PFF vs PGX: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

Invesco Preferred ETF

PGXBNYSE Arca

Overlap

44.8%by weight

Expense ratio

PFF −0.05pt a year

PFF0.45%PGX0.50%

Avg volume · 30D

PGX 1.9×the volume

PFF3.06MPGX5.83M

10Y return · a year

PFF +1.0pt

PFF+2.7%PGX+1.7%

PFF vs PGX Performance

Nov 5, 2021 – Nov 5, 2026

−3.7%PFF−11.5%PGX

Expense ratio: PFF 0.45%, better; PGX 0.50%
Fund size: PFF $11.7B; PGX $3.64B
1Y total return: PFF −4.3%, better; PGX −7.2%
Yield (12M): PFF 5.82%; PGX 6.87%, better
Holdings: PFF 451; PGX 276
Avg volume (30D): PFF 3.06M sh; PGX 5.83M sh, better
NAV per share: PFF $28.67; PGX $10.03
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PGX, with each pillar’s weight
Pillar	PFF	PGX
Cost30% weight	A73Higher	C53
Mission25% weight	A80Higher	A70
Risk15% weight	D31Higher	F23
Tradability15% weight	A90	A91Higher
Holdings10% weight	B62	A74Higher
Durability5% weight	A97Higher	A90

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PGX 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 ›

PFF ranks 2nd and PGX 7th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 74
Rank 2APFFiShares Preferred and Income Securities ETFScore 71
Rank 3BEVPFEaton Vance Preferred Securities and Income ETFScore 68
Rank 7BPFXFVanEck Preferred Securities ex Financials ETFScore 62
Rank 7BPGXInvesco Preferred ETFScore 62
Rank 10BGPRFGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFScore 59

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PGXBInvesco Preferred ETF

In short

PFF Preferred stock is a clumsy market to shop one issue at a time. PFF, running since 2007, bundles roughly 500 US dollar preferreds and hybrids into a single heavily traded ticker and pays out monthly.

PGX A 2008-vintage preferred fund that has traded through every rate cycle since. Roughly 300 fixed-rate preferred securities, distributions paid monthly, and enough daily volume to get in and out without drama.

Stated mandate

PFF The fund seeks to track an index of U.S. dollar-denominated preferred and hybrid securities, providing exposure to preferred stock and subordinated debt with an income-oriented mandate.

PGX The fund seeks a combination of income and capital appreciation through investment in preferred securities.

Why people hold it

PFF One ticker buys roughly 500 US dollar preferreds and hybrids tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index, a corner most investors can't assemble issue by issue.
Distributions land monthly rather than quarterly, a steadier rhythm for anyone spending the income.
A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
Live since 2007, through the financial crisis and several rate cycles, with the same income-oriented mandate from a large index shop.

PGX Live since January 2008, so its record spans the credit crisis, the zero-rate decade, and the rate spike that followed.
Spreads the bet across about 300 preferred issues, so a single skipped coupon or downgraded issuer is a thin slice of the pot.
Distributions arrive monthly rather than quarterly, which lines up with how most bills show up.
A multi-billion-dollar fund that trades actively, which generally keeps bid-ask spreads manageable for ordinary-size orders.

Worth knowing

PFF 0.45% a year is the going rate in this niche (the peer median), but it's many times what broad stock index trackers like VT charge.
Preferreds and subordinated debt are hybrids: they rank below an issuer's senior bonds, so this trades on credit and rate conditions more than on earnings growth.
The mandate is US dollar issuers only, so there's no international preferred exposure here.

PGX The 0.50% annual fee sits above the typical index-tracking ETF, and you pay it in flat markets as well as good ones.
The index is fixed-rate by design, so prices here respond to interest rate moves, not just to issuer credit quality.
The stated mandate puts income first and capital appreciation second, a different job than a stock fund does.

Full PFF profile⁠

Full PGX profile⁠

PFF vs PGX Holdings

How PFF and PGX differ

Overlap by weight

44.8%

Shared holdings make up 91.9% of PGX and 44.8% of PFF.

Level by level

Holdings250 in both44.8%
Sector11 Sectors75.9%
Countryby domicile95.6%
Asset classStocks100%

Sector

Sector weights in PFF and PGX, widest gap first
Sector	Gap	PFF	PGX
Financials	PGX +22.6 points	51.3%	73.9%
Technology	PFF +9.6 points	9.6%	0.0%
Industrials	PFF +4.3 points	4.8%	0.5%
Real Estate	PFF +4.0 points	10.8%	6.8%
Communication	PFF +2.3 points	8.1%	5.8%
Health Care	PFF +1.6 points	1.6%	0.0%
Consumer Staples	PFF +1.2 points	1.2%	0.0%
Materials	PFF +1.0 points	1.1%	0.1%
Utilities	PGX +0.8 points	9.7%	10.5%
Consumer Discretionary	PGX +0.8 points	1.3%	2.1%
Energy	PFF +0.2 points	0.5%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in PFF and PGX, widest gap first
Country	Gap	PFF	PGX
United States	PFF +4.4 points	100.0%	95.6%
Bermuda	PGX +2.6 points	0.0%	2.6%
Canada	PGX +1.1 points	0.0%	1.1%
Netherlands	PGX +0.7 points	0.0%	0.7%
Puerto Rico	PGX +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

