PFFD vs VRP: Grades, Fees and Holdings Compared

Global X U.S. Preferred ETF

PFFDANYSE Arca

Invesco Variable Rate Preferred ETF

VRPBNYSE Arca

Overlap

No data

Expense ratio

PFFD −0.27pt a year

PFFD0.23%VRP0.50%

Avg volume · 30D

PFFD 1.7×the volume

PFFD1.06MVRP630K

5Y return · a year

VRP +6.2pt

PFFD−2.3%VRP+3.9%

PFFD vs VRP Performance

Oct 29, 2021 – Oct 30, 2026

−10.8%PFFD+20.9%VRP

Expense ratio: PFFD 0.23%, better; VRP 0.50%
Fund size: PFFD $1.83B; VRP $3B
1Y total return: PFFD −5.7%; VRP +1.5%, better
Yield (12M): PFFD 7.07%, better; VRP 5.93%
Holdings: PFFD 238; VRP 368
Avg volume (30D): PFFD 1.06M sh, better; VRP 630K sh
NAV per share: PFFD $17.00; VRP $23.64
52W range

ETF.net Grade

Pillar letters and Scores for PFFD, VRP, with each pillar’s weight
Pillar	PFFD	VRP
Cost30% weight	A100Higher	C53
Mission25% weight	A75Higher	B64
Risk15% weight	D25	A80Higher
Tradability15% weight	A83Higher	A71
Holdings10% weight	C48	A75Higher
Durability5% weight	A72	A86Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFFD and VRP 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 VRP 4th 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 4BPFFVGlobal X Variable Rate Preferred ETFScore 66
Rank 4BVRPInvesco Variable Rate Preferred ETFScore 66
Rank 6BPSKState Street SPDR ICE Preferred Securities ETFScore 65

Our read on each fund

ETF.net Research

PFFDAGlobal X U.S. Preferred ETF

VRPBInvesco Variable Rate 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.

VRP The preferred fund built on coupons that move. VRP holds mainly floating and variable rate preferred stock and hybrid debt from US corporations, where payouts reset with market rates instead of locking in at issue, and it pays monthly.

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.

VRP The fund seeks high monthly income, with potential tax advantages, through investments in preferred stock and hybrid debt.

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.

VRP By mandate, at least 90% of assets sit in floating and variable rate US preferred stock and hybrid debt, so coupons reset with market rates rather than staying fixed for life.invesco.com
Income is the stated job: high monthly income, with potential tax advantages, from preferred stock and hybrid debt. Distributions land monthly, not quarterly.
Running since 2014 and now a multi-billion-dollar fund, it spreads the bet across roughly 400 holdings and trades actively on the exchange.

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

VRP 0.50% a year, above the middle of the pack among index-tracking ETFs. The floating-rate niche carries a higher sticker than plain vanilla index exposure.
Resets cut both ways. Coupons that climb when short-term rates rise also step down when rates fall, and the monthly income moves with them.invesco.com
The mandate spans investment grade and below investment grade preferreds and hybrid debt, so credit quality inside the basket is mixed, not uniformly high.invesco.com

Full PFFD profile⁠

Full VRP profile⁠

PFFD vs VRP Holdings

As of Oct 13, 2026

How PFFD and VRP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile86.9%
Asset classFixed Income100%

Sector

No Sector split for VRP.

Country, concentration and asset class

Country by domicile

Country weights in PFFD and VRP, widest gap first
Country	More in PFFDMore in VRP	PFFD	VRP
United States	PFFD +11.2 points	96.9%	85.7%
Canada	VRP +9.0 points	1.0%	10.0%
United Kingdom	VRP +3.0 points	0.0%	3.0%
Bermuda	PFFD +1.8 points	2.1%	0.3%
Other countries (4)	VRP +1.1 points	0.0%	1.1%

Concentration

Weight in the 10 largest Holdings

PFFD25.1%
VRP9.3%

Securities held

PFFD238
VRP363

Asset class

PFFD: Fixed Income
VRP: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PFFD holds 238 securities, VRP 363.

All 237 PFFD holdings⁠All 366 VRP 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 VRP Cost

Overpaying VRP vs PFFD

$5,220

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

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

Amount$10,000

Years30 years

Cost over time

PFFD 0.23%
VRP 0.50%
Overpaying

Year by year

Year	PFFD	VRP	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%VRP

PFFD0.23%VRP0.50%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

VRP 15th cheapest of 31 funds

PFFD vs VRP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFFD 7.07%, better; VRP 5.93%
Payout (12M): PFFD $1.20; VRP $1.40
Last payment: PFFD $0.10; VRP $0.12
Ex-dividend: PFFD Oct 1, 2026; VRP Oct 19, 2026
Paid on: PFFD Oct 6, 2026; VRP Oct 23, 2026
Frequency: PFFD Monthly; VRP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFDMonthly · 45 paymentsAll PFFD payments⁠

VRPMonthly · 46 paymentsAll VRP payments⁠

PFFD vs VRP Risk

Fall from peak · 5 years

PFFD
VRP

Risk facts

VolatilityStd dev, 3 years: PFFD 9.1%VRP 4.2%, better
Return per unit of riskSharpe ratio, 3 years: PFFD 0.10VRP 1.10, better
Worst fallMax drawdown, 5 years: PFFD −24.4%VRP −13.4%, better
Market sensitivityBeta, 5 years: PFFD 1.07VRP 0.47; Market = 1

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