PFFD vs PGX: Grades, Fees and Holdings Compared

Global X U.S. Preferred ETF

PFFDANYSE Arca

Invesco Preferred ETF

PGXBNYSE Arca

Overlap

0.0%by weight

Expense ratio

PFFD −0.27pt a year

PFFD0.23%PGX0.50%

Avg volume · 30D

PGX 5.3×the volume

PFFD1.09MPGX5.83M

5Y return · a year

PFFD−2.4%PGX−2.4%

PFFD vs PGX Performance

Nov 5, 2021 – Nov 5, 2026

−11.6%PFFD−11.5%PGX

Expense ratio: PFFD 0.23%, better; PGX 0.50%
Fund size: PFFD $1.89B; PGX $3.64B
1Y total return: PFFD −5.7%, better; PGX −7.2%
Yield (12M): PFFD 7.13%, better; PGX 6.87%
Holdings: PFFD 239; PGX 276
Avg volume (30D): PFFD 1.09M sh; PGX 5.83M sh, better
NAV per share: PFFD $17.16; PGX $10.03
52W range

ETF.net Grade

Pillar letters and Scores for PFFD, PGX, with each pillar’s weight
Pillar	PFFD	PGX
Cost30% weight	A100Higher	C53
Mission25% weight	A77Higher	A70
Risk15% weight	D27Higher	F23
Tradability15% weight	A81	A91Higher
Holdings10% weight	C53	A74Higher
Durability5% weight	A72	A90Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFFD 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 ›

PFFD ranks 1st 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 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

PFFDAGlobal X U.S. Preferred ETF

PGXBInvesco Preferred ETF

In short

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.

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

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.

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

Why people hold it

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.

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

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

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 PFFD profile⁠

Full PGX profile⁠

PFFD vs PGX Holdings

How PFFD and PGX differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Sector9 Sectors11.0%
Countryby domicile98.6%

Sector

Sector weights in PFFD and PGX, widest gap first
Sector	Gap	PFFD	PGX
Utilities	PFFD +74.4 points	84.9%	10.5%
Financials	PGX +73.9 points	0.0%	73.9%
Technology	PFFD +9.8 points	9.8%	0.0%
Real Estate	PGX +6.8 points	0.0%	6.8%
Communication	PGX +5.8 points	0.0%	5.8%
Industrials	PFFD +4.8 points	5.3%	0.5%
Consumer Discretionary	PGX +2.1 points	0.0%	2.1%
Energy	PGX +0.3 points	0.0%	0.3%
Materials	PGX +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in PFFD and PGX, widest gap first
Country	Gap	PFFD	PGX
United States	PFFD +1.3 points	96.9%	95.6%
Netherlands	PGX +0.7 points	0.0%	0.7%
Other countries (3)	PGX +0.6 points	3.1%	3.7%

Concentration

Weight in the 10 largest Holdings

PFFD24.0%
PGX12.7%

Securities held

PFFD238
PGX274

Asset class

PFFD: Bonds
PGX: Stocks

Holdings

Only in PFFD238
In both0
Only in PGX274

Only in PFFD

238 securities, 99.99% of PFFD by weight

Ba 6 10/15/27 (BRBLC59)4.18%
Smci 7 06/01/29 (BWRXGQ3)3.25%
Orcl 6 1/2 01/15/29 (BTTQ6B4)3.16%
Wfc 7 1/2 Perp (B3KRSW9)2.30%
Googl 6 1/4 05/15/29 (BX59J50)2.21%
Googl 6 1/4 05/15/29 (BX59J61)2.20%
C 10.6936 10/30/40 (B3Z1BZ0)1.84%
Kkr 6 1/4 03/01/28 (BN72V73)1.73%
Nee 7 3/8 02/15/29 (BWTWYL9)1.65%
Mchp 7 1/2 03/15/28 (BTTRKK4)1.49%
So 7 1/8 12/15/28 (BMHXRD7)1.47%
Bac 7 1/4 Perp (B2PB3Z7)1.36%
Nee 7.234 11/01/27 (BRBLDX4)1.14%
Jpm 6 Perp (BJ2KBT6)1.05%
Brkr 6 3/8 09/01/28 (BVZM740)1.04%
Ares 6 3/4 10/01/27 (BR4TW49)0.98%
Jpm 5 3/4 Perp (BFY34D0)0.90%
T 4 3/4 Perp (BLL1ZY7)0.85%
Pcg 6 12/01/27 (BPGN2R8)0.84%
Ppl 7 02/15/29 (BWFB3Q8)0.82%
Jpm 4.2 Perp (BN75VC7)0.81%
Cof 5 Perp (BGMJPW3)0.79%
Jpm 4 5/8 Perp (BND7XB0)0.78%
Mstr 8 Perp (BTCDKX2)0.77%
Gs 4.68873 Perp (B15CKS5)0.76%
T 5.35 11/01/66 (BF545Q2)0.75%
Wfc 4 3/4 Perp (BJVB6B7)0.74%
Duk 5 3/4 Perp (BJXH6L3)0.71%
All 5.1 Perp (BKDKS91)0.66%
Jpm 4.55 Perp (BM8TGF9)0.64%
Cof 4.8 Perp (BK9PWX2)0.63%
Ath 6.35 Perp (BPSKDY1)0.61%
T 5 Perp (BKPK060)0.61%
Xel 6 1/4 10/15/2085 (BV2JPV7)0.61%
Nee 6 1/2 06/01/2085 (BTZQRD7)0.61%
Ms 6 5/8 Perp (BPDXXZ6)0.59%
Novt 6 1/2 11/01/28 (BTWWZS9)0.59%
Mtb 7 1/2 Perp (BS55Z77)0.59%
C 6 1/4 Perp (BWRNH48)0.58%
Ms 6 1/2 Perp (BQH5ZL5)0.57%
Ms 6 3/8 Perp (BQT2G00)0.57%
Usb 4.9041 Perp (B125QN4)0.55%
Rga 7 1/8 10/15/52 (BMG9SY4)0.55%
So 4.95 01/30/2080 (BKM3QB9)0.55%
Met 4 3/4 Perp (BL3BQ19)0.54%
Ms 7 1/8 Perp (BF4YJ94)0.53%
Met 5 5/8 Perp (BG43LW5)0.52%
Ms 5.85 Perp (BYYYY81)0.52%
Schw 5.95 Perp (BYPFT55)0.51%
Ms 6 7/8 Perp (BH5QGM5)0.51%