PFF21.5%
PGX12.7%

Securities held

PFF447
PGX274

Asset class

PFF: Stocks
PGX: Stocks

Holdings

Only in PFF197
In both250
Only in PGX24

Only in PFF

197 securities, 54.8% of PFF by weight

Strategy Inc3.46%
Boeing Co3.22%
Wells Fargo & Company Series L2.13%
Alphabet Inc2.11%
Alphabet Inc2.07%
Oracle Corporation2.00%
Super Micro Computer Inc1.95%
Hewlett Packard Enterprise Conv Pr1.93%
Nextera Energy Units1.80%
Nextera Energy Inc1.76%
Bank of America Corp1.43%
Citigroup Capital Xiii1.19%
Kkr & Co Inc1.13%
Duke Energy Corp1.02%
Southern Company (The)0.98%
Albemarle Corp0.98%
Microchip Technology Incorporated0.96%
Brightspring Health Services Units0.93%
Ares Management Corp0.66%
Bruker Corporation0.64%
Strive Inc0.55%
PG&E Corporation0.55%
Ppl Corporation0.54%
Goldman Sachs Group Inc0.49%
Strategy Inc0.48%
M&T Bank Corporation0.47%
Morgan Stanley0.41%
Pinnacle Financial Partners Non Cu0.39%
Novanta Tangible Equity Units0.39%
Citigroup Inc0.38%
Strategy Inc0.37%
Annaly Capital Management Inc0.37%
Strategy Inc0.37%
Us Bancorp0.35%
Strive Inc0.34%
SHIFT4 Payments Inc0.29%
Agnc Investment Corp0.28%
Goldman Sachs Group Inc0.28%
Chs Cumulative Redeemable Pref Cla0.27%
Allstate Corporation (The)0.26%
Chs Inc0.26%
Keycorp0.25%
Metlife Inc0.25%
Bank of New York Mellon Corp/The0.24%
New Residential Investment Corp0.24%
Fifth Third Bancorp Depositary Sha0.23%
Chs Reset Rate Cumulative Redeemab0.22%
Qxo Inc0.22%
Annaly Capital Management Inc0.22%
Us Bancorp0.21%

Only in PGX

24 securities, 7.9% of PGX by weight

NextEra Energy Capital Holdings Inc 6.50% 06/01/20850.79%
Invesco Government & Agency Portfolio0.78%
Citigroup Inc 6.25% 12/31/20790.76%
M&T Bank Corp 6.63% 12/31/20790.56%
NextEra Energy Capital Holdings Inc 6.50% 04/15/20860.54%
Bank of New York Mellon Corp/The 6.15% 12/31/20790.49%
Brookfield Property Preferred LP 6.25% 07/26/20810.43%
M&T Bank Corp 6.35% 12/31/20790.41%
Citizens Financial Group Inc 6.50% 12/31/20790.39%
First Horizon Corp 6.75% 12/31/20790.38%
American National Group Inc 7.38% 12/31/20490.26%
Public Storage 6.00% 12/31/20790.26%
Pinnacle Financial Partners Inc 6.75% 12/31/20790.21%
Aspen Insurance Holdings Ltd 7.00% 12/31/20790.20%
Bank of Hawaii Corp 8.00% 12/31/20790.17%
Triton International Ltd 7.38% 12/31/20790.15%
Triton International Ltd 7.50% 12/31/20790.15%
Brookfield Renewable Partners LP 5.25% 12/31/20790.14%
Triton International Ltd 8.00% 12/31/20790.14%
Bread Financial Holdings Inc 8.88% 12/31/20790.13%
Triton International Ltd 7.63% 12/31/20790.13%
Santander Holdings USA Inc 5.25% 12/31/20790.13%
Triton International Ltd 5.75% 12/31/20790.12%
Triton International Ltd 6.88% 12/31/20790.12%

Weight gaps

The 100 widest of 250 Holdings in both funds.

