves push prices around, as the fund's risk disclosures describe.globalxetfs.com
Monthly does not mean fixed. The payout size floats with what the portfolio collects.globalxetfs.com

Full HBRD profile⁠

Full PFFD profile⁠

HBRD vs PFFD Holdings

As of Oct 13, 2026

How HBRD and PFFD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile70.2%
Asset classFixed Income100%

Sector

No Sector split for HBRD.

Country, concentration and asset class

Country by domicile

Country weights in HBRD and PFFD, widest gap first
Country	More in HBRDMore in PFFD	HBRD	PFFD
United States	PFFD +28.1 points	68.8%	96.9%
Canada	HBRD +13.3 points	14.3%	1.0%
Japan	HBRD +9.3 points	9.3%	0.0%
United Kingdom	HBRD +2.9 points	2.9%	0.0%
Germany	HBRD +2.2 points	2.2%	0.0%
Bermuda	PFFD +1.6 points	0.5%	2.1%
Ireland	HBRD +0.8 points	0.8%	0.0%
Netherlands	HBRD +0.5 points	0.5%	0.0%
Other countries (2)	HBRD +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

HBRD12.3%
PFFD25.1%

Securities held

HBRD199
PFFD238

Asset class

HBRD: Fixed Income
PFFD: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. HBRD holds 199 securities, PFFD 238.

All 199 HBRD holdings⁠All 237 PFFD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HBRD vs PFFD Cost

Overpaying HBRD vs PFFD

$3,331

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HBRD 0.40%
$8,090
PFFD 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

HBRD 0.40%
PFFD 0.23%
Overpaying

Year by year

Year	HBRD	PFFD	Overpaying
10	$723	$419	$304
20	$2,793	$1,630	$1,163
30	$8,090	$4,759	$3,331

Expense ratio

0.40%HBRD
0.23%PFFD, cheaper

PFFD0.23%HBRD0.40%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

HBRD 4th cheapest of 31 funds

HBRD vs PFFD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBRD No data; PFFD 7.07%
Payout (12M): HBRD No data; PFFD $1.20
Last payment: HBRD $0.12; PFFD $0.10
Ex-dividend: HBRD Oct 19, 2026; PFFD Oct 1, 2026
Paid on: HBRD Oct 23, 2026; PFFD Oct 6, 2026
Frequency: HBRD Monthly; PFFD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HBRDMonthly · 8 paymentsAll HBRD payments⁠

PFFDMonthly · 45 paymentsAll PFFD payments⁠

HBRD vs PFFD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HBRD No dataPFFD 9.1%
Return per unit of riskSharpe ratio, 3 years: HBRD No dataPFFD 0.10
Worst fallMax drawdown, 5 years: HBRD No dataPFFD −24.4%
Market sensitivityBeta, 5 years: HBRD 0.19PFFD 1.07; Market = 1

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