PGX — Invesco Preferred ETF
Preferred & Convertible Ranked #388 of 458 tracked ETFs · Issued by Invesco
PGX Price Performance — Growth of $10,000
Value of a $10,000 investment in PGX over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
PGX Drawdown
The "underwater" chart: PGX's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in PGX?
See what a lump sum in PGX would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The Invesco Preferred ETF (PGX) operates within the Preferred & Convertible category, which ETFValuer tracks with a total of 8 funds. Issued by Invesco, this fund manages $3.86 billion in assets and trades at a price of $10.71. It holds an overall rank of #388 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of D with a score of 47.5 out of 100. The fund charges an expense ratio of 0.5% while offering a dividend yield of 6.27%. The combination of a substantial asset base and a high yield suggests significant investor interest despite the fund's lower overall ranking and grade.
Recent performance data shows a 1-day return of 0.00% followed by a 1-week decline of -0.81% and a 1-month drop of -0.54%. Over the longer term, the fund recorded a 3-month return of -2.61% and a 6-month return of -3.20%, with year-to-date performance sitting at -2.06%. In contrast, the 1-year return stands at +2.00%, and the 3-year return is +12.46%. This pattern indicates a divergence where short-term and medium-term periods have been negative, while the 1-year and 3-year horizons show positive gains. The trend suggests a recovery or accumulation phase over the multi-year period that contrasts with the recent negative momentum.
The fund carries a volatility label of Very Low, yet it exhibits a beta of 1.21, indicating higher sensitivity to market movements than the broader benchmark. A Sharpe ratio of -0.50 reflects a risk-adjusted return profile that has been negative over the measured period. The maximum drawdown recorded is -11.17%, representing the largest peak-to-trough decline experienced by the fund. This combination of a low volatility label with a beta above 1.0 and a negative Sharpe ratio suggests the fund may experience significant relative swings despite its classification. The -11.17% drawdown further highlights the potential for substantial losses during market downturns, even if the fund is generally categorized as having low volatility.
AI-generated summary based on the data on this page.
PGX Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | JPMorgan Chase & Co. | 1.72% | $68M |
| 2 | JPMorgan Chase & Co. | 1.57% | $62M |
| 3 | Wells Fargo & Co. | 1.47% | $59M |
| 4 | JPMorgan Chase & Co. | 1.37% | $54M |
| 5 | JPMorgan Chase & Co. | 1.36% | $54M |
| 6 | AT&T Inc. | 1.26% | $50M |
| 7 | Bank of America Corp. | 1.26% | $50M |
| 8 | Bank of America Corp. | 1.16% | $46M |
| 9 | AT&T Inc. | 1.11% | $44M |
| 10 | Capital One Financial Corp. | 1.08% | $43M |
Holdings as of 2026-02-28 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 13.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PGX's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With PGX
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PGX's top 10 — XLF overlaps most, holding 3 of the same companies as PGX's top 10 (9.9% of PGX's assets).
| ETF | Name | Shared Companies | PGX Weight | Examples |
|---|---|---|---|---|
| XLF | State Street Financial Select Sector SPDR ETF | 3 | 9.9% | JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. |
| VFH | Vanguard Financials Index Fund ETF Shares | 3 | 9.9% | JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. |
| KBWB | Invesco KBW Bank ETF | 3 | 9.9% | JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. |
| FNCL | Fidelity MSCI Financials Index ETF | 3 | 9.9% | JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. |
| IYF | iShares U.S. Financials ETF | 3 | 9.9% | JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What PGX's Fees Cost You
PGX charges an expense ratio of 0.50% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
PGX Dividend Income Estimator
PGX currently yields 6.27%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
PGX Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 0.00% and average daily volume is 2.5M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $3.86B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: PGX is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
PGX Performance History
| Period | Return |
|---|---|
| 1-Day | 0.00% |
| 1-Week | -0.81% |
| 1-Month | -0.54% |
| 3-Month | -2.61% |
| 6-Month | -3.20% |
| YTD | -2.06% |
| 1-Year | +2.00% |
| 3-Year | +12.46% |
How PGX Compares to Other Preferred & Convertible ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #45 | B+ |
ICVT | iShares Convertible Bond ETF | +24.20% | 0.2% | $7.53B |
| #124 | B |
CWB | State Street SPDR Bloomberg Convertible Securities ETF | +20.74% | 0.4% | $6.20B |
| #342 | C |
FPE | First Trust Preferred Securities and Income ETF | +5.54% | 0.83% | $6.32B |
| #343 | C |
PFXF | VanEck Preferred Securities ex Financials ETF | +5.82% | 0.4% | $2.63B |
| #365 | C |
PFF | iShares Preferred and Income Securities ETF | +2.31% | 0.45% | $13.1B |
| #374 | C |
PFFD | Global X U.S. Preferred ETF | +2.49% | 0.23% | $2.15B |
| #388 | D |
PGX | Invesco Preferred ETF | +2.00% | 0.5% | $3.86B |
| #402 | D |
PSK | State Street SPDR ICE Preferred Securities ETF | +1.48% | 0.45% | $708M |