Holding weights in PFF and PGX, widest gap first
Holding	Gap	PFF	PGX
JPMorgan Chase & Co	PGX +0.88 points	0.86%	1.74%
JPMorgan Chase & Co	PGX +0.75 points	0.74%	1.49%
Bank of America Corp	PGX +0.73 points	0.47%	1.20%
Wells Fargo & Company	PGX +0.69 points	0.69%	1.38%
Bank Amer Ds Representing Non Cu	PGX +0.68 points	0.43%	1.11%
JPMorgan Chase and Co Ds Repstg T	PGX +0.66 points	0.65%	1.31%
JPMorgan Chase Non-Cumulative Pref	PGX +0.64 points	0.64%	1.28%
Bank of America Corp	PGX +0.59 points	0.39%	0.98%
Bank of America Corporation Deposi	PGX +0.58 points	0.38%	0.96%
AT&T Inc	PGX +0.56 points	0.55%	1.11%
Capital One Financial Corporation	PGX +0.52 points	0.51%	1.03%
JPMorgan Chase Drc	PGX +0.52 points	0.51%	1.03%
Bank of America Corp	PGX +0.51 points	0.30%	0.81%
AT&T IncTBB	PGX +0.49 points	0.49%	0.98%
Morgan Stanley	PGX +0.48 points	0.48%	0.96%
Morgan Stanley	PGX +0.48 points	0.46%	0.94%
Duke Energy Corp	PGX +0.47 points	0.45%	0.92%
Morgan Stanley Ds Representing F	PGX +0.47 points	0.45%	0.92%
Bank of America Dep Representing	PGX +0.46 points	0.29%	0.75%
Bank of America Corp	PGX +0.44 points	0.25%	0.69%
Morgan Stanley	PGX +0.44 points	0.43%	0.87%
Morgan Stanley	PGX +0.43 points	0.42%	0.85%
Allstate Corporation (The)	PGX +0.43 points	0.42%	0.85%
Morgan Stanley Ds	PGX +0.42 points	0.41%	0.83%
Capital One Financial Corporation	PGX +0.41 points	0.41%	0.82%
Morgan Stanley	PGX +0.41 points	0.40%	0.81%
M T Bk Dep Int Perp Pfd Stk Ser J	PGX +0.41 points	0.38%	0.79%
Wells Fargo & Company	PGX +0.40 points	0.40%	0.80%
AT&T Inc	PGX +0.40 points	0.40%	0.80%
Athene Holding Ds Representing P	PGX +0.40 points	0.39%	0.79%
Xcel Energy IncXELLL	PGX +0.40 points	0.39%	0.79%
Wells Fargo & Company	PGX +0.40 points	0.38%	0.78%
Southern Company (The)SOJD	PGX +0.36 points	0.35%	0.71%
Bank of America Drc Corp	PGX +0.36 points	0.20%	0.56%
Metlife Inc	PGX +0.35 points	0.35%	0.70%
Aegon Funding Corporation IiAEFC	PGX +0.34 points	0.33%	0.67%
Metlife Inc	PGX +0.34 points	0.34%	0.68%
Reinsurance Group of America IncorRZC	PGX +0.34 points	0.36%	0.70%
Wells Fargo & Company	PGX +0.34 points	0.33%	0.67%
Charles Schwab Corporation (The)	PGX +0.34 points	0.33%	0.67%
JPMorgan Chase & Co	PGX +0.33 points	0.32%	0.65%
Truist Financial Drc Corp	PGX +0.32 points	0.32%	0.64%
Keycorp	PGX +0.32 points	0.30%	0.62%
Ford Motor Company	PGX +0.32 points	0.31%	0.63%
Apollo Global Management IncAPOS	PGX +0.31 points	0.31%	0.62%
Allstate Dep Repstg Th Non Cum Pe	PGX +0.31 points	0.31%	0.62%
Bank of America Corp	PGX +0.31 points	0.17%	0.48%
Ford Motor Company	PGX +0.31 points	0.30%	0.61%
Sempra EnergySREA	PGX +0.29 points	0.29%	0.58%
Jackson Financial Inc	PGX +0.29 points	0.28%	0.57%
Wells Fargo & Company	PGX +0.28 points	0.29%	0.57%
Equitable Hldngs Drc Representing	PGX +0.28 points	0.28%	0.56%
Athene Holding LtdATHS	PGX +0.28 points	0.27%	0.55%
Nextera Energy Capital Holdings In	PGX +0.28 points	0.27%	0.55%
Kkr & Co IncKKRT	PGX +0.28 points	0.27%	0.55%
Synchrony Financial	PGX +0.27 points	0.27%	0.54%
Synchrony Financial	PGX +0.27 points	0.26%	0.53%
Southern Company (The)SOJF	PGX +0.27 points	0.26%	0.53%
Banc of California Inc	PGX +0.27 points	0.26%	0.53%
Cms Energy CorporationCMSD	PGX +0.26 points	0.26%	0.52%
Corebridge Financial IncCRBD	PGX +0.26 points	0.26%	0.52%
Dte Energy CompanyDTK	PGX +0.25 points	0.26%	0.51%
Ford Motor Company	PGX +0.25 points	0.25%	0.50%
Athene Hldg Ltd Dep Shr Repstg I	PGX +0.25 points	0.25%	0.50%
Regions Financial Corporation	PGX +0.25 points	0.25%	0.50%
New York Community Bancorp Int Fxd	PGX +0.24 points	0.24%	0.49%
Regions Financial Corporation	PGX +0.25 points	0.24%	0.49%
Sce Trust Vii	PGX +0.25 points	0.24%	0.49%
Telephone and Data Systems Inc	PGX +0.25 points	0.23%	0.48%
Southern Company (The)SOJE	PGX +0.23 points	0.24%	0.47%
Us Bancorp	PGX +0.24 points	0.23%	0.47%
Prudential Financial IncPRS	PGX +0.23 points	0.22%	0.45%
Wintrust Financial CorporationWTFCN	PGX +0.22 points	0.22%	0.44%
Truist Financial Perpetual Pref SE	PGX +0.22 points	0.22%	0.44%
Us Bancorp	PGX +0.22 points	0.22%	0.44%
Duke Energy CorpDUKB	PGX +0.21 points	0.21%	0.42%
Fifth Third Bancorp Depositary Sha	PGX +0.21 points	0.20%	0.41%
Citizens Financial Group Inc	PGX +0.21 points	0.20%	0.41%
State Street Corp	PGX +0.20 points	0.20%	0.40%
Capital One Financial Corporation	PGX +0.20 points	0.20%	0.40%
Charles Schwab Corporation (The)	PGX +0.20 points	0.19%	0.39%
Affiliated Managers Group Inc.MGRE	PGX +0.20 points	0.19%	0.39%
Axis Capital Holdings Ltd	PGX +0.20 points	0.19%	0.39%
Public Storage	PGX +0.19 points	0.19%	0.38%
Keycorp	PGX +0.19 points	0.18%	0.37%
First Citizens Bancshares Inc (DelFCNCN	PGX +0.18 points	0.18%	0.36%
Morgan Stanley	PGX +0.18 points	0.18%	0.36%
Keycorp	PGX +0.18 points	0.17%	0.35%
Tpg Operating Group Ii LpTPGXL	PGX +0.18 points	0.17%	0.34%
Public Storage	PGX +0.17 points	0.18%	0.35%
Lincoln National Corporation	PGX +0.18 points	0.17%	0.35%
Southern Company (The)SOJC	PGX +0.17 points	0.17%	0.34%
Athene Holding Ds Representing A	PGX +0.17 points	0.17%	0.34%
T-Mobile Usa IncTMUSL	PGX +0.17 points	0.16%	0.33%
Huntington Bancshares IncHBANL	PGX +0.17 points	0.16%	0.33%
Transcanada Pipelines LtdTCPA	PGX +0.16 points	0.16%	0.32%
F&G Annuities & Life IncFGN	PGX +0.16 points	0.16%	0.32%
Telephone Data Sys Drc Inc	PGX +0.16 points	0.16%	0.32%
Kkr Group Finance Co Ix LlcKKRS	PGX +0.16 points	0.15%	0.31%
Carlyle Finance LlcCGABL	PGX +0.15 points	0.16%	0.31%