Only in PGX

274 securities, 99.8% of PGX by weight

JPMorgan Chase & Co 6.00% 12/31/20791.74%
JPMorgan Chase & Co 5.75% 12/31/20791.49%
Wells Fargo & Co 4.75% 12/31/20791.38%
JPMorgan Chase & Co 4.20% 12/31/20791.31%
JPMorgan Chase & Co 4.63% 12/31/20791.28%
Bank of America Corp 6.00% 12/31/20791.20%
AT&T Inc 4.75% 12/31/20791.11%
Bank of America Corp 5.38% 12/30/20491.11%
Capital One Financial Corp 5.00% 12/31/20791.03%
JPMorgan Chase & Co 4.55% 12/31/20791.03%
AT&T Inc 5.35% 11/01/20660.98%
Bank of America Corp 6.45% 12/15/20660.98%
Morgan Stanley 6.63% 12/31/20790.96%
Bank of America Corp 5.00% 12/31/20790.96%
Morgan Stanley 6.50% 12/31/20790.94%
Duke Energy Corp 5.75% 12/31/20790.92%
Morgan Stanley 6.38% 12/31/20790.92%
Morgan Stanley 7.13% 12/31/20790.87%
Allstate Corp/The 5.10% 12/31/20790.85%
Morgan Stanley 5.85% 12/31/20790.85%
Morgan Stanley 6.88% 12/31/20790.83%
Capital One Financial Corp 4.80% 12/31/20790.82%
Morgan Stanley 4.25% 12/31/20790.81%
Bank of America Corp 4.25% 12/31/20790.81%
Wells Fargo & Co 4.70% 12/31/20790.80%
AT&T Inc 5.00% 12/31/20790.80%
Athene Holding Ltd 6.35% 12/31/20790.79%
M&T Bank Corp 7.50% 12/31/20790.79%
NextEra Energy Capital Holdings Inc 6.50% 06/01/20850.79%
Xcel Energy Inc 6.25% 10/15/20850.79%
Invesco Government & Agency Portfolio0.78%
Wells Fargo & Co 4.25% 12/31/20790.78%
Citigroup Inc 6.25% 12/31/20790.76%
Bank of America Corp 5.88% 12/31/20790.75%
Southern Co/The 4.95% 01/30/20800.71%
MetLife Inc 4.75% 12/31/20790.70%
Reinsurance Group of America Inc 7.13% 10/15/20520.70%
Bank of America Corp 4.38% 12/31/20790.69%
MetLife Inc 5.63% 12/31/20790.68%
AEGON Funding Co LLC 5.10% 12/15/20490.67%
Wells Fargo & Co 4.38% 12/31/20790.67%
Charles Schwab Corp/The 5.95% 12/31/20790.67%
JPMorgan Chase & Co 4.75% 12/31/20790.65%
Truist Financial Corp 4.75% 12/31/20790.64%
Ford Motor Co 6.00% 12/01/20590.63%
KeyCorp 6.20% 12/31/20790.62%
Apollo Global Management Inc 7.63% 09/15/20530.62%
Allstate Corp/The 7.38% 12/31/20790.62%
Ford Motor Co 6.20% 06/01/20590.61%
Sempra 5.75% 07/01/20790.58%

Weight gaps

PFFD and PGX share no securities.

All 237 PFFD 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.

PFFD vs PGX Cost

Overpaying PGX vs PFFD

$5,220

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

PFFD 0.23%
$4,759
PGX 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PFFD 0.23%
PGX 0.50%
Overpaying

Year by year

Year	PFFD	PGX	Overpaying
10	$419	$900	$481
20	$1,630	$3,460	$1,830
30	$4,759	$9,979	$5,220

Expense ratio

0.23%PFFD, cheaper
0.50%PGX

PFFD0.23%PGX0.50%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

PGX 15th cheapest of 31 funds

PFFD vs PGX Dividends

Last 12 months to Nov 5, 2026

Yield (12M): PFFD 7.13%, better; PGX 6.87%
Payout (12M): PFFD $1.20; PGX $0.68
Last payment: PFFD $0.10; PGX $0.06
Ex-dividend: PFFD Nov 2, 2026; PGX Oct 19, 2026
Paid on: PFFD Nov 5, 2026; PGX Oct 23, 2026
Frequency: PFFD Monthly; PGX Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFDMonthly · 46 paymentsAll PFFD payments⁠

PGXMonthly · 46 paymentsAll PGX payments⁠

PFFD vs PGX Risk

Fall from peak · 5 years

PFFD
PGX

Risk facts

VolatilityStd dev, 3 years: PFFD 9.1%, betterPGX 9.6%
Return per unit of riskSharpe ratio, 3 years: PFFD 0.10, betterPGX 0.06
Worst fallMax drawdown, 5 years: PFFD −24.4%, betterPGX −24.6%
Market sensitivityBeta, 5 years: PFFD 1.07PGX 1.21; Market = 1

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