All 454 PFF holdings⁠All 275 PGX 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.

PFF vs PGX Cost

Overpaying PGX vs PFF

$938

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

PFF 0.45%
$9,041
PGX 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PGX 0.50%
Overpaying

Year by year

Year	PFF	PGX	Overpaying
10	$812	$900	$88
20	$3,128	$3,460	$332
30	$9,041	$9,979	$938

Expense ratio

0.45%PFF, cheaper
0.50%PGX

PFF0.45%PGX0.50%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

PGX 15th cheapest of 31 funds

PFF vs PGX Dividends

Last 12 months to Nov 5, 2026

Yield (12M): PFF 5.82%; PGX 6.87%, better
Payout (12M): PFF $1.64; PGX $0.68
Last payment: PFF $0.18; PGX $0.06
Ex-dividend: PFF Nov 2, 2026; PGX Oct 19, 2026
Paid on: PFF Nov 5, 2026; PGX Oct 23, 2026
Frequency: PFF Monthly; PGX Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 46 paymentsAll PFF payments⁠

PGXMonthly · 46 paymentsAll PGX payments⁠

PFF vs PGX Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%, betterPGX 9.6%
Return per unit of riskSharpe ratio, 3 years: PFF 0.22, betterPGX 0.06
Worst fallMax drawdown, 5 years: PFF −21.1%, betterPGX −24.6%
Market sensitivityBeta, 5 years: PFF 0.97PGX 1.21; Market = 1

PFF and PGX in the news

All news⁠

ETF Filings
BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale
Oct 21, 2026PFF
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026PFF

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PFF vs PGX

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and PGX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PGX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale

Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning

How PFF and PGX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PGX

Weight gaps